Our Hartford conveyancer has identified an inconsistency between the assumptions in the valuation report and what is revealed within the conveyancing documents. My lawyer has advised that he needs to ensure that the lender is happy with this discrepancy and is content to go ahead. Is my conveyancer’s stance right?
Your property lawyer 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 the registered owner of a freehold property in Hartford yet charged rent, why is this and what is this?
It’s unusual for properties in Hartford and has limited impact for conveyancing in Hartford but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for hundreds of years, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges post 1977.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.
Should our conveyancer be asking questions about flooding during the conveyancing in Hartford.
Flooding is a growing risk for conveyancers dealing with homes in Hartford. There are those who buy a house in Hartford, fully expectant that at some time, it may be flooded. However, aside from the physical destruction, where a property is at risk of flooding, it may be difficult to get a mortgage, adequate building insurance, or sell the premises. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Solicitors are not qualified to offer advice on flood risk, but there are a numerous searches that can be initiated by the purchaser or by their solicitors which can figure out the risks in Hartford. The standard property information forms supplied to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a usual question of the seller to find out whether the property has ever been flooded. In the event that flooding has previously occurred and is not disclosed by the vendor, then a purchaser could commence a claim for damages as a result of such an misleading response. The buyer’s conveyancers should also conduct an environmental search. This will disclose if there is any known flood risk. If so, further investigations should be carried out.
How does conveyancing in Hartford differ for newly converted properties?
Most buyers of new build or newly converted property in Hartford come to us having been asked by the seller to sign contracts and commit to the purchase even before the house is built. This is because new home sellers in Hartford tend to 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 conveyancing solicitors 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 Hartford or who has acted in the same development.
I was advised by numerous estate agents in Hartford to get a quote from a property lawyer using your seach tool. What’s the financial inducement for Estate Agents to market your services ahead of a competitor’s?
We don’t make any commission for sending work in our direction. We found it would be just too difficult a fee as home movers will think, ‘How come the agent getting a kickback? Why am I not receiving any benefit too?’ So we decided to step away from that.
We are 18 days into a residential purchase having been referred to solicitors by the local agent to carry out the conveyancing in Hartford. We are not happy. Could you help me find new conveyancers?
They would need to be very bad to suggest diss instructing them. Has the mortgage offer been generated? In the event that it has you must advise them of the replacement lawyer and have the mortgage documents are re-issued. The solicitor ideally needs to be on the mortgage company panel to avoid supplemental costs and delays. So that should be your first question of the new lawyers. Our search tool can help you find a bank approved conveyancer for your home move in Hartford