The Summertown and Botley conveyancing firm handling our Summertown and Botley conveyancing has spotted a discrepancy when comparing the assumptions in the valuation report and what is revealed within the conveyancing documents. My solicitor says that he is obliged to check that the lender is happy with this discrepancy and is content to go ahead. Is my lawyer’s stance legitimate?
Your lawyer 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.
My brother-in-law has suggested I instruct a conveyancing solicitor in Summertown and Botley. I I am struggling to find out if they are accepted on the Skipton Building Society approved list of lawyers. Can you advise?
You should phone the solicitor and enquire whether they are on the lender panel. Alternatively you can get in touch with Skipton Building Society who may be able to confirm.
Can you point me to a directory of Nationwide panel solicitors in Summertown and Botley on the Council of Mortgage Lender’s Website?
No. There is no such facility on the Council of Mortgage Lenders or Building Society Association sites. Very few lenders make their panel listings available on the web. If you are seeking to appoint a Summertown and Botley lawyer on the Nationwide please make the most of our tool.
We were going to get a DIP from Santander this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Santander recommend any Summertown and Botley solicitors on the Santander conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Summertown and Botley solicitors independently although you'll need to choose one on the Santander conveyancing panel. The solicitor represents both you and Santander through the process.
I can not work out if my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Summertown and Botley building society branch on various occasions and was informed it wasn't an issue and they will lend. My Summertown and Botley conveyancing solicitor - who is on the mortgage company conveyancing panel- called to say that they refuse to lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. I simply don't know who is right.
Your conveyancer has to follow the Council of Mortgage Lenders’ Handbook section two provisions for your lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
Is it necessary to pay for insurance to cover chancel repairs when purchasing a house in Summertown and Botley?
Unless a prior purchase of the property took place post 12 October 2013 you can assume that solicitors conducting conveyancing in Summertown and Botley to continue to advocate a chancel search and or chancel repair liability policy.
I am purchasing my first flat in Summertown and Botley benefiting from help to buy. The developers refused to budge the amount so I negotiated 6k of additionals instead. The sale representative suggested that I not disclose to my conveyancer about this side-deal as it will impact my loan with the lender. Is this normal?.
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 am looking for a ground for flat up to £305k and found one near me in Summertown and Botley I like with amenity areas and station in the vicinity, the downside is that it's only got 61 remaining years left on the lease. There is not much else in Summertown and Botley for this price, so just wondered if I would be making a grave error purchasing a short lease?
Should you require a home loan the shortness of the lease may be a potential deal breaker. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the premises for at least twenty four months you may 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 term and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this.