The Perton conveyancing firm handling our Perton conveyancing has discovered an inconsistency between the information in the valuation report and what is revealed within the legal papers for the property. My lawyer says that he must ensure that the lender is OK with this discrepancy and is still content to lend. Is my solicitor’s approach appropriate?
Your lawyer 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 you.
In what way does my ID and proof of funds have anything to do with my conveyancing in Perton? What am I being asked for?
To satisfy the Money Laundering Regulations any Perton conveyancing firm will require evidence of your identity in all conveyancing matters. This is normally dealt with by provision of a passport and an original bank statement or utility account showing your correct address.
In accordance with Money Laundering Regulations, conveyancing solicitors are obliged by law to validate not simply the identity of conveyancing clients but also the origin of the money that they receive in respect of any matter. Refusal to disclose this may lead to your lawyer cancelling their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers are duty bound to notify the relevant authorities should they believe that any monies received by them may contravene the Money Laundering Regulations.
Are the BSA intent on creating a search tool with a view to list practices on the Coventry BS conveyancing panel for instance in Perton?
We are not aware of any intention on the part of the BSA to promote such a search facility.
I'm purchasing a new build house in Perton with a loan from Birmingham Midshires. The developers would not reduce the price so I negotiated 6k of fixtures and fittings instead. The sale representative told me not reveal to my solicitor about this extras as it could impact 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 have been on the look out for a leasehold apartment up to £195,000 and identified one near me in Perton I like with a park and railway links nearby, the downside is that it's only got 51 years unexpired on the lease. I can't really find anything else in Perton suitable, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you need a mortgage the shortness of the lease will likely be a potential deal breaker. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for at least twenty four months you could ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this.
I am looking for a conveyancing lawyer in Perton for my remortgage. Is there any facility to see a firm’s record with the profession’s regulator?
One can review presented Solicitor Regulator Association (SRA) determinations arising from inquisitions from 2008 onwards. Visit Check a solicitor's record. To find details Pre 2008, or to check a solicitors history, call 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For non-uk callers, use +44 (0)121 329 6800. The regulator could monitor call for training reasons.