I plan on buying a leasehold flat in Redruth. My Solicitor is not listed on the mortgage company conveyancing panel. Is it possible for me to retain my Redruth conveyancing solicitor even though they are not on the bank list of approved lawyers?
You will need to use a solicitor to complete the legal work required if you need a mortgage to buy your property. The property lawyer will carry out all the essential investigations on the property, ensuring that you’re properly registered as the owner and ensure that all the required mortgage paperwork is in order. One can instruct a Redruth solicitor of your choice. However, where the conveyancer selected is not a member of the mortgage company conveyancing panel supplemental fees will arise as separate legal representation will be required by them. Lender panel applications can be submitted, so where your conveyancer has not in the past applied for membership they should do so.
Our Redruth lawyer has identified a discrepancy when comparing the surveyor’s assumptions in the home valuation survey and what is revealed within the legal papers for the property. My lawyer has advised that he is obliged to ensure that the bank is happy with this discrepancy and is content to go ahead. Is my lawyer’s approach correct?
Your lawyer 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 you.
3 months have elapsed since my purchase conveyancing in Redruth took place. I have checked the Land Registry site which shows that I paid £175,000 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 premises 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 Redruth with a loan from Leeds Building Society. The builders refused to reduce the amount so I negotiated £7000 of additionals instead. The estate agent told me not inform my lawyer about this deal as it could put at risk my mortgage with the lender. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer 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 Redruth in advance of appointing solicitors. I have been informed that there is a flying freehold aspect to the house. The surveyor advised that some lenders will not issue a mortgage on a flying freehold house.
It depends who your proposed lender is. Lloyds has different instructions for example to Halifax. If you call us we can investigate further via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Redruth. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Redruth to see if the conveyancing will be more expensive.
Am I better off to use a Redruth conveyancing lawyer in close proximity to the house I am buying? We have a good friend who can perform the legal formalities however his firm is located 300miles drive away.
The primary upside of using a high street Redruth conveyancing firm is that you can attend the office to execute paperwork, hand in your identification documents and apply pressure on them where appropriate. They will also have local insight which is a plus. That being said it's more important to get someone that will do a good and efficient job. If other friends have used your friend and the majority were impressed that must trump using an unfamiliar Redruth conveyancing lawyer just because they are local.