Our Frognal lawyer has uncovered a difference between the surveyor’s assumptions in the valuation report and what is in the legal papers for the property. My lawyer says that he needs to ensure that the lender is OK with this discrepancy and is content to go ahead. Is my conveyancer’s approach appropriate?
Your solicitor must comply with the UK Finance Lenders’ Handbook specifications 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.
The Frognal conveyancing solicitors that I recently instructed on my house acquisition in Frognal have without warning closed. I chose them because I had to have a lawyer on the Principality conveyancing panel and my previous Frognal lawyer was not. I paid them £170 in advance. What are my options?
If you have an estate agent involved then let them know immediately so that they can let the sellers know that there may be a slight delay due to the problems encountered. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Principality conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors should be in a position to help.
Have just purchased a probate house at auction in Frognal. Conveyancing is necessary. What are my next steps?
Now that you have for in every practical sense signed on the dotted line you should instruct a conveyancing solicitor soon as you are faced with a fast approaching a drop dead date to complete the purchase. An auction property should have an associated auction set of papers. This will include most,if not all of the paperwork that your lawyer will need. Where you are dealing with leasehold premises the legal papers may contain a copy of the lease, management information and a sellers leasehold information form and other conveyancing documentation specific to leasehold premises. You must pass this on to your appointed conveyancing solicitor at the earliest opportunity. You also need to ensure that you have funds in place to complete on the date specified in the contract.
Can you help - my lawyer says that flying freehold insurance is necessary on my purchase. What is the typical level of cover needed for conveyancing in Frognal?
The right level of flying freehold indemnity insurance depends on who your lender is. It would differ for example between Barclays and Leeds Building Society. Conveyancing lawyers as opposed to borrowers take out such policies.
We expect to receive a AIP from Leeds Building Society this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Leeds Building Society recommend any Frognal solicitors on the Leeds Building Society conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Frognal solicitors independently although you'll need to choose one on the Leeds Building Society conveyancing panel. The solicitor represents both you and Leeds Building Society through the process.
I moved into my house on 3 June and my personal details is not yet on the land registry website. Need I be worried? My conveyancing solicitor in Frognal expressed confidence that it would be dealt with inside ten days. Are transfers in Frognal uniquely lengthy to register?
As far as conveyancing in Frognal is concerned, registration is no faster or slower than anywhere else in England and Wales. Rather than based on location, timescales can adjust according to who lodges the application, whether it is in order and whether the Land registry must send notices to any other parties. Currently roughly 80% of submission are fully addressed within 12 days but some can be subject to longer hold-ups. Registration occurs after the new owner is living at the premises so an expedited registration is not typically top priority yet where it is urgent that the the registration takes place urgently then you or your solicitor should speak with the land registry and explain the circumstances.
How does conveyancing in Frognal differ for newly converted properties?
Most buyers of new build property in Frognal come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the house is constructed. This is because builders in Frognal tend to buy the real estate, 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 used to new build conveyancing in Frognal or who has acted in the same development.
I was pointed in your direction by a couple of local selling agents in Frognal to choose a solicitor using your seach tool. Is there a financial upside for Estate Agents to promote your site rather than alternative conveyancing organisations?
We don’t give any financial incentive for directing people to this site. We found it would be just too difficult a fee as members of the public would think, ‘Why is the agent getting a kickback? Why am I not receiving any benefit too?’ So we decided to step away from that.