The Malden conveyancing firm handling our Malden conveyancing has discovered a difference between the assumptions in the valuation survey and what is revealed within the legal papers for the property. My lawyer informs me that he is obliged to ensure that the lender is OK with this discrepancy and is still content to lend. Is my conveyancer’s stance correct?
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.
Please explain the implications if my solicitor is expelled from the Lloyds Solicitor panel ahead of completing my conveyancing in Malden?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
Will my lawyer be raising enquiries concerning flooding during the conveyancing in Malden.
Flooding is a growing risk for conveyancers specialising in conveyancing in Malden. Some people will purchase a property in Malden, completely expectant that at some time, it may suffer from flooding. However, leaving to one side the physical damage, where a house is at risk of flooding, it may be difficult to get a mortgage, adequate building insurance, or sell the property. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Lawyers are not best placed to offer advice on flood risk, however there are a number of checks that may be carried out by the purchaser or by their conveyancers which can give them a better appreciation of the risks in Malden. The standard property information forms sent to a purchaser’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a usual inquiry of the seller to find out if the premises has ever been flooded. If flooding has previously occurred which is not disclosed by the vendor, then a purchaser could commence a claim for damages resulting from an inaccurate answer. The buyer’s conveyancers will also conduct an environmental search. This will disclose if there is any known flood risk. If so, additional inquiries should be carried out.
I have todaybecome aware that Stirling Law have been shut down. They carried out my conveyancing in Malden for a purchase of a leasehold flat 18 months ago. How can I establish that my home is registered correctly in the name of the former proprietor?
The easiest way to check if the premises is registered to you, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Malden conveyancing specialists.
I'm buying my first flat in Malden with the aid of help to buy. The builders refused to reduce the price so I negotiated £7000 of additionals instead. The property agent told me not inform my conveyancer about the extras as it may jeopardize my mortgage with the lender. 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've recently found out that there is a flying freehold issue on a property I put an offer in a fortnight ago in what should have been a quick, no chain conveyancing. Malden is the location of the property. Is there any advice you can impart?
Flying freeholds in Malden are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Malden you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Malden may ascertain 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.