The Barkingside conveyancing firm handling our Barkingside conveyancing has spotted an inconsistency between the assumptions in the home valuation survey and what is revealed within the conveyancing documents. My lawyer says that he needs to check that the bank is happy with this discrepancy and is content to go ahead. Is my solicitor’s approach legitimate?
Your conveyancer must comply with the UK Finance Lenders’ Handbook requirements 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.
Why do I have to pay up front when it comes to conveyancing in Barkingside?
If you are buying a property in Barkingside your lawyer will request that you to provide them with monies to cover the search fees. This will be the total of the cost of the Local Authority Search. When the down payment is payable against the purchase price then this should be required immediately in advance of exchange of contracts. The final balance that is due should be transferred shortly before completion.
Forgive me if this question is silly but I am unexperienced as FTB of a ground floor flat in Barkingside. Do I receive the keys to the property on the completion date from my solicitor? If this is the case, I will use a High Street conveyancing solicitor in Barkingside?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will electronically transfer the purchase money to the seller's solicitors, and shortly after the monies have arrived, you will be able to pick up the keys from the selling Agents and start moving into the property. Usually this happens between 1 and 3pm.
We had appointed conveyancing lawyers locally in Barkingside on the Virgin Money solicitor panel. They are now charging me a further amount for handling the Virgin Money mortgage. Is this a supplemental conveyancing fee set by Virgin Money?
Unfortunately, so long as it is in their Terms and Conditions or Quote then yes your conveyancer can charge a fee for this. This fee is not set by Virgin Money but by your Barkingside conveyancing practitioner. Some firms on the Virgin Money panel will quote ’dealing with mortgage’ fee but some firms incorporate it on their overall fee.
It is not clear whether my lender requires a lease extension. I have called my Barkingside bank branch on numerous occasions and was told it wasn't a problem and they would lend. My Barkingside conveyancing solicitor - who is on the bank conveyancing panel- telephoned to say that they refuse to lend based on their published requirements. I simply don't know who is right.
The solicitor has to comply with the CML Handbook Part 2 provisions for your lender. Unless your lawyer obtains specific confirmation in writing that the lender 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 lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
What will a local search inform me regarding the property we're buying in Barkingside?
Barkingside conveyancing often commences with the submitting local authority searches directly from your local Authority or via a personal search company for instance Xpress Legal The local search is essential in every Barkingside conveyancing purchase; as long as you wish to avoid any unpleasant surprises after you move into your property. The search will supply information on, amongst other things, details on planning applications applicable to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen topic sections.
I'm buying a new build house in Barkingside with the aid of help to buy. The developers refused to budge the amount so I negotiated 6k of additionals instead. The sale representative suggested that I not inform my lawyer about the deal as it will jeopardize my mortgage with Chelsea Building Society. 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 have just discovered that one of the directors of the conveyancing practice acting on the purchase conveyancing in Barkingside is related to the seller. Is this permitted?
On the basis that no conflict arises this is allowable. Where you are requiring a home loan then the bank may have a say as many mortgage companies have specific requirements concerning this. For example for Santander as of 7/3/2019, the requirements read as follows :