Our Tooting Bec solicitor has uncovered a difference between the assumptions in the valuation survey and what is in the legal papers for the property. My lawyer has advised that he must check that the lender is OK with this discrepancy and is content to go ahead. Is my conveyancer’s approach right?
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.
How up to date is your database of Tooting Bec solicitors on the Santander conveyancing panel? Do Santander send you an updated list?
Tooting Bec conveyancing firms themselves provide us confirmation that they are on the Santander conveyancing panel as opposed to being supplied with a list from Santander directly.
Will my solicitor be asking questions regarding flooding during the conveyancing in Tooting Bec.
Flooding is a growing risk for solicitors specialising in conveyancing in Tooting Bec. There are those who buy a property in Tooting Bec, completely aware that at some time, it may suffer from flooding. However, aside from the physical destruction, if a house is at risk of flooding, it may be difficult to obtain a mortgage, adequate building insurance, or dispose of the premises. There are steps that can be taken during the course of a house purchase to forewarn the buyer.
Conveyancers are not qualified to give advice on flood risk, however there are a number of searches that can be initiated by the buyer or by their lawyers which should figure out the risks in Tooting Bec. The conventional set of information given to a purchaser’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a standard question of the owner to find out whether the premises has suffered from flooding. If flooding has previously occurred and is not disclosed by the vendor, then a buyer could bring a claim for damages as a result of such an incorrect reply. The purchaser’s lawyers should also carry out an environmental search. This will disclose whether there is a recorded flood risk. If so, further investigations will need to be conducted.
I have justdiscovered that Stirling Law have been shut down. They conducted my conveyancing in Tooting Bec for a purchase of a leasehold flat 18 months ago. How can I establish that the property is registered correctly in the name of the former proprietor?
The easiest way to check if the premises is registered to you, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Tooting Bec conveyancing specialists.
I am buying a new build house in Tooting Bec benefiting from help to buy. The sellers would not budge the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The house builders rep suggested that I not inform my solicitor about this deal as it may adversely affect 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 have been on the look out for a flat up to £245,000 and found one round the corner in Tooting Bec I like with amenity areas and railway links in the vicinity, the downside is that it's only got 61 remaining years left on the lease. There is not much else in Tooting Bec for this price, so just wondered if I would be making a grave error acquiring a short lease?
If you need a home loan that many years will likely be problematic. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of twenty four months you could ask them to start the process of the extension 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 consult your conveyancing solicitor about this.