My solicitor has identified a a legal deficiency with the lease for the property we are purchasing in Newall Green. The other side have put forward defective title insurance as a workaround. We are content with insurance and will pay for it. Our conveyancing practitioner says that he must be satisfied that the mortgage company is content with this solution. Are we the client or is the mortgage company ?
Even though you have a mortgage offer from the lender does not mean to say that the property will meet their provisions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook specifications. You and the mortgage company are the client. The appropriate lender requirements have to be complied with.
My friend suggested that where I am purchasing in Newall Green I should ask my conveyancer to execute a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is occasionally quoted for as part of the standard Newall Green conveyancing searches. It is a large document of more than thirty pages, listing and detailing important information about Newall Green around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Newall Green Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Local Education with maps and statistics, Local Amenities and other useful information regarding Newall Green.
I am purchasing my first flat in Newall Green with a mortgage from TSB. The sellers would not move on the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The house builders rep told me not reveal to my lawyer about this side-deal as it would jeopardize my mortgage with the bank. 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 have offered on two weeks back in what should have been a straight forward, chain free conveyancing. Newall Green is the location of the property. Is there any guidance you can give?
Flying freeholds in Newall Green are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Newall Green you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Newall Green may decide 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.
Should I appoint a Newall Green conveyancing practitioner based in the location that I am purchasing? An old friend can carry out the legal formalities but her office is 400miles drive away.
The benefit of a local Newall Green conveyancing firm is that you can attend the office to sign paperwork, present your identification documents and pester them if necessary. They will also have local insight which is a benefit. However nothing is more important than finding someone that will do a good and efficient job. If you know people who used your friend and in the main were content that must outweigh using an unfamiliar Newall Green conveyancing solicitor just because they are based in the area.
When it comes to my conveyancing in Newall Green should I be charged VAT on the following: (1) Land reg fee on purchase (2) Pre - completion search fee (3) SDLT E submission on purchase (4) Bank TT fee
(1) Land reg fee on purchase - No (2) Pre - completion search fees -No, (such conveyancing searches are HMLR ones and means £4 and possibly £2 bankruptcy per name on your mortgage) (3) SDLT E submission on your purchase - There is no VAT on Stamp Duty. However if the firm is charging a stamp duty e-submission fee as part of their services - some Newall Green conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the conveyancing practitioner's time in submitting the funds this way.