My Sevenoaks solicitor has spotted a difference between the information in the valuation survey and what is revealed within the legal papers for the property. My solicitor says that he must ensure that the lender is happy with this discrepancy and is still content to lend. Is my conveyancer’s approach appropriate?
Your lawyer must comply with the UK Finance Lenders’ Handbook specifications 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 am selling my home in Sevenoaks. Will my conveyancing practitioner have to be required to be on the Coventry BS conveyancing panel in order to deal with paying off my mortgage?
Ordinarily, even if your lawyer is not on the Coventry BS conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their panel criteria fairly frequently currently.
Should my solicitor be raising questions about flooding during the conveyancing in Sevenoaks.
Flooding is a growing risk for solicitors specialising in conveyancing in Sevenoaks. There are those who acquire a property in Sevenoaks, completely aware that at some time, it may be flooded. However, aside from the physical damage, if a property is at risk of flooding, it may be difficult to obtain a mortgage, suitable building insurance, or dispose of the premises. There are steps that can be taken during the course of a property purchase to forewarn the purchaser.
Conveyancers are not qualified to impart advice on flood risk, but there are a number of searches that may be initiated by the buyer or on a buyer’s behalf which can figure out the risks in Sevenoaks. The standard property information forms given to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a standard question of the seller to determine if the property has ever been flooded. If flooding has previously occurred which is not disclosed by the owner, then a buyer may bring a compensation claim stemming from an inaccurate answer. The buyer’s lawyers may also commission an enviro report. This should higlight if there is any known flood risk. If so, more detailed investigations should be initiated.
I'm purchasing a new build house in Sevenoaks benefiting from help to buy. The developers would not move on the amount so I negotiated £7000 of extras instead. The house builders rep told me not disclose to my lawyer about the extras as it could put at risk my mortgage with the lender. Should I keep quiet?.
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.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on last month in what was supposed to be a simple, no chain conveyancing. Sevenoaks is where the house is located. Can you offer any advice?
Flying freeholds in Sevenoaks are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Sevenoaks you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Sevenoaks may determine 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.
Should I instruct a Sevenoaks conveyancing practitioner in close proximity to the house I am buying? An old friend can deal with the legal formalities but her office is approximately 350miles away.
The primary upside of using a local Sevenoaks conveyancing firm is that you can pop in to sign documents, present your ID and apply pressure on them if necessary. Having local Sevenoaks know how is a benefit. That being said nothing is more important than finding someone that will pull out all the stops for you. If if people you trust used your friend and they were content that should surpass using an unfamiliar Sevenoaks conveyancing solicitor just because they are round the corner.