My Wells lawyer has identified a difference when comparing the assumptions in the valuation survey and what is revealed within the legal papers for the property. My solicitor says that he is duty bound to check that the bank is OK with this discrepancy and is content to go ahead. Is my solicitor’s approach appropriate?
Your lawyer 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 both parties.
What is your number one tip for choosing a conveyancing solicitor in Wells
We would encourage you not to base your choice on the lowest Wells conveyancing quote. You really do get what you’re paying for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
Forgive me if this question is silly but I am wet behind the ears as FTB of a two bedroom flat in Wells. Do I collect the keys to the property on the completion date from my conveyancer? If this is the case, I will use a High Street conveyancing solicitor in Wells?
On the day of completion you do not need to attend the conveyancers office in Wells. Conveyancing lawyers for you will electronically transfer the completion advance to the owner’s conveyancers, and shortly after the monies have arrived, you will be able to pick up the keys from the property Agents and move into your new home. Usually this occurs early afternoon.
I have a mortgage with RBS for my property in Wells. Conveyancing was finalised months ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform RBS?
RBS must be informed of your intention in advance of letting out your property as this is likely to be a breach of RBS’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact RBS directly. It should not be necessary to do this via a RBS conveyancing panel lawyer.
What will a local search tell me regarding the house my wife and I buying in Wells?
Wells conveyancing often commences with the ordering local authority searches directly from your local Authority or via a personal search company for instance Onsearch The local search plays a central role in many a Wells conveyancing purchase; that is if you don’t want any nasty surprises after you move into your new home. The search should supply data on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 subject areas.
I've recently found out that there is a flying freehold issue on a house I put an offer in a fortnight ago in what was supposed to be a quick, no chain conveyancing. Wells is the location of the property. Can you offer any guidance?
Flying freeholds in Wells are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Wells you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Wells may determine 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.
Is it the case that all Wells legal practices on every lender conveyancing panel?
The Lexsure search tool on this page may be of use or you can pop into your local lender branch in Wells. Chances are that they can recommend conveyancing solicitors in Wells