My wife and I are acquiring a brand new flat in Sneyd Park and my conveyancer is advising me that she is duty bound to the lender to reveal incentives from the builder. I am on a tight deadline to exchange contracts and I have no desire to prolong matters. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancer. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook specifications. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Is there a search tool that I can use to discover of the solicitor handling my conveyancing in Sneyd Park is on the lender’sapproved panel? I am looking to avoid the situation of having one lawyer for me and one for Skipton Building Society thus spending £192.00 in further legal fees.
You should take advantage of the find a conveyancing panel solicitor tool on this page. Pick the mortgage company and type ‘Sneyd Park’ or your preferred area and you will discover a number of lawyer offices in Sneyd Park or by proximity to you.
Should my solicitor be raising enquiries regarding flooding as part of the conveyancing in Sneyd Park.
Flooding is a growing risk for conveyancers dealing with homes in Sneyd Park. There are those who acquire a property in Sneyd Park, fully expectant that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, if a property is at risk of flooding, it may be difficult to obtain a mortgage, suitable building insurance, or sell the premises. Steps can be carried out during the course of a house purchase to forewarn the purchaser.
Conveyancers are not qualified to give advice on flood risk, however there are a numerous searches that may be carried out by the buyer or on a buyer’s behalf which should give them a better appreciation of the risks in Sneyd Park. The standard information given to a purchaser’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a usual question of the seller to find out if the property has suffered from flooding. If flooding has previously occurred which is not revealed by the seller, then a buyer may bring a compensation claim resulting from an inaccurate reply. The buyer’s conveyancers will also commission an enviro search. This will higlight whether there is a recorded flood risk. If so, additional inquiries should be initiated.
4 months have gone by since my purchase conveyancing in Sneyd Park took place. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am looking for a flat up to £195,000 and identified one close by in Sneyd Park I like with open areas and station nearby, the downside is that it's only got 51 remaining years left on the lease. I can't really find anything else in Sneyd Park in this price bracket, so just wondered if I would be making a mistake acquiring a short lease?
Should you require a mortgage the shortness of the lease will likely be an issue. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of 2 years you can request that they commence the lease extension formalities 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 regarding this matter.
Are Sneyd Park conveyancing solicitors under an obligation to the Law Society to supply transparent conveyancing costs?
Contained within the Solicitors Code of Conduct are prescriptive rules and regulations as to how the Solicitors Regulation Authority (SRA) allow solicitors to publicise their charges to clients.The Law Society have practice note giving advice on how to publicise transparent charges to avoid breaching any such rule. Practice notes are not legal advice issued by the Law Society and is not intended as the only standard of good practice a conveyancing solicitor should adhere to. The Practice Note does, nevertheless, represent the Law Society’s view of acceptable practice for publicising conveyancing charges, and accordingly it’s a recommended read for any solicitor or conveyancer in Sneyd Park or or elsewhere in the country.