The New Inn conveyancing firm handling our New Inn conveyancing has uncovered a difference when comparing the information in the home valuation report and what is in the legal papers for the property. My lawyer has advised that he must ensure that the bank is OK with this discrepancy and is still content to lend. Is my conveyancer’s stance correct?

Your property lawyer 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.

It has been five months following my purchase conveyancing in New Inn completed. 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 New Inn benefiting from help to buy. The developers refused to budge the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The sale representative advised me not to tell my solicitor about this side-deal as it could 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.

I wish to rent out my leasehold apartment in New Inn. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?

Even though your previous New Inn conveyancing solicitor is no longer available you can review your lease to check if it allows you to sublet the premises. The rule is that if the lease is non-specific, subletting is allowed. There may be a precondition that you need to obtain permission via your landlord or other appropriate person in advance of subletting. This means you not allowed to sublet in the absence of first obtaining consent. Such consent should not be unreasonably refused ore delayed. If the lease does not allow you to sublet you should ask your landlord if they are willing to waive this restriction.

New Inn Leasehold Conveyancing - A selection of Queries Prior to Purchasing

How much is the ground rent and service charge? Are there any major works in the planning that will increase the maintenance charges? On the whole the cost for major works tend not to be included within service charges, albeit that some managing agents in New Inn obliged tenants to contribute towards a reserve fund and this is used to offset against major works.

My son is just in the process of moving house, the home loan was agreed last week in principle. After the offer was accepted on house we rang the bank to progress the mortgage application. I was shocked to learn that banks do not accept all conveyancer, they must be on their panel, is this right?

Lenders ordinarily imposes restrictions either the type or the number of conveyancing solicitors on their approved list of lawyers. A common example of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that banks have no responsibility for the quality of advice provided by any New Inn solicitor on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Unlikely.