My Old Ford solicitor has discovered an inconsistency when comparing the information in the valuation report and what is revealed within the conveyancing documents. My lawyer says that he must check that the bank is OK with this discrepancy and is still content to lend. Is my conveyancer’s approach 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 you.
We note that you have a post code search directory identifying solicitors on the Kent Reliance conveyancing panel. Do firms pay you a referral fee if I instruct them for our own conveyancing in Old Ford?
We are a listing service only for law firms wishing to communicate if they are on the Kent Reliance conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Old Ford.
I have been told that property searches are the primary reason for obstruction in Old Ford house deals. Is this right?
The Council of Property Search Organisations (CoPSO) published findings of a review by MoveWithUs that conveyancing searches do not figure within the top 10 causes of hindrances in the conveyancing process. Searches are unlikely to feature in any slowing down conveyancing in Old Ford.
It has been five months since my purchase conveyancing in Old Ford completed. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £180,000. 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.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on last month in what should have been a quick, chain free conveyancing. Old Ford is where the house is located. Is there any advice you can give?
Flying freeholds in Old Ford are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Old Ford you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Old Ford may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
I need to find a conveyancing solicitor for some conveyancing in Old Ford. I happened to stumble upon a site which looks to be the perfect solution If it is possible to get all formalities done via web that would be preferable. Should I be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?