The Welton conveyancing firm handling our Welton conveyancing has discovered an inconsistency when comparing the assumptions in the home valuation survey and what is revealed within the legal papers for the property. My lawyer has advised that he must check that the bank is OK with this discrepancy and is content to go ahead. Is my solicitor’s approach legitimate?
Your conveyancer 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 happen to be the single beneficiary of my late grandmother’s will and I have everything in my name now, including the my former home in Welton. Conveyancing formalities meant that the Land Registry date was in December. I want to move. I do know about the CML six month 'rule', meaning my property ownership may be regarded the same way as if I'd bought the house in December. Do I have to wait 6 months to sell?
The Council of Mortgage Lenders’ handbook instructs conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you could be caught by that. How practical a view lenders take of it, depend on the bank as this clause is chiefly there to pick up on subsales or the quick reselling of property.
My wife and I have organised a further advance on our mortgage from Principality as we intend to carry out a loft conversion to our home in Welton. Do we need to appoint a bricks and mortar Welton solicitor on the Principality conveyancing panel to deal with the paperwork?
Principality don't usually appoint a member of their conveyancing panel to deal with such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Principality panel.
It is not clear whether my bank requires a lease extension. I have called my Welton bank branch on various occasions and was told they are content with the situation and they will lend. My Welton conveyancing solicitor - who is on the mortgage company conveyancing panel- called and was told they would not lend in accordance with their published requirements. Who do I believe?
Provided that the lawyer is on the bank approved list, she or he must follow the Council of Mortgage Lenders’ Handbook requirements for the lender. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Will our conveyancer be asking questions regarding flooding as part of the conveyancing in Welton.
The risk of flooding is if increasing concern for lawyers conducting conveyancing in Welton. Plenty of people will buy a property in Welton, fully expectant that at some time, it may suffer from flooding. However, leaving to one side the physical damage, where a property is at risk of flooding, it may be difficult to get a mortgage, adequate insurance cover, or dispose of the property. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Lawyers are not best placed to give advice on flood risk, but there are a numerous checks that can be initiated by the purchaser or by their solicitors which will give them a better understanding of the risks in Welton. The conventional set of information supplied to a purchaser’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a usual inquiry of the owner to discover if the premises has ever been flooded. In the event that the premises has been flooded in past and is not revealed by the vendor, then a buyer may issue a legal claim for losses stemming from an misleading answer. A buyer’s solicitors may also order an enviro report. This will reveal whether there is a recorded flood risk. If so, more detailed investigations should be carried out.
It has been 4 months since my purchase conveyancing in Welton took place. I have checked the Land Registry website which shows that I paid £150,000 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 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 purchasing a new build house in Welton benefiting from help to buy. The developers would not reduce the amount so I negotiated £7000 of fixtures and fittings instead. The sale representative suggested that I not reveal to my lawyer about the extras as it could adversely affect my mortgage with the lender. 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.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in two weeks back in what should have been a simple, chain free conveyancing. Welton is where the house is located. Can you offer any advice?
Flying freeholds in Welton are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Welton you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Welton may ascertain 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.