The Cranbrook conveyancing firm handling our Cranbrook conveyancing has uncovered a discrepancy when comparing the information in the valuation survey and what is in the legal papers for the property. My lawyer says that he is duty bound to check that the bank is happy with this discrepancy and is still content to lend. Is my lawyer’s stance legitimate?
Your lawyer must comply with the UK Finance Lenders’ Handbook conditions 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.
It has been four months since my purchase conveyancing in Cranbrook concluded. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £160,000. 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 asset 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'm purchasing a new build house in Cranbrook with a loan from Godiva Mortgages Ltd. The builders would not reduce the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The house builders rep advised me not inform my conveyancer about this extras as it would affect my mortgage with the lender. 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 was advised by a couple of local estate agents in Cranbrook to choose a solicitor using your seach tool. What’s the financial inducement for Estate Agents to offer your lawyers over a competitor’s?
We don’t give any referral fee for pointing buyers and sellers to this site. We found it would be just too difficult to pay a commission because members of the public would think, ‘How come the agent getting a kickback? Why aren’t I receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
My husband and I are 17 days into a leasehold purchase having been directed to conveyancers by the high street agent to execute conveyancing in Cranbrook. I am am starting to be frustrated with the quality of service. Can you help me find new conveyancers?
A solicitor would need to be really poor in order to consider replacing them. Has the loan offer been sent? In the event that it has you will need to inform them of the new contact details and ensure the loan are issued to the new lawyers. Your solicitor ideally needs to be on the lenders panel to avoid added costs and delays. So that should be your starting point. The find a solicitor tool can help you find a lender approved solicitor for your home move in Cranbrook
I today plan to offer on a house that seems to tick a lot of boxes, at a great price which is making it all the more appealing. I have since been informed that the title is leasehold as opposed to freehold. I would have thought that there are issues buying a house with a leasehold title in Cranbrook. Conveyancing advisers have are about to be appointed. Will my lawyers set out the risks of buying a leasehold house in Cranbrook ?
The majority of houses in Cranbrook are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are purchasing in Cranbrook so you should seriously consider shopping around for a Cranbrook conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a tenant you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example obtaining the landlord’spermission to conduct alterations. It may be necessary to pay a contribution towards the maintenance of the communal areas where the property is located on an estate. Your lawyer should appraise you on the various issues.
Cranbrook Leasehold Conveyancing - A selection of Queries Prior to buying
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It is important to be aware if window replacement or some other significant cost is coming up that will be shared amongst the tenants and could well materially increase the the maintenance costs or result in a one off payment. Many Cranbrook leasehold properties will incur a service bill for the upkeep of the block invoiced on behalf of the landlord. If you acquire the flat you will have to pay this charge, usually quarterly accross the year. This could vary from a couple of hundred pounds to thousands of pounds for buildings with lifts and large communal areas. In all probability there will be a ground rent for you to pay yearly, normally this is not a significant amount, say around £25-£75 but you should to enquire it because sometimes it could be many hundreds of pounds. Are there any major works anticipated that will add a premium to the maintenance fees?