Our Romney solicitor has discovered a discrepancy between the assumptions in the valuation survey 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 appropriate?
Your solicitor must comply with the UK Finance Lenders’ Handbook requirements 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.
Will my solicitor be making enquiries concerning flooding during the conveyancing in Romney.
Flooding is a growing risk for solicitors carrying out conveyancing in Romney. There are those who acquire a house in Romney, fully aware that at some time, it may be flooded. However, leaving to one side the physical damage, if a property is at risk of flooding, it may be difficult to get a mortgage, suitable building insurance, or dispose of the premises. There are steps that can be taken during the course of a house purchase to forewarn the buyer.
Conveyancers are not qualified to impart advice on flood risk, however there are a numerous checks that may be carried out by the purchaser or on a buyer’s behalf which should figure out the risks in Romney. The standard completed inquiry forms given to a buyer’s lawyer (where the Conveyancing Protocol is adopted) contains a usual question of the seller to find out if the property has suffered from flooding. In the event that the residence has been flooded in past which is not notified by the seller, then a buyer could bring a legal claim for losses stemming from an misleading reply. The purchaser’s lawyers should also commission an enviro search. This should indicate if there is any known flood risk. If so, more detailed investigations should be conducted.
It has been five months following my purchase conveyancing in Romney concluded. I have checked the Land Registry website which shows that I paid £150,000 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 Romney differ for new build properties?
Most buyers of new build residence in Romney approach us having been asked by the developer to exchange contracts and commit to the purchase even before the house is finished. This is because builders in Romney 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 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 Romney or who has acted in the same development.
Am I best advised to instruct a Romney conveyancing solicitor who is local to the property I am purchasing? We have a good friend who can carry out the conveyancing but his firm is located a couple of hundredmiles drive away.
The primary upside of using a local Romney conveyancing firm is that you can visit the firm to execute documents, deliver your ID and apply pressure on them if necessary. Having local Romney know how is a bonus. However nothing is more important than finding someone that will pull out all the stops for you. If other friends have instructed your friend and they were content that must trump using an unknown Romney conveyancing solicitor solely due to them being round the corner.
Living abroad I am unable to be present at my Romney conveyancing solicitors office to sign documents for conveyancing in Romney – is this a problem?
Not a problem. Romney conveyancing lawyers can handle conveyancing transactions for clients nationwide. It is not necessary for you to be able to attend a Romney conveyancers office. They can deal with everything remotely from their Romney office.