Our Urmston conveyancer has uncovered a difference when comparing the assumptions in the home valuation survey and what is in the legal papers for the property. My lawyer says that he is obliged to check that the lender is happy with this discrepancy and is still content to lend. Is my lawyer’s course or action legitimate?
Your property lawyer must comply with the UK Finance Lenders’ Handbook requirements 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.
We're in Urmston, FTBs purchasing with a mortgage (lender is Clydesdale , and our lawyer is on the Clydesdale conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Clydesdale conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I am purchasing a new build house in Urmston benefiting from help to buy. The developers would not reduce the price so I negotiated five thousand pounds worth of additionals instead. The sale representative advised me not inform my solicitor about the extras as it could impact my mortgage with Platform Home Loans Ltd. 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 ground for flat up to £235,500 and found one near me in Urmston I like with open areas and transport links in the vicinity, the downside is that it's only got 52 years on the lease. There is not much else in Urmston suitable, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you need a home loan the remaining unexpired lease term will likely be a potential deal breaker. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of twenty four months you can ask them to start the process of the extension and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this.
We're new to the buying process - had an offer accepted, yet the property agent advised that the owners will only proceed if we appoint the agent's chosen conveyancers as they want a ‘quick sale’. Our preferred option is to instruct a family solicitor accustomed to conveyancing in Urmston
It is unlikely the vendors are behind this. Should the owner desire ‘a quick sale', alienating a serious purchaser is counter productive. Bypass the agents and go straight to the sellers and make sure they comprehend that (a)you are genuine purchasers (b)you are ready to progress, with mortgage lined up © you are unencumbered (d) you intend to proceed fast (e)but you will continue to appoint your own,trusted Urmston conveyancing firm - not the ones that will earn the negotiator at the agency a kickback or meet his conveyancing figures pre-set by HQ.
When it comes to my conveyancing in Urmston should I be paying VAT on the following: (1) Land reg fee on purchase (2) Pre - completion search fee (3) SDLT E submission on purchase (4) Bank TT fee
(1) Land reg fee on purchase - No (2) Pre - completion search fees -No, (such conveyancing searches are HMLR ones and means £4 and possibly £2 bankruptcy per name on your mortgage) (3) SDLT E submission on your purchase - There is no VAT on Stamp Duty. However if the firm is charging a stamp duty e-submission fee as part of their services - some Urmston conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the property lawyer's time in submitting the funds this way.