Our South Molton solicitor has uncovered a difference between the assumptions in the valuation survey and what is revealed within the title deeds. My solicitor informs me that he is obliged to ensure that the lender is happy with this discrepancy and is still content to lend. Is my solicitor’s approach appropriate?
Your conveyancing practitioner 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 both parties.
How up to date is your search tool for South Molton conveyancing solicitors on the Yorkshire BS conveyancing panel? Do Yorkshire BS send you an updated list?
South Molton conveyancing firms themselves provide us confirmation that they are on the Yorkshire BS conveyancing panel as opposed to being supplied with a list from Yorkshire BS directly.
I can see plenty of here about conveyancing in South Molton but can you isolate your top tip for choosing the right conveyancer in South Molton
We would encourage you not to go for the lowest South Molton conveyancing fees. You really do get what you’re paying for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
I'm the only recipient of my late grandmother’s estate and I have everything in my name alone, including the my former home in South Molton. Conveyancing formalities meant that the Land Registry date was in February. I plan to dispose of the house. I understand that there is a Mortgage Lenders 6 month 'rule', which means that my property ownership could be treated the same way as if I'd bought the house in February. Will no one buy the property for half a year?
The CML handbook mandates solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you may be affected by that. How practical a view mortgage companies take of it, depend on the bank as this clause primarily exists to identify the purchase and immediately sell or the quick reselling of properties.
I recently had an offer accepted on an apartment in South Molton. My mortgage broker recommended their conveyancers. I paid an advanced payment of £200. A few days later, the conveyancing practitioner contacted me to say that they were not on the UBS conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the UBS panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I have a 4 bedroom Victorian property in South Molton. Conveyancing solicitor acted for me and Godiva Mortgages Ltd. I happened to do a free search for it on the Land Registry database and there are two 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 for 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 South Molton and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with purchasers. You can also question the situation with your conveyancing solicitor who carried out the work.
I'm purchasing my first flat in South Molton with a mortgage from Accord Mortgages Ltd. The developers would not reduce the amount so I negotiated 6k of extras instead. The sale representative advised me not inform my conveyancer about this side-deal as it could jeopardize my loan with Accord Mortgages Ltd. 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.
Due to the guidance of my in-laws I had a survey completed on a house in South Molton in advance of retaining lawyers. I have been informed that there is a flying freehold element to the house. Our surveyor advised that some banks may refuse to give a mortgage on such a home.
It varies from the lender to lender. Bank of Scotland has different requirements from Halifax. Should you wish to call us we can look into this further via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in South Molton. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in South Molton to see if the conveyancing will be more expensive.