I am acquiring a newly constructed flat in Shoreham By Sea and my lawyer is informing me that she has to the mortgage company to reveal incentives from the seller. I am under pressure to exchange contracts and I don't want to delay deal. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancing practitioner. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook specifications. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
My wife and I have recently appointed a conveyancing solicitor in Shoreham By Sea. I I am struggling to find out if they are on the Bank of Scotland approved list of lawyers. Can you assist?
The first thing you should do is e-mail the solicitor and enquire if they are on the lender panel. Alternatively you can get in touch with Bank of Scotland who may be able to assist.
It has been four months since my purchase conveyancing in Shoreham By Sea completed. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £170,000. 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.
How does conveyancing in Shoreham By Sea differ for newly converted properties?
Most buyers of new build residence in Shoreham By Sea contact us having been asked by the developer to sign contracts and commit to the purchase even before the house is constructed. This is because new home sellers in Shoreham By Sea typically buy the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Shoreham By Sea or who has acted in the same development.
My wife and I purchased a leasehold house in Shoreham By Sea. Conveyancing and Leeds Building Society mortgage organised. I have received a letter from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1997. The conveyancing practitioner in Shoreham By Sea who acted for me is not around. Any advice?
First contact the Land Registry to be sure that this person is indeed the new freeholder. It is not necessary to instruct a Shoreham By Sea conveyancing firm to do this as it can be done on-line for less than a fiver. You should note that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
Leasehold Conveyancing in Shoreham By Sea - A selection of Questions you should consider Prior to buying
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How much is the ground rent and service charge? Is the freehold owned jointly by the leaseholders? Are there any major works on the horizon that could add a premium to the service charges?
Our conveyancer in Shoreham By Sea has uncovered a defect with the lease for the property we are purchasing in Shoreham By Sea. The seller’s lawyers have suggested defective title insurance as a workaround. We are content with insurance and will cover the costs. Our solicitor has advised that as he is on the lender conveyancing panel he must check that the lender is happy with this solution. Are we the client or is the mortgage company?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. A precondition to being on the mortgage company approved panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects will the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . 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.