My Prestbury lawyer has uncovered a difference between the surveyor’s assumptions in the valuation report and what is revealed within the title deeds. My lawyer says that he must check that the lender is OK with this discrepancy and is still content to lend. Is my lawyer’s stance appropriate?
Your property lawyer must comply with the UK Finance Lenders’ Handbook specifications 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.
It has been five months since my purchase conveyancing in Prestbury completed. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £170,000. 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 asset 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 Prestbury differ for new build properties?
Most buyers of new build property in Prestbury come to us having been asked by the developer to exchange contracts and commit to the purchase even before the house is constructed. This is because house builders in Prestbury typically 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 conveyancers 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 Prestbury or who has acted in the same development.
I decided to have a survey carried out on a property in Prestbury ahead of retaining conveyancers. I have been told that there is a flying freehold element to the property. My surveyor advised that some mortgage companies tend refuse to grant a loan on this type of property.
It varies from the lender to lender. Lloyds has different requirements from Birmingham Midshires. Should you wish to telephone us we can investigate further via the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Prestbury. Conveyancing will be smoother if you use a solicitor in Prestbury especially if they regularly deal with such properties in Prestbury.
We're novice buyers - agreed a price, but the selling agent informed us that the owners will only move forward if we use the agent's recommended solicitors as they want a ‘quick sale’. We would rather use a family conveyancer with experience of conveyancing in Prestbury
It is unlikely the owners are behind this. Should the seller require ‘a quick sale', turning down a serious purchaser is going to damage their objectives. Try to communicate with the vendors directly and explain that (a)you are keen to buy (b)you are excited to move forward, with finances in place © you do not need to sell (d) you intend to proceed fast (e)but you are going to use your preferred Prestbury conveyancing lawyers - rather thanthe ones that will give their negotiator at the agency a introducer fee or hit his conveyancing thresholds demanded by corporate headquarters.
Me and my husband are selling a Prestbury property left to us some years ago in 2010. I have over 12 years conveyancing know-how and, now retired, see no reason not to undertake my own conveyancing. The buyer's solicitor has informed me that their building society will not allow you to do your own conveyancing requiring the funds to be sent to a solicitor's bank account.
Mortgage instructions to property lawyers from all mainstream lenders state that If the vendor is not legally represented the buyer’s lawyers should check whether the bank needs to be informed so that a decision can be reached if they are willing to progress.