My Kingstanding solicitor has spotted a difference when comparing the assumptions in the home valuation report and what is revealed within the legal papers for the property. My solicitor informs me that he needs to check that the lender is OK with this discrepancy and is still content to lend. Is my solicitor’s stance correct?
Your conveyancer 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 both parties.
Why do I have to pay up front for conveyancing in Kingstanding?
If you are buying a property in Kingstanding your solicitor will request that you place them with monies to cover the search fees. This will be the total of the cost of the Local Authority Search. When the deposit is payable against the sale price then this will be asked for immediately before contracts are exchanged. Any further balance that is due should be transferred a couple of days ahead of the day of completion.
I am being told by my solicitor that restrictive coveneant insurance is necessary on my purchase. What is the typical level of cover needed for conveyancing in Kingstanding?
The appropriate level of restrictive coveneant indemnity insurance should be dictated by who who your lender is. It would differ for example between Nationwide Building Society and Coventry Building Society. Conveyancing solicitors as opposed to borrowers take out such insurances.
Are all Kingstanding Conveyancing Quality Solicitors on the Co-operative conveyancing panel?
Some major lenders now make use of CQS as the kick off point for Panel membership such as HSBC and Santander. CQS membership however gives no guarantee to lender panel acceptance. Nevertheless,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitor practices wishing to remain on their approved list of conveyancing solicitors.
I have decided to exercise my right to buy my property in Kingstanding off the council. I have a mortgage offer with Virgin Money. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Virgin Money, you will need to appoint a solicitor on the Virgin Money conveyancing panel.
It has been three months since my purchase conveyancing in Kingstanding concluded. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £160,000. 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 property 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 Kingstanding differ for new build properties?
Most buyers of new build premises in Kingstanding approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the property is built. This is because house builders in Kingstanding 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 Kingstanding or who has acted in the same development.
I decided to have a survey carried out on a property in Kingstanding before instructing conveyancers. I have been informed that there is a flying freehold overhang to the house. Our surveyor has said that some lenders may not give a loan on a flying freehold home.
It depends who your proposed lender is. Santander has different instructions for example to Halifax. Should you wish to telephone us we can look into this further with the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Kingstanding. Conveyancing will be smoother if you use a solicitor in Kingstanding especially if they are acquainted with such properties in Kingstanding.