The Peterborough conveyancing firm handling our Peterborough conveyancing has identified a discrepancy when comparing the surveyor’s assumptions in the home valuation report and what is in the conveyancing documents. My solicitor informs me that he is obliged to ensure that the lender is happy with this discrepancy and is content to go ahead. Is my solicitor’s course or action correct?
Your conveyancer 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.
What is the first thing I need to know regarding purchase conveyancing in Peterborough?
You may not hear this from too many lawyers but conveyancing in Peterborough and elsewhere in Cambridgeshire is an adversarial process. Put another way, when it comes to conveyancing there exists plenty of opportunity for friction between you and others involved in the ownership transfer. For example, the seller, property agent and even potentially the mortgage company. Appointing a law firm for your conveyancing in Peterborough is a critical decision as your conveyancer is your adviser, and is the ONE person in the process whose role it is to act in your legal interests and to keep you safe.
Sometimes a third party with a vested interest will attempt to sway you that it is in your interests to do things their way. For instance, the property agent may claim to be assisting by suggesting your lawyer is wrong. Or your mortgage broker may advise you to do take action that is against your solicitors advice. You should always trust your lawyer above all other parties in the conveyancing process.
Just acquired a semi-detached house in Peterborough , What is the estimated time for the Land Registry to deal with the formalities evidencing my title? My Peterborough conveyancing solicitor has been very slow, so I want to check that my ownership is registered.
There is nothing unique about conveyancing in Peterborough registration formalities. Rather than based on location, timeframes can vary depending on the party submitting the application, whether it is in order and whether the Land registry must send notices to any 3rd parties. Currently roughly three quarters of such applications are fully dealt with within two weeks but some can be subject to protracted delays. Historically registration occurs after the purchaser is living at the premises thus registration formalities is not usually primary concern yet where it is urgent that the the registration takes place urgently then you or your conveyancer should speak with the land registry and explain the circumstances.
How does conveyancing in Peterborough differ for new build properties?
Most buyers of new build residence in Peterborough contact us having been asked by the builder to sign contracts and commit to the purchase even before the residence is completed. This is because developers in Peterborough typically buy the land, 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 property lawyers 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 accustomed to new build conveyancing in Peterborough or who has acted in the same development.
I have been pointed in your direction by numerous property agents in Peterborough to choose a solicitor on your site. Is there a financial incentive for Estate Agents to recommend your services rather than a competitor’s?
We don’t make any financial incentive for pointing buyers and sellers to this site. We thought it would be too underhand to pay a commission as home movers will think, ‘Why is the agent getting a kickback? Why am I not getting any benefit too?’ We would prefer to grow our business on genuine recommendations.