The Kempston conveyancing firm handling our Kempston conveyancing has uncovered a discrepancy when comparing the surveyor’s assumptions in the valuation report and what is in the title deeds. My solicitor has advised that he needs to ensure that the lender is OK with this discrepancy and is content to go ahead. Is my lawyer’s stance appropriate?
Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook specifications 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.
Can you explain why leasehold purchase conveyancing in Kempston is more expensive?
In summary, leasehold conveyancing in Kempston and elsewhere usually requires more hours of investigation compared to freehold conveyancing. This includes lease investigation, liaising with the landlord concerning serving required notices, obtaining current service charge and management information, securing the freeholder’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – regardless of the fact the lease has passed through many different property solicitors hands since it was first granted.
My bid for a property was accepted at auction in Kempston. Conveyancing is necessary. What happens now?
Having to in every practical sense signed on the dotted line you should retain a conveyancing practitioner as a matter of urgency as you will have a fast approaching a fixed date to complete the transaction. An auction property will have a corresponding auction pack. This will include the copy title deeds, local authority and drainage searches. Where you are dealing with leasehold property the conveyancing pack may contain a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork relating to leasehold premises. You must give this to the lawyer instructed by you as soon as possible. You also need to ensure that you have funds in order to complete the transaction on the set completion date.
My conveyancer has informed me that lack of building regulations insurance is necessary on my purchase. What is the typical level of cover needed for conveyancing in Kempston?
The right level of lack of building regulations indemnity insurance depends on who your lender is. It would differ for example between HSBC Bank and Coventry Building Society. Conveyancing practitioners as opposed to members of the public take out such policies.
It is not clear whether my bank requires a lease extension. I have telephoned my Kempston bank branch on numerous occasions and was told it wasn't an issue and they would lend. My Kempston conveyancing solicitor - who is on the lender conveyancing panel- telephoned to say that they will not lend in accordance with their specific requirements. Who do I believe?
Provided that the solicitor is on the mortgage company approved list, they must follow the CML Handbook specifications for the lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I decided to have a survey done on a house in Kempston prior to retaining lawyers. I have been advised that there is a flying freehold element to the property. The surveyor advised that some lenders will refuse to give a mortgage on this type of property.
It depends who your proposed lender is. Santander has different instructions from Nationwide. If you e-mail us we can look into this further with the relevant bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Kempston. Conveyancing may be slightly more expensive based on your lender's requirements.
I am 18 days into a freehold purchase having been directed to solicitors by the local agent to perform conveyancing in Kempston. I am am very disappointed with the quality of service. Can you help me find new lawyers?
They would need to be very poor in order to consider replacing them. Has your mortgage been issued? In the event that it has you will need to inform them of the new contact details and ensure the loan are re-sent. Your conveyancer needs to be on the banks panel to avoid added costs and complications. That should be your first question of the new conveyancers. Our find a solicitor tool should assist you in finding a lender approved solicitor for your home move in Kempston