My Yate conveyancer has uncovered an inconsistency between the assumptions in the home valuation survey and what is revealed within the title deeds. My solicitor has advised that he must check that the lender is OK with this discrepancy and is still content to lend. Is my solicitor’s course or action right?
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.
My aunt passed away 10 months ago and as sole heir and executor I was left the property in Yate. The house had a small mortgage remaining of approximately £4500. I want to have the title changed into my name whilst I re-mortgage to Nationwide, pay off the mortgage. Is this allowed?
If you intend to refinance then Nationwide will require that you use a conveyancer on the Nationwide 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 Nationwide 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 Nationwide mortgage is registered as a charge at the Land Registry.
I am buying a new build house in Yate with a mortgage from Birmingham Midshires. The builders would not budge the price so I negotiated five thousand pounds worth of additionals instead. The sale representative advised me not reveal to my conveyancer about this extras as it may put at risk my mortgage with Birmingham Midshires. 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 opted to have a survey carried out on a property in Yate prior to appointing conveyancers. I have been told that there is a flying freehold element to the house. Our surveyor advised that some lenders will not grant a mortgage on a flying freehold house.
It varies from the lender to lender. Santander has different requirements from Halifax. Should you wish to telephone us we can check with the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Yate. Conveyancing will be smoother if you use a solicitor in Yate especially if they are acquainted with such properties in Yate.
I'm remortgaging my existing property to a buy to let loan with Yorkshire Building Society and I will use the ballance of the raised equity as a deposit on another house. The neighborhood we are looking at is Yate. Will your conveyancers be able to act for the two lenders and link together the transactions?
Do use our comparison tool on this page to be sure that the solicitors are approved by both mortgage companies. Assuming that they are the solicitor should be able to tie up the two deals but you should have a chat with you conveyancer and communicate your expectations and needs.
I'm remortgaging a house in Yate. I can find my conveyancer's company on the CLC list, but I can't locate my lawyer's name as listed on the regulator's website. Should I be concerned?
Not every individual in the practice must be listed by the regulator. As long there is someone qualified to 'oversee' the conveyancing, the actual day-to-day activity can be conducted by unlicensed staff.