The Lowestoft conveyancing firm handling our Lowestoft conveyancing has uncovered a difference when comparing the information in the valuation survey and what is revealed within the title deeds. My solicitor has advised that he is duty bound to check that the lender is happy with this discrepancy and is content to go ahead. Is my solicitor’s approach appropriate?
Your conveyancer 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 both parties.
Should lawyers ask for money on account when it comes to conveyancing in Lowestoft?
Where you are retaining lawyers for conveyancing in Lowestoft your lawyer will ask you put them with funds to cover the the cost of the conveyancing searches. Normally this is needed to cover the fees of the conveyancing searches. If any deposit is as part of the total price then this should be required immediately ahead of contracts are exchanged. Any further balance that is due will be payable shortly before completion.
If you had a top tip for selecting a conveyancing solicitor in Lowestoft what would it be?
It would be unwise to be tempted by the cheapest Lowestoft conveyancing quote. You really do get what you pay for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
I'm the sole beneficiary of my late mum's will with all property in now in my sole name, including the my former home in Lowestoft. The Lowestoft property was put into my name in November. I now wish to sell up. I understand that there is a Mortgage Lenders six month 'rule', which means that my proprietorship could be considered the same way as though I had purchased the property in November. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook requires conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you could be impacted by that. many lenders would take a practical view as this requirement is principally there to identify the purchase and immediately sell or the quick reselling of properties.
About to purchase apartment in Lowestoft. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Bank of Ireland 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 Lowestoft lawyer is on the Bank of Ireland conveyancing panel.
five months have gone by following my purchase conveyancing in Lowestoft concluded. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £180,000. 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 property 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 my first flat in Lowestoft benefiting from help to buy. The sellers refused to budge the price so I negotiated 6k of fixtures and fittings instead. The property agent suggested that I not reveal to my solicitor about the deal as it may affect my loan with Coventry Building Society. 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.
My conveyancers in Lowestoft have advised me that no longer have my conveyancing file. To assist with my purchase I took out a mortgage with the bank. Is it case that being on the lender conveyancing panel they need to have retained the file for a prescribed period?
Different lenders have different requirements but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the mortgage company Conveyancing Panel Terms. It might be worth you contacting the bank directly.