The Frenchay conveyancing firm handling our Frenchay conveyancing has identified a difference between the surveyor’s assumptions in the home valuation survey and what is in the legal papers for the property. My lawyer has advised that he must check that the lender is happy with this discrepancy and is still content to lend. Is my lawyer’s stance legitimate?
Your lawyer must comply with the UK Finance Lenders’ Handbook conditions 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 need some fast conveyancing in Frenchay as I have an ultimatum to complete within 3 weeks. A home loan is not required. Is it possible to decline from having conveyancing searches to save money and time?
As you are are a cash buyer you have the choice not to do searches although no lawyer would advise that you don't. Drawing on our experience of conveyancing in Frenchay the following are instances of what can show up and therefore affect market value: Refused Planning Applications, Outstanding Charges, Overdue Grants, Road Schemes,...
It has been 4 months since my purchase conveyancing in Frenchay 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 premises 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 ground for flat up to £195,000 and identified one close by in Frenchay I like with amenity areas and station nearby, the downside is that it only has 49 remaining years left on the lease. I can't really find anything else in Frenchay 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 require a home loan the remaining unexpired lease term may be an issue. Discount the price by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the premises for at least twenty four months you could request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should consult your conveyancing solicitor about this.
My wife and I are acquiring a 2 bedroom flat in Frenchay. At the time of instructing our lawyer, they told us that they were on all mainstream bank panels. Our financial adviser contacted us today to advise that they are not on the Barclays approved list. Were it to be true, what should we do? Should we simply pick a different property lawyer that is on their panel or should we pay for dual representation, with Barclays selecting their own preferred lawyer.
If you are buying a property needing a mortgage it is usual for the purchaser’s solicitors to also act for the purchaser's lender. In order to act for a bank or building society a conveyancer has to be on that lender's conveyancing panel. An application has to be made by the conveyancing practitioner to the lender to become a member of the lender's panel and there are increasingly strict criteria which the conveyancing practitioner has to fulfill. Some lenders now insist their panel firms to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact Barclays and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on Barclays's conveyancing panel and you may continue to use your own Frenchay solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another property lawyer into the equation.