My Builth Wells lawyer has identified an inconsistency when comparing the information in the valuation survey and what is in the conveyancing documents. My solicitor informs me that he must check that the bank is OK with this discrepancy and is still content to lend. Is my lawyer’s stance right?
Your conveyancer 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.
I have a 4 bedroom Georgian property in Builth Wells. Conveyancing practitioner represented me and Bank of Scotland. I did a free Land Registry search last week and I saw two entries: one for freehold, another for leasehold with the exact same address. I thought I was buying a freehold how can I check?
You should read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Builth Wells and other areas of the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also enquire as to the situation with the conveyancing lawyer who conducted the purchase.
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in two weeks back in what should have been a simple, chain free conveyancing. Builth Wells is where the house is located. Is there any guidance you can impart?
Flying freeholds in Builth Wells are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Builth Wells you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Builth Wells may ascertain 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.
I was pointed in your direction by two or three local selling agents in Builth Wells to select a conveyancer using your seach tool. What’s the financial advantage for Estate Agents to offer your site over and above alternative conveyancing organisations?
We don’t give any referral fee for sending work our way. We thought it would be too underhand a fee because members of the public would think, ‘How come the agent getting a kickback? Why am I not receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
My husband and I are novice buyers - had an offer accepted, but the agent has warned us that the vendor will only issue a contract if we appoint the agent's recommended lawyers as they want a ‘quick sale’. Our preferred option is to instruct a high street conveyancer with experience of conveyancing in Builth Wells
It is unlikely the vendors are driving this. Should the owner want ‘a quick sale', taking such a hostile approach to a serious buyer is is going to put the whole deal at risk. Contact the vendors directly and explain that (a)you are keen to buy (b)you are ready to progress, with finances arranged © you do not need to sell (d) you wish to move quickly (e)however you intend to use your preferred Builth Wells conveyancing lawyers - not the ones that will earn the estate agent a kickback or hit his conveyancing thresholds demanded by corporate headquarters.