Our Warminster conveyancer has uncovered a difference when comparing the assumptions in the home valuation survey and what is in the conveyancing documents. My solicitor says that he must check that the lender is happy with this discrepancy and is still content to lend. Is my lawyer’s stance right?
Your property 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 you.
What does my ID and proof of funds have anything to do with my conveyancing in Warminster? Is this really necessary?
In order to comply with Money Laundering Regulations any Warminster conveyancing firm will require evidence of your identity in all conveyancing matters. This is usually dealt with by provision of a passport and an original bank statement or utility bill showing your correct address.
Under Money Laundering Regulations, conveyancing solicitors are required to check not only the identity of conveyancing clients but also the origin of monies that they receive in respect of any matter. Refusal to disclose this will lead to your lawyer ending their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your property lawyers will have an obligation to make a disclosure to the appropriate authorities should they consider that any monies received by them may contravene the Anti-terror and anti-money-laundering rules.
My aunt passed away last year and as sole heir and executor I was left the house in Warminster. The house had a relatively small loan remaining of approximately £4500. I want to have the title changed into my name whilst I re-mortgage to Yorkshire BS, pay off the mortgage. Is this possible?
Where you intend to refinance then Yorkshire BS will require that you use a conveyancer on the Yorkshire BS conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Yorkshire BS conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Yorkshire BS mortgage is registered as a charge at the Land Registry.
I have todaybeen informed that Arc property Solicitors have been shut down. They carried out my conveyancing in Warminster for a purchase of a leasehold flat 9 months ago. How can I establish that my home is in my name in the name of the previous owner?
The easiest method to check if the property is in your name, 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 Warminster conveyancing specialists.
I'm buying a new build house in Warminster with a loan from Platform Home Loans Ltd. The developers refused to move on the amount so I negotiated five thousand pounds worth of extras instead. The house builders rep told me not reveal to my conveyancer about this deal as it will adversely affect my loan with Platform Home Loans 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.
I decided to have a survey done on a property in Warminster before instructing lawyers. I have been told that there is a flying freehold element to the property. The surveyor advised that some banks tend not give a mortgage on this type of property.
It varies from the lender to lender. HSBC has different requirements from Nationwide. Should you wish to telephone us we can investigate further via the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Warminster. Conveyancing will be smoother if you use a solicitor in Warminster especially if they regularly deal with such properties in Warminster.