Our Buckingham solicitor has uncovered a discrepancy when comparing the information in the home valuation survey and what is revealed within the conveyancing documents. My lawyer says that he is obliged to check that the lender is happy with this discrepancy and is still content to lend. Is my lawyer’s course or action right?
Your lawyer 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.
Do I need to pop into the offices of the solicitor to execute the legal charge? If so, I will appoint a lawyer who conducts conveyancing in Buckingham so that I can attend their offices if necessary.
Nowadays conveyancing panel lawyers for mortgage companies undertake their communications via Royal Mail, e-mail or over phone calls. This means that they can undertake the legal work for your home move regardless of where you live in England or Wales. That being said you can see if you have the option of going to the offices of your conveyancing lawyer if just in case this is required.
I am looking for a ground for flat up to £235,500 and identified one close by in Buckingham I like with open areas and station in the vicinity, however it's only got 61 years unexpired on the lease. I can't really find anything else in Buckingham in this price bracket, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you need a home loan that many years will likely be an issue. Discount the offer by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the property for a minimum of 2 years you may ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should consult your conveyancing solicitor regarding this.
I have been pointed in your direction by a few estate agents in Buckingham to get a quote from a solicitor on your site. What’s the financial inducement for Estate Agents to offer your lawyers over and above alternative conveyancing organisations?
We don’t give any referral fee for sending work in our direction. We found it would be just too difficult a fee because home movers will think, ‘Why is the agent getting a kickback? Why aren’t I receiving any benefit too?’ So we decided to step away from that.
Is it best to use a Buckingham conveyancing practitioner who is local to the property I am purchasing? We have a good friend who can deal with the legal work however her office is 400miles drive away.
The benefit of a high street Buckingham conveyancing firm is that you can pop in to sign paperwork, present your identification documents and apply pressure on them if necessary. They will also have local intelligence which is a benefit. That being said nothing is more important than finding someone that will pull out all the stops for you. If you know people who instructed your friend and in the main were content that should surpass using an unknown Buckingham conveyancing lawyer solely due to them being based in the area.