My Swaffham lawyer has discovered a discrepancy between the information in the valuation survey and what is in the conveyancing documents. My solicitor has advised that he is obliged to check that the bank is happy with this discrepancy and is content to go ahead. Is my lawyer’s stance right?
Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook conditions 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.
The Swaffham conveyancing firm that I recently instructed on my house acquisition in Swaffham have without warning closed. I only went with them because I had to have a solicitor on the Lloyds conveyancing panel and my previous Swaffham lawyer was not. I cut them a cheque for two hundred pounds in advance. What are my options?
Assuming that you have an Estate Agent in the equation then inform them straight away so that they can let the sellers know that there may be a slight delay due to the problems encountered. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Lloyds conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers should be in a position to help.
It has been three months since my purchase conveyancing in Swaffham took place. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £180,000. 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 residence 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.
My husband and I are new on the property ladder - had an offer accepted, but the agent has warned us that the owners will only proceed if we appoint the agent's chosen conveyancers as they are insisting on a ‘quick sale’. My instinct tells me that we should use a local conveyancer who is accustomed to conveyancing in Swaffham
It is unlikely the sellers are driving this. Should the vendor require ‘a quick sale', taking such a hostile approach to a serious buyer is is going to put the whole deal at risk. Speak to the vendors direct and make sure they comprehend that (a)you are genuine buyers (b)you are excited to move forward, with mortgage lined up © you are chain free (d) you wish to move quickly (e)but you are going to appoint your own,trusted Swaffham conveyancing solicitors - not the ones that will earn the negotiator at the agency a introducer fee or hit his conveyancing figures set by HQ.
My wife and I are selling a Swaffham flat we inherited ten years ago in 2011. I have over a decades worth of conveyancing know-how and, now retired, intend to carry out the conveyancing. The buyer's lawyer has informed me that their Lenders will not allow us to do our own conveyancing mandating that the funds to be transferred to a solicitor's bank account.
Lending requirements to conveyancing practitioners from all mainstream lenders specify that If the seller is not legally represented the borrower's lawyers should check whether the mortgage company needs to be told so that a decision can be made as to whether they are prepared to proceed.