My Oadby solicitor has discovered a discrepancy between the assumptions in the valuation report and what is revealed within the title deeds. My lawyer has advised that he is duty bound to ensure that the lender is OK with this discrepancy and is content to go ahead. Is my solicitor’s stance legitimate?
Your conveyancer must comply with the UK Finance Lenders’ Handbook provisions 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.
Me and my brother own a semi-detached Edwardian house in Oadby. Conveyancing practitioner acted for me and Alliance & Leicester . I happened to do a free search for it on the Land Registry database and I saw a couple of entries: one for freehold, another for leasehold under the exact same property. Is it worth asking Alliance & Leicester to clarify?
You need to read 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 Oadby and other areas of the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with lenders. You can also question the situation with your conveyancing practitioner who completed the work.
I am buying a new build house in Oadby benefiting from help to buy. The developers would not budge the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The property agent advised me not disclose to my lawyer about this extras as it could impact my mortgage with the bank. Should I keep quiet?.
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.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in a fortnight ago in what was supposed to be a straight forward, no chain conveyancing. Oadby is the location of the property. What do you suggest?
Flying freeholds in Oadby are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Oadby you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Oadby 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 property.
In sourcing the internet for the phrase cheap conveyancing in Oadby it brings up numerous solicitorslocally. With so much choice what is the best way to find the right conveyancer for the sale of my house?
The best way of seeking a suitable conveyancer is via trusted testimonial, so seek the opinion of colleagues and family who have acquired a property in Oadby or a reputable estate agent or financial adviser. Costs for conveyancing in Oadby differ, so it's a good idea to request a minimum of three fee calculations from varying types of companies. Dont forget to clarify that the fees are fixed.
My conveyancers in Oadby have advised me that no longer have my conveyancing file. To assist with my purchase I took out a mortgage with the bank. Is it case that being on the mortgage company conveyancing panel they need to have retained the file for a number of years?
Different lenders have different requirements but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the mortgage company Conveyancing Panel Terms. It might be worth you contacting the mortgage company directly.