I plan on acquiring a flat in Wilsden. My Conveyancer has never been on on the bank approved list. Is it possible for me to use my Wilsden conveyancing solicitor even though they are not on the mortgage company approved list?
One must have a property lawyer to deal with the formalities if you require a loan to buy your property. They will carry out all the essential investigations on the property, ensuring that you will be registered as proprietor and ensure that all the required mortgage paperwork is dealt with. You may instruct a Wilsden conveyancing practitioner of your choice. However, if the conveyancing practitioner appointed is not on the mortgage company solicitor panel further fees will arise as separate legal representation will be required by them. Conveyancing panel applications may be submitted, so if your solicitor has not historically sought membership they should do so.
Our Wilsden solicitor has discovered a difference when comparing the surveyor’s assumptions in the home valuation survey and what is revealed within the conveyancing documents. My lawyer informs me that he needs to check that the bank is OK with this discrepancy and is content to go ahead. Is my conveyancer’s approach appropriate?
Your solicitor 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.
I am the registered owner of a freehold property in Wilsden but nevertheless pay rent, why is this and what is this?
It is rare for properties in Wilsden and has limited impact for conveyancing in Wilsden but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back hundreds of years, but the Rent Charge Act 1977 barred the creation of new rentcharges from 1977 onwards.
Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 will be dispensed with completely.
Should our lawyer be raising questions regarding flooding during the conveyancing in Wilsden.
Flooding is a growing risk for solicitors conducting conveyancing in Wilsden. There are those who purchase a house in Wilsden, completely expectant that at some time, it may suffer from flooding. However, leaving to one side the physical damage, where a property is at risk of flooding, it may be difficult to obtain a mortgage, suitable building insurance, or dispose of the property. There are steps that can be taken during the course of a house purchase to forewarn the purchaser.
Conveyancers are not qualified to give advice on flood risk, but there are a various checks that can be initiated by the purchaser or by their solicitors which can give them a better understanding of the risks in Wilsden. The standard completed inquiry forms sent to a purchaser’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a usual question of the owner to discover whether the property has suffered from flooding. In the event that the property has been flooded in past and is not disclosed by the seller, then a buyer may issue a claim for damages stemming from an misleading answer. A purchaser’s solicitors should also carry out an environmental report. This will disclose whether there is a recorded flood risk. If so, additional inquiries will need to be made.
I'm purchasing my first flat in Wilsden with a mortgage from Leeds Building Society. The sellers would not reduce the amount so I negotiated five thousand pounds worth of additionals instead. The estate agent told me not to tell my conveyancer about this side-deal as it will adversely affect my mortgage with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder 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.
How and when do I cover the costs of the Stamp Duty Land Tax chargeable for my Wilsden property purchase?
Your property lawyer should fill out a Land Transaction Return Form for you during your Wilsden conveyancing transaction for signature. On completion your conveyancing practitioner will submit your Land Transaction application to the Tax Authorities and - assuming they have the funds - pay any Stamp Duty payable on your behalf.