My Winchester lawyer has discovered a discrepancy between the assumptions in the home valuation survey and what is in the conveyancing documents. My solicitor has advised that he is obliged to check that the lender is OK with this discrepancy and is content to go ahead. Is my conveyancer’s approach correct?
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.
We previously instructed solicitors located in Winchester on the RBS solicitor panel. They have just invoiced me a supplemental charge for dealing with the RBS mortgage. Is this a supplemental conveyancing fee set by RBS?
Unfortunately, as long as it is in their Terms and Conditions or Quote then yes your lawyer may charge a fee for this. The charge is not set by RBS but by your Winchester property lawyer. Some firms on the RBS panel will quote an ‘acting for lender’ fee but plenty of firms include it on their overall fee.
I am expecting a DIP from Nationwide this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Nationwide recommend any Winchester solicitors on the Nationwide conveyancing panel, or is it better to go independently?
You will need to appoint Winchester solicitors independently although you'll need to choose one on the Nationwide conveyancing panel. The solicitor represents both you and Nationwide through the process.
It is unclear whether my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Winchester bank branch on various occasions and was told it does not impact the mortgage offer and they would lend. My Winchester conveyancing solicitor - who is on the bank conveyancing panel- called to say that they will not lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. I simply don't know who is right.
As long as the conveyancer is on the lender panel, they must follow the CML Handbook provisions for the 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 bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I am buying my first flat in Winchester with the aid of help to buy. The developers would not budge the amount so I negotiated £7000 of fixtures and fittings instead. The house builders rep suggested that I not to tell my solicitor about this side-deal as it could adversely affect my loan with the bank. Should I keep quiet?.
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 leasehold apartment up to £305k and identified one close by in Winchester I like with amenity areas and station in the vicinity, the downside is that it's only got 61 years unexpired on the lease. I can't really find anything else in Winchester for this price, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you require a home loan the shortness of the lease may be an issue. Discount the price by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least twenty four months you could ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this.
Hoping to buy a property located in Winchester and I am already nervous. I couldn't find anything specific about Winchester. Conveyancing will be needed in due course but do you know about the Winchester area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Winchester. In the meantime here are some basic statistics that we found
I have just had an offer accepted on a leasehold flat in Winchester and the mortgage adviser that we are using suggested his conveyancing practitioner. She quoted £800 excluding VAT and 3rd party costs. Does this sound reasonable?
Don't just go on 1 estimate. One should seek like-for-like quotes for your conveyancing in Winchester. Then choose one that you trust and just as important, is on the approved list of the bank that you have applied for a mortgage from.