Our Southgate solicitor has identified an inconsistency between the information in the valuation survey and what is in the conveyancing documents. My solicitor informs me that he needs to ensure that the bank is OK with this discrepancy and is content to go ahead. Is my solicitor’s approach 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 both parties.
Why do I have to pay up front for conveyancing in Southgate?
Where you are retaining lawyers for conveyancing in Southgate your lawyer will request that you put them with funds to cover the search fees. This will be the total of the cost of the Local Authority Search. If any down payment is as part of the purchase price then this should be needed shortly prior to contracts are exchanged. The closing balance that is needed will be payable a couple of days ahead of the day of completion.
Should commercial conveyancing searches disclose proposed roadworks that may affect a commercial site in Southgate?
Many commercial conveyancing solicitors in Southgate will order a SiteSolutions Highways report as it dramatically cuts the time that conveyancers invest in researching accurate data on highways that impact buildings and development assets in Southgate. The report provides definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Southgate.
For every commercial conveyancing transaction in Southgate it is critical to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been addressed adequately could cause delays to Southgate commercial conveyancing transactions as well as present a risk to future plans for the site. These searches are not carried out for domestic conveyancing in Southgate.
I have recentlybeen informed that Stirling Law have been shut down. They conducted my conveyancing in Southgate for a purchase of a freehold house 10 months ago. How can I be sure that the property is in my name in the name of the previous owner?
The easiest way to check if the property 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 Southgate conveyancing specialists.
I am buying a new build house in Southgate with a mortgage from Barclays Direct. The builders would not budge the amount so I negotiated £7000 of fixtures and fittings instead. The property agent advised me not disclose to my conveyancer about the extras as it would impact my mortgage with Barclays Direct. Do I keep my lawyer in the dark?.
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 decided to have a survey completed on a property in Southgate prior to appointing solicitors. I have been told that there is a flying freehold element to the property. Our surveyor has said that some banks will not give a loan on such a property.
It varies from the lender to lender. Bank of Scotland has different instructions for example to Birmingham Midshires. Should you wish to call us we can investigate further via the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Southgate. Conveyancing may be slightly more expensive based on your lender's requirements.