The Axbridge conveyancing firm handling our Axbridge conveyancing has uncovered a discrepancy between the assumptions in the home valuation survey and what is revealed within the title deeds. My lawyer informs me that he must check that the bank is happy with this discrepancy and is content to go ahead. Is my conveyancer’s approach legitimate?
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 both parties.
What happens if my solicitor is suspended from the Principality Conveyancing panel ahead of completing my conveyancing in Axbridge?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
Forgive me if this question is silly but I am unseasoned as FTB of a ground floor flat in Axbridge. Do I pick up the keys to the premises on the completion date from my lawyer? If this is the case, I will use a High Street conveyancing solicitor in Axbridge?
On the day of completion you will not be required to go to the conveyancers office in Axbridge. Conveyancing lawyers for you will transfer the purchase money to the vendor’s solicitors, and once they have received this, you should be called to receive the keys from the selling Agents and start moving into the property. Usually this occurs early afternoon.
I am the sole recipient of my late father’s estate with all property in now in my sole name, including the my former home in Axbridge. Conveyancing formalities meant that the Land Registry date was in July. I want to move. I understand that there is a Mortgage Lenders six month 'rule', meaning my proprietorship will be treated the same way as if I'd bought the property in July. Do I have to wait half a year to sell?
The CML handbook instructs conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be caught by that. How practical a view banks take of it, depend on the bank as this provision primarily exists to capture subsales or the quick reselling of property.
It is unclear whether my lender requires a lease extension. I have telephoned my Axbridge bank branch on various occasions and was told they are content with the situation and they will lend. My Axbridge conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned and was told they refuse to lend in accordance with their specific requirements. I have no idea who is right.
The lawyer must follow the Council of Mortgage Lenders’ Handbook section two requirements for your bank. Unless your lawyer obtains specific confirmation in writing that the bank 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 lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
We are planning on selling our property in Axbridge and the buyers lawyers are claiming that there is a risk of it being built land that was not decontaminated. Any high street Axbridge conveyancer would know that there is no such problem. It does beg the question why the purchasers used an internet conveyancing outfit rather than a conveyancing solicitor in Axbridge. We have lived in Axbridge for three years we know that this is a non issue. Do we contact our local Authority to get clarification need.
It would appear that you have a conveyancing lawyer already. Are they able to advise? You should enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same sickness)
I've recently found out that there is a flying freehold element on a property I have offered on last month in what should have been a quick, chain free conveyancing. Axbridge is where the house is located. Is there any advice you can give?
Flying freeholds in Axbridge are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Axbridge you must be sure that your lawyer goes through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Axbridge may determine 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.