Our Kingsdown solicitor has spotted a difference when comparing the surveyor’s assumptions in the home valuation report and what is revealed within the conveyancing documents. My solicitor says that he must ensure that the bank is OK with this discrepancy and is still content to lend. Is my lawyer’s approach legitimate?
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.
The Kingsdown conveyancing firm that I appointed last week on my purchase in Kingsdown have without warning closed. I chose them because I had to have a solicitor on the Yorkshire BS conveyancing panel and my previous Kingsdown lawyer was not. I wrote them a cheque for two hundred pounds in advance. What are my options?
Assuming that you have an Estate Agent in the equation then let them know immediately so that they can let the sellers know that there may be a slight delay due to reasons beyond your control. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Yorkshire BS 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 assist.
I just bought a flat at auction in Kingsdown. Conveyancing is needed. What are my next steps?
Now that you have for in every practical sense signed on the dotted line you now have to retain a conveyancing lawyer soon as you now have a fast approaching deadline in which to complete the deal. Every auction property should have a bespoke legal set of papers. This will likely include most,if not all of the paperwork that your lawyer requires. In the case of leasehold premises the conveyancing papers may contain a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork specific to a leasehold property. You need to pass this on to the conveyancer working for you as soon as possible. Do make sure that that you have the requisite funding organised to complete on the date specified in the contract.
I can not work out if my bank requires a lease extension. I have telephoned my Kingsdown bank branch on a couple of occasions and was told it wasn't an issue and they would lend. My Kingsdown conveyancing solicitor - who is on the bank conveyancing panel- telephoned to say that they refuse to lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
Your property lawyer must comply with the CML Handbook Part 2 specifications for your bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
I have finally had an offer on a maisonette in Kingsdown accepted, the sellers do nevertheless have a tied purchase. The vendors have placed an offer on a flat, but it’s not been accepted yet, and are looking at other flats in the pipeline. I have selected a nearby conveyancing solicitor in Kingsdown. What do I do now? When do I get the mortgage application with Principality started?
It is understandable to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (home loan application is in the region of £1k, then valuation, Kingsdown conveyancing search fees, etc). First, you must ensure that your conveyancing practitioner is on the Principality conveyancing panel. As to the subsequent stages this very much dictated by the circumstances of your transaction, attraction to the property and on the state of the market. During a rising market the majority of home buyers would apply for the mortgage with Principality and pay for the valuation and only if it was satisfactory would they request their property lawyer to move forward with searches.
I used Arc property Solicitors a few years ago for my conveyancing in Kingsdown. Now, I need my documents however the law firm has closed. What do I do?
Do call the Solicitors Regulatory Authority (SRA) to assist in tracking down your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Kingsdown of the conveyancing firm of solicitors you previously used, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
How does conveyancing in Kingsdown differ for newly converted properties?
Most buyers of new build or newly converted property in Kingsdown contact us having been asked by the builder to exchange contracts and commit to the purchase even before the property is built. This is because developers in Kingsdown typically purchase the land, 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 property lawyers 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 Kingsdown or who has acted in the same development.
Should I be concerned that estate agents that I am dealing with are recommending a factory type conveyancing firm as opposed to a local Kingsdown conveyancing company?
As is the case with many professional services, often recommendations from relatives can be extremely useful or valuable. Yet there are many players in a conveyancing deal; estate agents, mortgage brokers and lenders might all recommend solicitors to retain. Sometimes the conveyancers might be known to one of the organisations as one of the best in their field, but occasionally there exists a financial incentive behind the endorsement. You are free to select your preferred lawyer. Don't forget that most mortgage providers specify a panel list of lawyers you have to use for the lender related work in your conveyancing.