Our New Farnley lawyer has identified a discrepancy when comparing the information in the valuation report and what is revealed within the legal papers for the property. My lawyer says that he needs to ensure that the bank is happy with this discrepancy and is content to go ahead. Is my conveyancer’s course or action correct?
Your solicitor must comply with the UK Finance Lenders’ Handbook requirements 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 you.
Finally the sale completed on my house in New Farnley last December yet the purchaser is calling me complaining that his conveyancer is waiting to hear from mine. What are the post completion sale formalities following completion?
Following your sale your solicitor is obliged to send the transfer documentation and all supplemental paperwork to the buyer’s solicitors. Where appropriate, your lawyer must also send confirmation that the mortgage has been repaid to the buyers solicitors. There are no post completion procedures specific conveyancing in New Farnley.
Can you clarify what the consequences are if my lawyer’s firm is expelled from the Nottingham Conveyancing panel ahead of completing my conveyancing in New Farnley?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
Will our lawyer be raising questions concerning flooding as part of the conveyancing in New Farnley.
The risk of flooding is if increasing concern for conveyancers carrying out conveyancing in New Farnley. Some people will acquire a property in New Farnley, completely aware that at some time, it may suffer from flooding. However, aside from the physical destruction, if a house is at risk of flooding, it may be difficult to get a mortgage, adequate insurance cover, or dispose of the premises. There are steps that can be taken during the course of a property purchase to forewarn the buyer.
Solicitors are not qualified to offer advice on flood risk, but there are a number of checks that may be initiated by the purchaser or on a buyer’s behalf which will figure out the risks in New Farnley. The conventional set of property information forms sent to a purchaser’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a standard inquiry of the seller to find out whether the property has suffered from flooding. If flooding has previously occurred which is not disclosed by the owner, then a buyer may issue a compensation claim resulting from an misleading reply. The buyer’s solicitors will also carry out an environmental report. This should reveal whether there is any known flood risk. If so, additional inquiries should be initiated.
I have a semi-detached Edwardian house in New Farnley. Conveyancing lawyer represented me and The Royal Bank of Scotland. I did a free Land Registry search last week and I saw a couple of entries: the first freehold, another for leasehold under the matching address. I thought I was buying a freehold how can I check?
You need to review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in New Farnley and other areas of the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also check the position with your conveyancing practitioner who conducted the purchase.
I'm buying a new build house in New Farnley benefiting from help to buy. The builders refused to reduce the price so I negotiated £7000 of additionals instead. The house builders rep suggested that I not to tell my conveyancer about this deal as it will impact my loan with Godiva Mortgages Ltd. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder 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.