My solicitor has uncovered a defect with the lease for the apartment we are purchasing in Hazlemere. The other side have offered title insurance as a solution. We are content with insurance and will pay for it. Our conveyancing practitioner says that he must check that the mortgage company is content with this solution. Are we the client or is the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. Your property lawyer must comply with the UK Finance Lenders’ Handbook conditions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. 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.
We are downsizing from our property in Hazlemere and the buyers lawyers are claiming that there is a possibility that the property was constructed on contaminated land. A high street Hazlemere lawyer would know that there is no such problem. For the life of me I don't know why the purchasers instructed a nationwide conveyancing firm as opposed to a conveyancing solicitor in Hazlemere. Having lived in Hazlemere for three years we know of no issue. Do we get in touch with our local Authority to seek clarification that there is no issue.
It sounds as though you may have a conveyancing firm currently acting for you. What do they say? You need to enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same ailment)
3 months have gone by following my purchase conveyancing in Hazlemere completed. I have checked the Land Registry site which shows that I paid £200,000 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 am buying a new build house in Hazlemere benefiting from help to buy. The developers refused to budge the amount so I negotiated £7000 of fixtures and fittings instead. The property agent suggested that I not reveal to my lawyer about the deal as it will adversely affect my loan with the bank. Is this normal?.
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 opted to have a survey carried out on a property in Hazlemere before retaining conveyancers. I have been told that there is a flying freehold element to the property. The surveyor has said that some mortgage companies will not give a mortgage on such a property.
It varies from the lender to lender. Santander has different instructions for example to Halifax. Should you wish to call us we can check via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Hazlemere. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Hazlemere to see if the conveyancing costs will increase in light of this.
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