The Tooting conveyancing firm handling our Tooting conveyancing has uncovered a discrepancy between the information in the valuation report and what is revealed within the conveyancing documents. My lawyer has advised that he must ensure that the bank is OK with this discrepancy and is still content to lend. Is my solicitor’s course or action correct?
Your lawyer 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 you.
In what way does my ID and proof of funds have anything to do with my conveyancing in Tooting? Why is this being asked of me?
Anti-terror and anti-money-laundering regulations require solicitors and licensed conveyancers to verify the identity of the person or body they are dealing with before they can accept their conveyancing instruction. The Terms and Conditions that you are required to sign will no doubt stipulate this. Your lender will also require certain documents to be viewed. Where you refuse to hand over identification documents, your lawyer would not be able to accept instructions from you.
Me and my partner are purchasing a house in Tooting. It might be a silly question but how we can trust a conveyancer? At some point we will need to deposit funds into their account. What is the protection we have from them run away with our money?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
When it comes to lenders such as Clydesdale, do Tooting property lawyers incur a yearly amount to be on the list of approved solicitors?
We are unaware of any mortgage company fees to be on their list of approved firms, although some do charge an administration fee to deal with the processing of the conveyancing panel application.
I currently have a mortgage with Virgin Money for my property in Tooting. Conveyancing was finalised months ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Virgin Money?
Virgin Money must be informed of your intention before renting your property as this is likely to be a breach of Virgin Money’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Virgin Money directly. You need not do this via a Virgin Money conveyancing panel lawyer.
I am using a search engine for the term on line conveyancing in Tooting it brings up many conveyancerslocally. How do I determine which is the suitable conveyancer for the sale of my house?
The ideal way of choosing a suitable conveyancer is through a personal recommendation, so seek the opinion of friends and relatives who have bought a property in Tooting or the respected estate agent or mortgage broker. Costs for conveyancing in Tooting vary, so it's a good idea to request a minimum of three fee calculations from varying types of conveyancers. Be sure to secure confirmation that the fees are fixed.
There are only 62 years remaining on my lease in Tooting. I now wish to extend my lease but my landlord is absent. What should I do?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be lengthened by the magistrate. You will be obliged to prove that you or your lawyers have done all that could be expected to locate the lessor. On the whole an enquiry agent should be useful to try and locate and prepare a report to be accepted by the court as proof that the freeholder can not be located. It is advisable to get professional help from a conveyancer in relation to investigating the landlord’s disappearance and the application to the County Court covering Tooting.
Despite our best efforts, we have been unsuccessful in trying to reach an agreement for a lease extension in Tooting. Can this matter be resolved via the Leasehold Valuation Tribunal?
in cases where there is a missing landlord or if there is dispute about what the lease extension should cost, under the relevant legislation it is possible to make an application to the First-tier Tribunal (Property Chamber) to judgment on the price.
An example of a Lease Extension case for a Tooting flat is 14 Nutwell Street in January 2014. The premium payable for the acquisition of a new lease of the subject premises was in the sum of £30,523 This case affected 1 flat. The unexpired term as at the valuation date was 62.94 years.