Our Shenley Brook End solicitor has spotted an inconsistency between the surveyor’s assumptions in the home valuation survey and what is in the conveyancing documents. My lawyer informs me that he is obliged to ensure that the lender is happy with this discrepancy and is still content to lend. Is my solicitor’s course or action right?
Your solicitor 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 you.
3 months have elapsed following my purchase conveyancing in Shenley Brook End took place. I have checked the Land Registry website which shows that I paid £150,000 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 property 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.
How does conveyancing in Shenley Brook End differ for newly converted properties?
Most buyers of new build or newly converted property in Shenley Brook End approach us having been asked by the builder to sign contracts and commit to the purchase even before the house is ready to move into. This is because builders in Shenley Brook End tend to acquire 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 Shenley Brook End or who has acted in the same development.
I've recently found out that there is a flying freehold element on a house I have offered on two weeks back in what should have been a quick, no chain conveyancing. Shenley Brook End is where the house is located. Can you offer any guidance?
Flying freeholds in Shenley Brook End are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Shenley Brook End you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Shenley Brook End may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
What could I expect to pay for conveyancing in Shenley Brook End?
Almost all Shenley Brook End conveyancing practices will charge a standard fee. In the event that additional work becomes necessary during the transaction your lawyer is obliged advise you in writing of any further costs for any work immediately it becomes foreseeable. Some organisations will agree not to charge a fee if the deal aborts, others will charge a fraction of the set fee, calculated based on the stage at which the transaction aborts.
It may be helpful for you to obtain a few firms to provide you a quotation.