My London solicitor has discovered a discrepancy between the information in the valuation report and what is revealed within the legal papers for the property. My solicitor informs me that he must check that the lender is OK with this discrepancy and is content to go ahead. Is my conveyancer’s course or action appropriate?
Your must comply with the UK Finance Lenders’ Handbook requirements 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.
Should our conveyancer be making enquiries regarding flooding during the conveyancing in London.
Flooding is a growing risk for lawyers dealing with homes in London. Some people will buy a property in London, completely aware that at some time, it may be flooded. However, leaving to one side the physical destruction, where a property is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory insurance cover, or sell the premises. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Lawyers are not qualified to impart advice on flood risk, however there are a numerous checks that may be carried out by the buyer or on a buyer’s behalf which should give them a better understanding of the risks in London. The conventional set of property information forms supplied to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a usual question of the vendor to find out whether the property has suffered from flooding. If the residence has been flooded in past and is not revealed by the seller, then a buyer may bring a claim for damages as a result of such an inaccurate answer. The purchaser’s lawyers will also conduct an environmental search. This will reveal if there is any known flood risk. If so, further investigations will need to be conducted.
I am purchasing my first flat in London with a loan from . The sellers would not move on the amount so I negotiated £7000 of extras instead. The property agent advised me not inform my lawyer about the side-deal as it would put at risk my mortgage with the lender. Is this normal?.
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.
What tools are available to search for a London solicitor on the conveyancing panel? I drive a motor bike and am happy to travel upto 10kilometers to meet the solicitor.
Feel free to make use of the search on this website. Please pick a lender and your location and you will see a number of London conveyancing lawyers located nearest you. We have listed some London conveyancing firms at the bottom of this page and you can contact them to see whether they are on the approved list
My step-father has recommend that I instruct his conveyancing solicitors in London. Do I take his guidance?
There are no two ways about it the best way to choose a conveyancing lawyer is to get feedback from friends or relatives who have previously instructed the solicitor you're are thinking of instructing.