Our Ruislip solicitor has uncovered an inconsistency when comparing the surveyor’s assumptions in the valuation survey and what is revealed within the title deeds. My lawyer has advised that he is duty bound to ensure that the lender is happy with this discrepancy and is still content to lend. Is my solicitor’s course or action correct?
Your conveyancing practitioner 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.
I'm buying a new build house in Ruislip benefiting from help to buy. The builders would not move on the amount so I negotiated £7000 of extras instead. The property agent advised me not to tell my solicitor about this side-deal as it may jeopardize 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.
Due to the advice of my in-laws I had a survey completed on a house in Ruislip in advance of appointing lawyers. I have been informed that there is a flying freehold aspect to the house. The surveyor has said that some mortgage companies will not grant a mortgage on such a premises.
It depends who your proposed lender is. Santander has different requirements from 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 Ruislip. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Ruislip to see if the conveyancing costs will increase in light of this.
How do I use your search app to find a conveyancing solicitor in Ruislip on the approved list for my mortgage?
1st choose a mortgage company such as Accord Mortgages Ltd, Barnsley Building Society or Alliance & Leicester then specify your location e.g. Ruislip. Conveyancing firms in Ruislip and beyond should be shown.
I am tempted by the attractive purchase price for a two maisonettes in Ruislip which have in the region of 50 years left on the lease term. Will this present a problem?
There are plenty of short leases in Ruislip. The lease is a right to use the premises for a period of time. As a lease shortens the value of the lease deteriorates and results in it becoming more expensive to acquire a lease extension. For this reason it is advisable to increase the term of the lease. It is often difficult to sell a property with a short lease because mortgage lenders may be unwilling to lend money on such properties. Lease extension can be a difficult process. We advise that you get professional assistance from a solicitor and surveyor with experience in this field.
I have tried to negotiate informally with with my landlord for a lease extension without any joy. Can one apply to the Leasehold Valuation Tribunal? Can you recommend a Ruislip conveyancing firm to help?
Where there is a absentee freeholder or if there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the First-tier Tribunal (Property Chamber) to determine the premium.
An example of a Lease Extension matter before the tribunal for a Ruislip residence is Flat 72 Queens Walk in January 2013. The Tribunals calculated the premium payable to be £22,090. This case related to 1 flat. The unexpired residue of the current lease was 53.26 years.
Online reading suggests that Ruislip solicitors are more costly than licensed conveyancers in Ruislip to use when buying a property. Am I better off using a conveyancer or a solicitor where I am purchasing for my home move in Ruislip.
When it comes to conveyancing in Ruislip the costs are unlikely to vary dramatically depending on whether the legal expert is a licenced conveyancer or solicitor.