My Merton solicitor has uncovered a discrepancy when comparing the surveyor’s assumptions in the valuation report and what is in the title deeds. My solicitor informs me that he is obliged to check that the lender is happy with this discrepancy and is content to go ahead. Is my conveyancer’s course or action correct?
Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook conditions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
The Merton conveyancing firm that I recently instructed on my house acquisition in Merton have suddenly closed. I chose them because I had to have a solicitor on the Leeds Building Society conveyancing panel and my previous Merton lawyer was not. I paid them 275 plus VAT in advance. What should be my next steps?
Assuming that you have an Estate Agent in the equation then inform them immediately so that they advise the vendors that there may be a slight delay due to reasons beyond your control. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Leeds Building Society conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers may be able to assist.
I am buying my first flat in Merton with a loan from Barclays Direct. The builders would not budge the amount so I negotiated £7000 of extras instead. The house builders rep told me not disclose to my lawyer about this side-deal as it would jeopardize my mortgage with the lender. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I've recently found out that there is a flying freehold element on a house I put an offer in two weeks back in what should have been a quick, no chain conveyancing. Merton is where the house is located. What do you suggest?
Flying freeholds in Merton are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Merton you must be sure that your lawyer goes through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Merton may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
We are 3 weeks into a leasehold purchase having been referred to solicitors by the estate agent to execute conveyancing in Merton. I am not happy. Can you you assist me in finding new solicitors?
A conveyancer would need to be really poor to suggest diss instructing them. Has the mortgage offer been issued? In the event that it has you must make them aware of the replacement lawyer and ensure the loan are re-sent. Your new conveyancer needs to be on the lenders approved list to avoid escalating costs and frustration. That should be your first question of the new lawyers. Our find a solicitor tool will help you find a lender approved conveyancer for your conveyancing in Merton
I need to review quotes for conveyancing in Merton from three conveyancer and choose one. Do I ask them to sit tight until I I have an offer accepted on a flat.
You should wait to ask your conveyancer to commence work and order searches once the offer has been accepted on the property particularly as Merton conveyancing searches are costly.