The Lyme Regis conveyancing firm handling our Lyme Regis conveyancing has uncovered a discrepancy when comparing the information in the valuation report and what is revealed within the title deeds. My lawyer says that he is duty bound to ensure that the bank is OK with this discrepancy and is still content to lend. Is my lawyer’s approach correct?
Your property 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.
Why do I have to pay up front for conveyancing in Lyme Regis?
Where you are retaining lawyers for conveyancing in Lyme Regis your lawyer will ask you place them with monies to cover the the cost of the conveyancing searches. This will be the total of the cost of the Local Authority Search. If any deposit is payable against the purchase price then this should be required shortly prior to exchange of contracts. Any further balance that is due will be payable shortly before completion.
How does conveyancing in Lyme Regis differ for newly converted properties?
Most buyers of new build premises in Lyme Regis contact us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is finished. This is because developers in Lyme Regis tend to buy the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Lyme Regis or who has acted in the same development.
My brother has suggested that I use his lawyers for conveyancing in Lyme Regis. Should I choose my own conveyancer?
Much as we are happy to recommend a Lyme Regis conveyancing lawyer the best way to choose a conveyancing solicitor is to have feedback from friends or family who have used the conveyancer you're are thinking of instructing.
I am an executor of my recently deceased mother’s Will, with a property in Lyme Regis which will be marketed. The property has never been registered at HMLR and I'm advised that some purchasers will insist that it is in place before they will move forward. What's the procedure for this?
In the situation that you have set out it seems advisable to apply to register in the names of the personal representative(s) as named in the probate and in their capacity as PRs. The Land Registry’s online guidance explains how to register for the first time and what is required re the deeds and forms. You would need to include and official copy of the probate as well and complete the form FR1 to refer to the PRs as the applicant.