The County Durham conveyancing firm handling our County Durham conveyancing has discovered an inconsistency between the assumptions in the home valuation survey and what is revealed within the title deeds. My lawyer has advised that he is duty bound to check that the bank is happy with this discrepancy and is content to go ahead. Is my conveyancer’s course or action right?
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 4 months following my purchase conveyancing in County Durham completed. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £160,000. 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 residence 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.
Over the last few months I have been searching for a leasehold apartment up to £195,000 and identified one close by in County Durham I like with amenity areas and station nearby, however it's only got 51 years on the lease. There is not much else in County Durham for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you require a home loan that many years will be a potential deal breaker. Reduce the price by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the premises for a minimum of twenty four months you may ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this matter.
Am I best advised to appoint a County Durham conveyancing solicitor in close proximity to the house I am hoping to buy? We have a good friend who can perform the conveyancing but her office is a couple of hundredmiles away.
The primary upside of using a local County Durham conveyancing firm is that you can drop in to sign paperwork, deliver your ID and pester them if necessary. Having local County Durham know how is a bonus. That being said it's more important to get someone that will do a good and efficient job. If other friends have used your friend and in the main were impressed that must trump using an unfamiliar County Durham conveyancing lawyer just because they are round the corner.
Developers have suggested I use a lawyer and I've obtained an estimate from them. It's nearly £300 cheaper than my own County Durham property lawyer. What's the catch?
Developers frequently have panels of solicitors who are quick and who know the developer’s paperwork and lawyer. Plenty of developers offer an inducement to use their approved lawyer for this reason, any increased fees can be avoided and a developer will not suggest a conveyancing warehouse and run the risk of having the transaction delayed when they require an exchange within a tight deadline. The argument for not opting for the suggested lawyer is that they may prove hesitant to fight for your interests at the risk of upsetting the sellers. Where you have concerns that this may be the case you should remain with your high street County Durham conveyancing practitioner.