Our Quinton conveyancer has uncovered a discrepancy when comparing the information in the 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 conveyancer’s stance legitimate?
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 both parties.
How does conveyancing in Quinton differ for new build properties?
Most buyers of new build property in Quinton approach us having been asked by the developer to sign contracts and commit to the purchase even before the house is ready to move into. This is because builders in Quinton tend to purchase 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 accustomed to new build conveyancing in Quinton or who has acted in the same development.
Due to the guidance of my in-laws I had a survey completed on a property in Quinton before instructing lawyers. I have been told that there is a flying freehold element to the property. The surveyor advised that some mortgage companies will not give a mortgage on this type of home.
It varies from the lender to lender. Bank of Scotland has different instructions for example to Nationwide. Should you wish to telephone us we can check via the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Quinton. Conveyancing will be smoother if you use a solicitor in Quinton especially if they are acquainted with such properties in Quinton.
Am I right to be wary by brokers that I am dealing with are suggesting a national conveyancing firm rather than a local Quinton conveyancing firm?
As is the case with many service providers, often recommendations from family and friends can be worth their weight in gold. But there are numerous parties with a vested interest in a conveyancing transaction; estate agents, mortgage brokers and lenders might all put forward conveyancers to select. Sometimes the conveyancers might be known to one of the organisations as being good in their field, but sometimes there may be a financial incentive behind the recommendation. You have the discretion to select your own conveyancer. However, bear in mind that many lenders have an approved list of solicitors you have to use for the mortgage related work in your transaction.
We're FTB’s - agreed a price, yet the estate agent informed us that the seller will only move forward if we use their recommended lawyers as they want an ‘expedited deal’. My instinct tells me that we should use a family solicitor accustomed to conveyancing in Quinton
We suspect that the owner is unaware of this ultimatum. Should the seller desire ‘a quick sale', alienating a serious buyer is going to damage their objectives. Try to communicate with the sellers directly and explain that (a)you are keen to buy (b)you are excited to move forward, with mortgage lined up © you have nothing to sell (d) you wish to move quickly (e)but you will continue to appoint your preferred Quinton conveyancing firm - as opposed tothose that will earn their estate agent a commission or hit his conveyancing thresholds demanded by corporate headquarters.