My partner and I are planning to purchase a flat in Buntingford and are in fact using a Buntingford conveyancing practice. Within the last couple of days our property lawyer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Santander have this morning contacted us to advise us that there is now an issue as our Buntingford conveyancer is not on their approved list of lawyers. What do we do from here?
When purchasing a property with the benefit of a mortgage it is standard for the purchasers' solicitors to also represent 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 Accreditation Scheme. Your solicitor should contact your mortgage company 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 lender’s conveyancing panel as you are at liberty to use your preferred Buntingford lawyers, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
My Buntingford lawyer has spotted a difference when comparing the assumptions in the home valuation survey and what is in the conveyancing documents. My lawyer has advised that he must check that the bank is happy with this discrepancy and is content to go ahead. Is my lawyer’s stance appropriate?
Your lawyer must comply with the UK Finance Lenders’ Handbook requirements 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.
Having sold my house in Buntingford last April but the buyer keeps Skype messaging daily to say their lawyer needs to hear from mine. What are the post completion sale formalities following completion?
After completion of your house sale your solicitor should send the transfer documentation and all additional paperwork to the purchaser's solicitors. Depending on the transaction, your conveyancer must also send confirmation that the legal charge in favour of the lender has been discharged to the buyers solicitors. There are no post completion steps unique to conveyancing in Buntingford.
It has been 2 months following my purchase conveyancing in Buntingford took place. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £170,000. 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 premises 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.
How does conveyancing in Buntingford differ for newly converted properties?
Most buyers of new build residence in Buntingford approach us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is ready to move into. This is because developers in Buntingford typically buy the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Buntingford or who has acted in the same development.
In my capacity as executor for the will of my aunt I am disposing of a residence in Neath but reside in Buntingford. My lawyer (based 260 kilometers from mehas requested that I sign a stat dec before completion. Can you recommend a conveyancing practitioner in Buntingford to witness and place their company stamp on the document?
strictly speaking you should not need to have the documents attested by a conveyancing solicitor. Normally any notary public or solicitor will be fine regardless of whether they are based in Buntingford