The Uxbridge conveyancing firm handling our Uxbridge conveyancing has spotted a discrepancy when comparing the information in the home valuation report and what is in the conveyancing documents. My solicitor informs me that he must ensure that the bank is happy with this discrepancy and is still content to lend. Is my solicitor’s approach appropriate?
Your solicitor 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.
I purchased a freehold premises in Uxbridge yet invoiced for rent, why is this and what is this?
It is rare for properties in Uxbridge and has limited impact for conveyancing in Uxbridge but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for hundreds of years, but the Rent Charge Act 1977 barred the creation of new rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 is to be extinguished.
My husband and I wish to acquire a newbuild flat in Uxbridge with a residential mortgage from Nationwide Building Society.We like our Uxbridge conveyancing solicitor but Nationwide Building Society says her practice is not listed on their "panel". We have to appoint a Nationwide Building Society panel firm or retain our preferred solicitor and fork out for a Nationwide Building Society panel lawyer to act for them. This seems very unfair; Can we not simply insist that Nationwide Building Society use our lawyer?
No, not really. The loan issued to you contains terms and conditions, a common one being that lawyers needs to be on the Nationwide Building Society conveyancing panel. Until recently, most lenders had large numbers of solicitors on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your lawyer to apply to be on the conveyancing panel for Nationwide Building Society
It has been 4 months since my purchase conveyancing in Uxbridge completed. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £180,000. 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 asset 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'm buying a new build house in Uxbridge benefiting from help to buy. The builders would not budge the price so I negotiated 6k of additionals instead. The sale representative told me not disclose to my solicitor about the deal as it could affect my loan with the lender. Is this normal?.
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 element on a house I have offered on last month in what was supposed to be a quick, chain free conveyancing. Uxbridge is the location of the property. Is there any advice you can impart?
Flying freeholds in Uxbridge are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Uxbridge 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 Uxbridge may decide 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 premises.