Our Vale Of Glamorgan lawyer has identified an inconsistency when comparing the surveyor’s assumptions in the home valuation survey and what is in the legal papers for the property. My solicitor says that he is duty bound to ensure that the bank is happy with this discrepancy and is still content to lend. Is my conveyancer’s approach correct?
Your property 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.
Various internet forums that I have come across warn that are the main cause of hinderance in Vale Of Glamorgan conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) has noted the findings of a review by MoveWithUs that conveyancing searches do not feature within the most frequent causes of hindrances during the legal transfer of property. Local searches are not likely to be the root cause of holding up conveyancing in Vale Of Glamorgan.
It has been 4 months since my purchase conveyancing in Vale Of Glamorgan concluded. I have checked the Land Registry website 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.
I have been on the look out for a flat up to £235,500 and found one round the corner in Vale Of Glamorgan I like with amenity areas and transport links in the vicinity, however it's only got 51 years unexpired on the lease. There is not much else in Vale Of Glamorgan in this price bracket, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you need a home loan the shortness of the lease will likely be problematic. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the property for at least 2 years you could request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should consult your conveyancing solicitor about this matter.
We're novice buyers - agreed a price, yet the selling agent has warned us that the owners will only move forward if we appoint the agent's recommended conveyancers as they want a ‘quick sale’. We would rather use a local conveyancer with experience of conveyancing in Vale Of Glamorgan
We suspect that the owner is unaware of this requirement. If they desire ‘a quick sale', turning down a motivated buyer is counter productive. Speak to the owners direct and make sure they comprehend that (a)you are motivated purchasers (b)you are excited to move forward, with mortgage lined up © you have nothing to sell (d) you intend to proceed fast (e)but you are going to appoint your own,trusted Vale Of Glamorgan conveyancing solicitors - as opposed tothose that will provide the estate agent a referral fee or hit his conveyancing targets demanded by HQ.