The Paddock Wood conveyancing firm handling our Paddock Wood conveyancing has discovered a discrepancy between the information in the home valuation survey and what is in the legal papers for the property. My solicitor has advised that he is duty bound to ensure that the lender is happy with this discrepancy and is still content to lend. Is my lawyer’s stance appropriate?
Your conveyancing practitioner 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.
In what way does my ID and proof of funds have anything to do with my conveyancing in Paddock Wood? Is this really warranted?
Anti-terror and anti-money-laundering rules require solicitors and licensed conveyancers to check the identity of the person or body they are dealing with prior to agreeing to accepting their conveyancing retainer. The Terms of Engagement that you are required to sign should stipulate this. Your lender will also require certain documents to be viewed. If you are unwilling to provide ID verification documents, your solicitor will not be able to take you on as a client.
I opted to have a survey carried out on a property in Paddock Wood before instructing conveyancers. I have been informed that there is a flying freehold element to the property. The surveyor advised that some banks tend refuse to give a loan on a flying freehold home.
It varies from the lender to lender. Bank of Scotland has different instructions from Halifax. Should you wish to call us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Paddock Wood. Conveyancing may be slightly more expensive based on your lender's requirements.
My father-in-law has encouraged me to appoint his lawyers for conveyancing in Paddock Wood. Do I follow his advice?
No doubt it’s preferable to select a conveyancing solicitor is to have guidance from friends or family who have used the firm that you are are thinking of instructing.
Estate agents have just been given the go-ahead to market my basement apartment in Paddock Wood. Conveyancing is yet to be initiated, but I have recently received a yearly maintenance charge demand – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should discharge the invoice as you normally would given that all rents and service payments should be allotted as part of the financial calculations for completion monies, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I inherited a garden flat in Paddock Wood, conveyancing having been completed 4 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Paddock Wood with over 90 years remaining are worth £227,000. The ground rent is £50 invoiced annually. The lease comes to an end on 21st October 2097
You have 72 years unexpired the likely cost is going to range between £9,500 and £11,000 plus costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information without first getting professional advice.
Me and my partner have recently had an offer agreed on a property and had an appointment on Monday with HSBC for the mortgage. They have informed us that when it comes to selecting a conveyancing practitioner that if they are not on their approved list of lawyers then we will incur a further charge of £250+. This is because they would then have to appoint a conveyancer to act on their behalf as well as the one we select for ourselves and we will be on the hook for their costs. I have asked HSBC to furnish me with a list so I can request estimates only from their approved lawyers but was told they dont have such a list to hand over. Is there a simple way of finding out who is on a lender panel?
You should ask HSBC what their criteria for panel membership is for a conveyancer.Thereafter ask the lawyer of your choice whether they fit that criteria and have they acted on loans for HSBC in the past. Where the answer to those is yes, then just clarify this with HSBC. Another option is to make use of our search facility and we should be able to identify a conveyancing practitioner in Paddock Wood on the panel for HSBC.