The Teignmouth conveyancing firm handling our Teignmouth conveyancing has spotted a difference between the surveyor’s assumptions in the valuation report and what is in the conveyancing documents. My solicitor informs me that he is duty bound to check that the lender is happy with this discrepancy and is content to go ahead. Is my lawyer’s stance correct?
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 both parties.
What is the first thing I need to know regarding purchase conveyancing in Teignmouth?
You may not hear this from too many lawyers but conveyancing in Teignmouth and elsewhere in England and Wales is often a confrontational experience. In other words, when it comes to conveyancing there is plenty of room for conflict between you and other parties involved in the home moving process. For instance, the seller, property agent and sometimes your bank. Appointing a law firm for your conveyancing in Teignmouth an important selection as your conveyancer is your adviser, and is the SOLE party in the transaction whose responsibility is to protect your best interests and to keep you safe.
We are witnessing a definite ongoing adversarial element to conveyancing- someone has to be at fault for the process being so protracted. You must always trust your lawyer ahead of all other players in the home moving process.
I need some expedited conveyancing in Teignmouth as I am under a deadline to exchange contracts in less than 3 weeks. Thankfully I do not require a mortgage. Can I escape the need for conveyancing searches to save fees and time?
If.Given you are are a cash buyer you are at liberty not to do searches although no solicitor would suggest that you don't. Drawing on years of experience of conveyancing in Teignmouth the following are examples of issues that can be revealed and adversely impact the marketability of the property: Refused Planning Applications, Overdue Fees, Outstanding Grants, Road Schemes,...
How does conveyancing in Teignmouth differ for newly converted properties?
Most buyers of new build residence in Teignmouth approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the residence is finished. This is because developers in Teignmouth tend to acquire 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 used to new build conveyancing in Teignmouth or who has acted in the same development.
We are about to exchange buying a house in Teignmouth but as a result of damage from the recent storms I have negotiated compensation from the current proprietors of four thousand pounds taking the form of a reduction in the price. I had intended this to be dealt with as part of the conveyancing process but the lender will not permit this. Should they have been approached?
The property lawyer that is on a lender conveyancing panel is obliged to disclose to the bank of any amendments to the purchase amount. If you did not allow your conveyancing practitioner to report the price change to your mortgage company then they would need to discontinue representing you and the lender.