Our Woolavington lawyer has uncovered a discrepancy when comparing the assumptions in the home valuation survey and what is in the legal papers for the property. My lawyer has advised that he needs to ensure that the bank is happy with this discrepancy and is content to go ahead. Is my lawyer’s course or action right?
Your lawyer 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 you.
Having sold my house in Woolavington last February yet the purchaser is e-mailing every few hours to say their solicitor needs to hear from mysolicitor. What are the post completion sale formalities following completion?
Following your house sale your solicitor is duty bound to deliver the transfer deeds and all supplemental paperwork to the buyer’s solicitors. Where appropriate, your solicitor should also send confirmation that the home loan has been discharged to the purchasers lawyers. There are no post completion tasks peculiar conveyancing in Woolavington.
Are the BSA planning on creating a search tool with a view to list law firms on the Earl Shilton BS conveyancing panel for example in Woolavington?
We have not been informed any plans on the part of the BSA to develop such a register.
Will my solicitor be raising questions about flooding during the conveyancing in Woolavington.
Flooding is a growing risk for conveyancers dealing with homes in Woolavington. Plenty of people will acquire a property in Woolavington, fully aware that at some time, it may be flooded. However, aside from the physical damage, if a house is at risk of flooding, it may be difficult to get a mortgage, satisfactory building insurance, or dispose of the premises. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not best placed to impart advice on flood risk, however there are a various searches that can be carried out by the purchaser or by their lawyers which will give them a better understanding of the risks in Woolavington. The conventional set of completed inquiry forms sent to a purchaser’s lawyer (where the Conveyancing Protocol is adopted) incorporates a usual inquiry of the seller to discover if the property has suffered from flooding. If the premises has been flooded in past and is not notified by the owner, then a buyer may commence a compensation claim resulting from an inaccurate response. The purchaser’s lawyers will also conduct an enviro search. This should higlight if there is any known flood risk. If so, further inquiries will need to be initiated.
2 months have gone by since my purchase conveyancing in Woolavington concluded. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £160,000. 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.