My Brondesbury lawyer has uncovered a discrepancy when comparing the information in the home valuation survey and what is revealed within the legal papers for the property. My lawyer says that he is obliged to check that the lender is happy with this discrepancy and is content to go ahead. Is my solicitor’s course or action right?
Your property lawyer must comply with the UK Finance Lenders’ Handbook specifications 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 premises in Brondesbury but still charged rent, why is this and what is this?
It is rare for properties in Brondesbury and has limited impact for conveyancing in Brondesbury 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 have existed for many centuries, but the Rent Charge Act 1977 barred the generation of new rentcharges post 1977.
Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 is to be extinguished.
I have a decision in principle. The bank mentioned the home loan came with free conveyancing. Is the implication that I have to instruct their panel solicitor as I would much rather use a Brondesbury based conveyancing firm?
Do check but the chances are that appoint one of their panel lawyers if you accept the "fee-free" offer. Speak to the lender and see if they make available a monetary alternative. It is not unheard for a lender to give a £250 cashback as an alternative in which case that money can go towards the cost for your conveyancing solicitor in Brondesbury.
What does a local search inform me regarding the property I am buying in Brondesbury?
Brondesbury conveyancing often commences with the submitting local authority searches directly from your local Authority or via a personal search organisations for example Searchflow The local search plays a central part in most Brondesbury conveyancing purchase; as long as you wish to avoid any nasty surprises after you move into your property. The search will reveal data on, amongst other things, details on planning applications applicable to the premises (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 subject headings.
I am buying my first flat in Brondesbury with the aid of help to buy. The builders refused to budge the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The property agent told me not inform my conveyancer about this side-deal as it would jeopardize my mortgage with the bank. 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.
Is there a reason that Brondesbury conveyancing charges are more expensive for leasehold and freehold properties?
Inevitably there is increased work needed in leasehold conveyancing. Brondesbury has many leasehold properties. There is more hours involved in the purchase: for example, the lease and leasehold information (including up to date service charge, ground rent and buildings insurance details) obtained from the freeholder or managing agents. There are strict criteria that the lease must meet in order to be acceptable to a mortgage company. If it does not meet these requirements, the lease must be amended, which can involve additional expense for the seller.