Our Pewsey conveyancer has identified a difference when comparing the assumptions in the valuation report and what is revealed within the legal papers for the property. My lawyer says that he must ensure that the bank is OK with this discrepancy and is content to go ahead. Is my lawyer’s approach legitimate?
Your lawyer must comply with the UK Finance Lenders’ Handbook provisions 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.
At what point can the exchange of contracts take place for residential conveyancing in Pewsey and do I need to be at the lawyers branch?
Where you are local to our conveyancing solicitors in Pewsey you are invited in to sign documents. However, the law practices we work with provide a countrywide conveyancing service and give just as detailed and professional a job for you when dealing with you by post or email. The executing of the property agreement is not the important part. Signing on the dotted line simply enables the solicitor to officially exchange at the appropriate time, which is ordinarily shortly after signing. The exchange process is is usually a five minute process, although where an extended "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Pewsey)to be in the office available at the end of the phone to exchange contracts.
3 months have elapsed since my purchase conveyancing in Pewsey concluded. I have checked the Land Registry website which shows that I paid £150,000 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 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.
How does conveyancing in Pewsey differ for newly converted properties?
Most buyers of new build premises in Pewsey approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the residence is ready to move into. This is because builders in Pewsey tend to purchase 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 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 used to new build conveyancing in Pewsey or who has acted in the same development.
Due to the input of my in-laws I had a survey completed on a house in Pewsey prior to appointing conveyancers. I have been advised that there is a flying freehold aspect to the property. My surveyor has said that some mortgage companies may not give a mortgage on this type of house.
It varies from the lender to lender. Lloyds has different requirements from Nationwide. 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 Pewsey. Conveyancing will be smoother if you use a solicitor in Pewsey especially if they are accustomed to such properties in Pewsey.
Am I better off to instruct a Pewsey conveyancing practitioner who is local to the property I am purchasing? We have a good friend who can perform the legal formalities but they are based over three hundred kilometers away.
The primary upside of using a local Pewsey conveyancing firm is that you can pop in to execute paperwork, hand in your identification documents and apply pressure on them where appropriate. They will also have local knowledge which is a bonus. However nothing is more important than finding someone that will do a good and efficient job. If if people you trust used your friend and the majority were happy that should surpass using an unfamiliar Pewsey conveyancing solicitor just because they are Pewsey based.