My husband and I are purchasing a brand new flat in Grimsby and my solicitor is informing me that she is duty bound to the mortgage company to disclose incentives from the developer. I am nearing the developer’s deadline to exchange and I would rather not delay matters. Is my lawyer right?
You should not exchange unless you have been advised to do so by your lawyer. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I had intended to instruct a conveyancing solicitor in Grimsby for our home move. Our broker informed us that our mortgage lenders Aldermore won't deal with them. Why is this not regarded as unfair competition?
Mortgage Companies normally imposes restrictions either the type or the amount of conveyancing firms on their approved list of lawyers. Typical examples of such criteria being that a law practice must not be a sole practitioner. In addition to restricting the profile of firm, a few lenders have reduced the amount of solicitor practices they permit to represent them. Be aware that Aldermore have no responsibility for the quality of advice provided by any member of Aldermore Conveyancer Panel. Mortgage fraud was a key driver in the reduction of solicitor panels since 2008 even though there remains differing opinions concerning the extent of solicitor engagement in some of that fraud. Statistics from the Land Registry indicate that thousands of law firms, including some in or near Grimsby only perform very few conveyances a year.
Should our lawyer be asking questions concerning flooding during the conveyancing in Grimsby.
Flooding is a growing risk for conveyancers dealing with homes in Grimsby. There are those who purchase a house in Grimsby, completely aware that at some time, it may be flooded. However, aside from the physical destruction, if a property is at risk of flooding, it may be difficult to obtain a mortgage, suitable building insurance, or sell the premises. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not qualified to offer advice on flood risk, but there are a various searches that may be undertaken by the buyer or by their lawyers which can figure out the risks in Grimsby. The conventional set of property information forms supplied to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a usual inquiry of the owner to determine if the property has ever been flooded. In the event that the residence has been flooded in past and is not disclosed by the seller, then a purchaser may issue a compensation claim resulting from an inaccurate reply. The purchaser’s solicitors will also commission an enviro search. This will reveal if there is a recorded flood risk. If so, additional investigations should be conducted.
I am looking for a ground for flat up to £235,500 and identified one round the corner in Grimsby I like with open areas and railway links nearby, however it only has 49 years unexpired on the lease. There is not much else in Grimsby for this price, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you require a home loan the shortness of the lease will likely be an issue. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the premises for a minimum of twenty four months you may ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this matter.
As co-executor for the estate of my grandmother I am selling a property in Newport but reside in Grimsby. My lawyer (based 250 kilometers awayneeds me to execute a statutory declaration prior to completion. Can you recommend a conveyancing practitioner in Grimsby to witness this legal document for me?
strictly speaking you are not likely to be required to have the documents attested by a conveyancing solicitor. Normally or notary public or solicitor will do regardless of whether they are Grimsby based
My husband and I hope to purchase our first house in Grimsby. Conveyancing practitioner already selected. The financial consultant pointed out that a survey is not necessary as the house is only 17 years old.
The bare minimum you need a Home Buyer's Report. Given the premises is more than 10 years old the property will not come with a warranty, so you don't want to take a risk. Where a property of this age shows no signs of defects a Home Buyer's report may be sufficient. They will highlight any apparent problems and suggest additional investigation if appropriate. If there are any indications of material issues obtain a comprehensive Building Survey from the beginning.