Our Farnham Common solicitor has discovered an inconsistency between the assumptions in the home valuation survey and what is revealed within the legal papers for the property. My solicitor says that he must ensure that the bank is happy with this discrepancy and is still content to lend. Is my conveyancer’s course or action appropriate?
Your lawyer 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.
Finally the sale completed on my house in Farnham Common last January but our buyer keeps telephoning daily to moan that their solicitor is waiting to hear from mine. What should my lawyer have done now that I have sold?
After completion of your disposal your conveyancer should forward the transfer documentation and all supplemental paperwork to the buyer’s solicitors. If applicable, your lawyer must also send confirmation that the legal charge in favour of the lender has been redeemed to the purchasers conveyancers. There is unlikely to be post completion tasks just for conveyancing in Farnham Common.
We hope to to purchase with Melton Mowbray Building Society. We have called around locally but am struggling to find a Farnham Common conveyancing firm on the Melton Mowbray Building Society approved list. Can you help?
Feel free to take advantage of the search tool on this web page. Pick the building society and type Farnham Common or your location and you will be presented with numerous solicitors located in Farnham Common or by proximity to you.
I am buying my first flat in Farnham Common benefiting from help to buy. The developers would not move on the price so I negotiated £7000 of fixtures and fittings instead. The estate agent told me not reveal to my solicitor about the deal as it would jeopardize my loan with the lender. Do I keep my lawyer in the dark?.
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.
Due to the advice of my in-laws I had a survey completed on a property in Farnham Common prior to instructing lawyers. I have been told that there is a flying freehold element to the property. My surveyor advised that some banks may not grant a mortgage on a flying freehold house.
It depends who your proposed lender is. Santander has different instructions for example to Nationwide. If you contact us we can check via the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Farnham Common. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Farnham Common to see if the conveyancing will be more expensive.
I own a leasehold flat in Farnham Common. Conveyancing and Santander mortgage organised. A letter has just been received from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1996. The conveyancing practitioner in Farnham Common who previously acted has now retired. Any advice?
The first thing you should do is make enquiries of HMLR to be sure that this person is in fact the new freeholder. It is not necessary to incur the fees of a Farnham Common conveyancing practitioner to do this as it can be done on-line for a few pound. Rest assured that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I purchased a basement flat in Farnham Common, conveyancing was carried out half a dozen years ago. Can you work out an approximate cost of a lease extension? Corresponding flats in Farnham Common with a long lease are worth £190,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease terminates on 21st October 2082
With just 61 years left to run the likely cost is going to be between £19,000 and £22,000 as well as costs.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more comprehensive investigations. Do not use the figures in tribunal or court proceedings. There may be additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before seeking the advice of a professional.