My Bideford conveyancer has spotted a difference when comparing the assumptions in the valuation survey and what is revealed within the title deeds. My solicitor informs me that he must check that the bank is happy with this discrepancy and is still content to lend. Is my solicitor’s stance appropriate?
Your conveyancing practitioner 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.
Finally the sale completed on my house in Bideford last November yet the purchaser is Skype messaging daily to say their conveyancer is waiting to hear from mine. What are the post completion sale formalities now that I have sold?
Post completion of your disposal your solicitor should deliver the transfer documentation and all supplemental paperwork to the buyer’s lawyers. Depending on the transaction, your conveyancer must also evidence that the legal charge in favour of the lender has been paid off to the buyers lawyers. There are no post completion formalities just for conveyancing in Bideford.
Can you help - my lawyer advises that flying freehold insurance is needed on my purchase. What is the typical level of cover needed for conveyancing in Bideford?
The appropriate level of flying freehold indemnity insurance depends on who your lender is. It would differ for example between HSBC Bank and Skipton Building Society. Conveyancing lawyers as opposed to borrowers take out such insurances.
Is it the case that all Bideford solicitors on the Lloyds conveyancing panel are governed by the SRA?
As a firm of solicitors, in order to be on the Lloyds approved list of solicitors they would need to be overseen by the Solicitors Regulatory Authority. Many mortgage companies do list licenced conveyancers on their panel and in that case the practice would be regulated by the CLC.
Two weeks ago we had a mortgage agreed in principle with UBS. Bideford conveyancing lawyers were appointed. What is the average time that one could expect to receive a mortgage offer from UBS?
There is no definitive answer here. Have UBS conducted the valuation? Have you advised UBS as to your lawyers' details and checked that your lawyers are on the UBS conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
It has been three months following my purchase conveyancing in Bideford completed. I have checked the Land Registry website which shows that I paid £200,000 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 asset 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.
Taking into account that I will soon spend hundreds of thousands of pounds on 3 bedroom house in Bideford I wish to have a conversation with the lawyer regarding thehome move in advance of giving the go ahead to the firm. Is this something that you can arrange?
Absolutely - it is our preference to talk to you we do not take any clients on without you first talking to the conveyancer who will be doing your conveyancing in Bideford.There is no ‘factory style conveyancing’ - each client is an important person, not a file number. The solicitors that we put you in touch with believe that the fees you are quoted for your conveyancing in Bideford should be the figure that you are charged.
Can you provide any top tips for leasehold conveyancing in Bideford from the point of view of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Bideford can be avoided if you instruct lawyers the minute your agents start advertising the property and request that they start to collate the leasehold information needed by the buyers’ conveyancers. If you have carried out any alterations to the premises would they have required Landlord’s permission? Have you, for example laid down wooden flooring? Most leases in Bideford state that internal structural changes or laying down wooden flooring necessitate a licence from the Landlord approving such works. If you fail to have the approvals in place you should not contact the landlord without checking with your lawyer before hand. If you have had conflict with your freeholder or managing agents it is essential that these are settled before the property is put on the market. The purchasers and their solicitors will be nervous about purchasing a flat where there is an ongoing dispute. You will have to accept that you will have to discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the purchasers, but it is better to present the dispute as over rather than ongoing. You may think that you are aware of the number of years left on your lease but it would be advisable verify this by asking your lawyers. A buyer’s lawyer will be unlikely to recommend their client to where the remaining number of years is below 75 years. It is therefore important at an early stage that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.
I acquired a 2 bed flat in Bideford, conveyancing having been completed half a dozen years ago. Can you work out an approximate cost of a lease extension? Corresponding properties in Bideford with a long lease are worth £265,000. The ground rent is £50 charged once a year. The lease runs out on 21st October 2102
With only 76 years unexpired we estimate the price of your lease extension to span between £8,600 and £9,800 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.