My fiance and I are hoping to acquire a property in Boldon and have appointed a Boldon conveyancing practice. Within the past 48 hours our lawyer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Godiva Mortgages Ltd have this morning contacted us to advise us that there is now an issue as our Boldon lawyer is not on their approved list of lawyers. Please explain?
When purchasing a property with the benefit of a mortgage it is standard for the purchasers' lawyers to also act for the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the bank's conveyancing panel and you may continue to use your own Boldon solicitors, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
The Boldon conveyancing firm handling our Boldon conveyancing has identified an inconsistency when comparing the assumptions in the home valuation survey and what is in the legal papers for the property. My lawyer says that he is obliged to check that the bank is OK with this discrepancy and is content to go ahead. Is my conveyancer’s approach right?
Your conveyancing practitioner 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 you.
I am buying a flat and require a conveyancing solicitor in Boldon who is on the Barclays conveyancing. Can you recommend a local firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Barclays in certain locations such as Boldon. We dont recommend any particular firm.
3 months have gone by following my purchase conveyancing in Boldon 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 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.
Just had an offer accepted on a new build apartment in Boldon. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Here are examples of a selection of leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Boldon
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There must be mutual enforceability of lessee’s covenants. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Please supply a car parking plan. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified.
Yesterday I discovered that there is a flying freehold element on a property I have offered on last month in what was supposed to be a straight forward, chain free conveyancing. Boldon is the location of the property. What do you suggest?
Flying freeholds in Boldon are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Boldon you would need to get your solicitor to go through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Boldon may ascertain 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 residence.