Our Cirencester solicitor has uncovered a discrepancy between the assumptions in the home valuation survey and what is in the conveyancing documents. My lawyer has advised that he needs to ensure that the lender is OK with this discrepancy and is still content to lend. Is my solicitor’s approach right?
Your conveyancing practitioner 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 both parties.
I purchased a freehold property in Cirencester but still pay rent, why is this and what is this?
It’s unusual for properties in Cirencester and has limited impact for conveyancing in Cirencester 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 hundreds of years, but the Rent Charge Act 1977 barred the creation of new rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 will be extinguished.
Do I need to visit the offices of the solicitor to execute the mortgage deed? If so, I will appoint a lawyer who conducts conveyancing in Cirencester so that I can attend their offices when needed.
As opposed to twenty years ago, the vast majority banks no longer require their conveyancing panel solicitor to witness the mortgagors signature. You will still be obliged to hand over ID documents and there are still distinct benefits to choosing a locally based ayer, in your case a conveyancing solicitor in Cirencester.
I need some fast conveyancing in Cirencester as I am under a deadline to complete in less than 2 weeks. A home loan is not required. Is it possible to decline from having conveyancing searches to save money and time?
As you are are a mortgage free purchaser you have the choice not to do searches although no conveyancer would recommend that you don't. Drawing on years of experience of conveyancing in Cirencester the following are examples of what can be revealed and adversely impact future mortgageability: Enforcement Actions, Overdue Charges, Overdue Grants, Road Schemes,...
I am purchasing a new build house in Cirencester with the aid of help to buy. The builders refused to reduce the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The estate agent told me not disclose to my solicitor about this extras as it will affect my loan with National Westminster 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.
I need to retain a conveyancing solicitor for purchase conveyancing in Cirencester. I have chance upon a web site which appears to be the perfect offering If it is possible to get all this stuff done via phone that would be preferable. Should I be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?