Our Waterbeach conveyancer has identified a discrepancy between the assumptions in the valuation report and what is in the conveyancing documents. My solicitor has advised that he must ensure that the bank is OK with this discrepancy and is still content to lend. Is my solicitor’s stance right?
Your solicitor must comply with the UK Finance Lenders’ Handbook provisions 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.
The Waterbeach conveyancing firm that I appointed last week on my purchase in Waterbeach have without warning shut down. I only went with them because I needed a lawyer on the HSBC conveyancing panel and my preferred Waterbeach lawyer was not. I paid them funds in advance. What do I do now?
Assuming that you have an Estate Agent in the equation then let them know immediately so that they can let the sellers know that there may be a slight delay due to reasons beyond your control. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the HSBC conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors should be in a position to assist.
I am buying my first flat in Waterbeach benefiting from help to buy. The sellers would not budge the price so I negotiated five thousand pounds worth of extras instead. The sale representative suggested that I not disclose to my conveyancer about the extras as it may impact 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.
Due to the input of my in-laws I had a survey completed on a house in Waterbeach ahead of instructing solicitors. I have been told that there is a flying freehold element to the property. The surveyor has said that some lenders will refuse to grant a loan on a flying freehold home.
It varies from the lender to lender. Bank of Scotland has different requirements for example to Halifax. Should you wish to call us we can look into this further with 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 Waterbeach. Conveyancing may be slightly more expensive based on your lender's requirements.
In what way can the Landlord & Tenant Act 1954 impact my business property in Waterbeach and how can your lawyers assist?
The 1954 Act provides security of tenure to business leaseholders, granting the right to apply to court for a continuation of occupancy when the lease comes to an end. There are limited grounds where a landlord can refrain from granting a lease renewal and the rules are complicated. Fees are different for commercial conveyancing. Waterbeach is one of the hundreds of locations in which the firms we work with are based
Is it true that a Waterbeach conveyancing firm has court proceedings brought against them by a client for not carrying out comprehensive conveyancing investigations?
Our attention has not be brought to such a Waterbeach conveyancing matter but it has been reported that, a couple buying a house in Cumbria successfully won a case against their lawyer as a consequence of development plans to build a wind farm not being identified in conveyancing searches.
If you are purchasing in Waterbeach It is important that your lawyer purchase all Waterbeach conveyancing searches necessary making sure that you have accurate and current information ahead of acquiring a home in Waterbeach.