Our Billingshurst solicitor has uncovered a discrepancy when comparing the assumptions in the home valuation report and what is revealed within the conveyancing documents. My lawyer has advised that he is duty bound to ensure that the bank is happy with this discrepancy and is still content to lend. Is my conveyancer’s course or action appropriate?
Your conveyancing practitioner 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.
Why is leasehold purchase conveyancing in Billingshurst costs more?
Billingshurst leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving applicable notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
I need some quick conveyancing in Billingshurst as I am under a deadline to complete within 3 weeks. A home loan is not required. Is it possible to avoid the conveyancing searches to save fees and time?
As you are not taking a home loan you have the choice not to do searches although no solicitor would advise that you don't. With plenty of history conveyancing in Billingshurst the following are instances of issues that can appear and adversely affect the marketability of the property: Enforcement Notices, Outstanding Fees, Outstanding Grants, Road Schemes,...
I decided to have a survey done on a house in Billingshurst ahead of instructing lawyers. I have been informed that there is a flying freehold aspect to the house. The surveyor has said that some lenders tend not give a mortgage on this type of premises.
It varies from the lender to lender. Bank of Scotland has different requirements for example to Nationwide. If you e-mail us we can look into this further with the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Billingshurst. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Billingshurst to see if the conveyancing will be more expensive.
My solicitors in Billingshurst have advised me that they can not locate my conveyancing file. To assist with my purchase I took out a mortgage with the mortgage company. Is it case that being on the mortgage company conveyancing panel they need to have retained the file for a number of years?
Different lenders have different requirements but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the lender Conveyancing Panel Terms. It might be worth you contacting the bank directly.