Our Dorset lawyer has identified a difference between the surveyor’s assumptions in the home valuation report and what is revealed within the conveyancing documents. My solicitor has advised that he is duty bound to ensure that the lender is happy with this discrepancy and is content to go ahead. Is my conveyancer’s stance 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.
A friend pointed out to me me that in buying a property in Dorset there may be various restrictions limiting what one can do in terms of external changes to a property. Is this right?
We are aware of anumerous of properties in Dorset which have some sort of restriction or requirement of consent to perform external alterations. Part of the conveyancing in Dorset should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
We were going to get a DIP from Yorkshire BS this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Yorkshire BS recommend any Dorset solicitors on the Yorkshire BS conveyancing panel, or is it better to go independently?
You will need to appoint Dorset solicitors independently although you'll need to choose one on the Yorkshire BS conveyancing panel. The solicitor represents both you and Yorkshire BS through the process.
Planning on purchasing a house in Dorset. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Nottingham conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Dorset conveyancing practitioner is on the Nottingham conveyancing panel.
I completed on my apartment on 2 April and the transaction details are still not on the land registry website. Need I be worried? My conveyancing solicitor in Dorset expressed confidence that it should be concluded inside ten days. Are titles in Dorset uniquely lengthy to register?
As far as conveyancing in Dorset registration is no faster or slower than the rest of the country. Rather than based on location, timeframes can differ according to the party submitting the application, whether there are errors and if the Land registry communicate with any other persons or bodies. As of today in the region of three quarters of submission are fully addressed within two weeks but some can be subject to protracted hold-ups. Historically registration occurs after the new owner is living at the property so 'speed' is not usually primary concern yet where it is urgent that the the registration takes place urgently then you or your conveyancer must contact the land registry and explain the circumstances.
I am purchasing my first flat in Dorset with a mortgage from Virgin Money. The sellers refused to budge the amount so I negotiated £7000 of fixtures and fittings instead. The estate agent suggested that I not inform my conveyancer about the side-deal as it may jeopardize my loan 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.
I've recently found out that there is a flying freehold element on a house I have offered on last month in what should have been a simple, chain free conveyancing. Dorset is where the house is located. Is there any advice you can give?
Flying freeholds in Dorset are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Dorset you must be sure that your lawyer goes through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Dorset may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
Last December I purchased a leasehold property in Dorset. Do I have any liability for service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I invested in buying a basement flat in Dorset, conveyancing formalities finalised November 1995. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar properties in Dorset with a long lease are worth £191,000. The average or mid-range amount of ground rent is £55 yearly. The lease terminates on 21st October 2079
With just 53 years remaining on your lease the likely cost is going to span between £27,600 and £31,800 plus legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.