Our Shillington lawyer has uncovered a discrepancy when comparing the assumptions in the valuation report and what is revealed within the title deeds. My solicitor informs me that he needs to check that the bank is OK with this discrepancy and is content to go ahead. Is my lawyer’s stance legitimate?
Your lawyer 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 you.
Do the Building Society Association intend to launch a searchable register to list practices on the Loughborough BS conveyancing panel for example in Shillington?
We are not aware of any intention on the part of the BSA to promote such a tool.
Me and my brother have a terraced Georgian house in Shillington. Conveyancing solicitor represented me and Coventry Building Society. I did a free Land Registry search last week and there are two entries: the first freehold, another for leasehold with the matching address. If a house is not a freehold shouldn't I have been informed?
You need to assess the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Shillington and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also enquire as to the situation with the conveyancing lawyer who conducted the purchase.
How does conveyancing in Shillington differ for newly converted properties?
Most buyers of new build or newly converted property in Shillington approach us having been asked by the developer to sign contracts and commit to the purchase even before the property is finished. This is because developers in Shillington usually acquire the site, 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 Shillington or who has acted in the same development.
Why do Shillington conveyancing fees are more expensive for leasehold and freehold properties?
If purchasing a leasehold property there is more work involved purely due to the fact that usually there are further parties involved in the form of the freeholder and/or Management Agents. As part of a lawyers enquiries they will check that all ground rent and service charges are paid up to date amongst other general leasehold matters. For this reason, the Sellers lawyers usually have to refer to the freeholder or Managing Agent for their replies to our questions. This may be time consuming and beyond the lawyers control