Is the fact that my conveyancer in Tyldesley is not listed on my bank's solicitor panel that there is a problem with the standard of his conveyancing?
That is most likely an incorrect assumption to make. There are all sorts of perfectly reasonable explanations. Just recently a report by the solicitors regulator indicated that over three quarters of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) low volume of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should contact the Tyldesley conveyancing firm and enquire why they are no longer on the approved list for your bank.
The Tyldesley conveyancing firm handling our Tyldesley conveyancing has identified an inconsistency between the assumptions in the valuation report and what is revealed within the conveyancing documents. My solicitor informs me that he is obliged to ensure that the lender is OK with this discrepancy and is still content to lend. Is my solicitor’s approach right?
Your 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 you.
The Tyldesley conveyancing lawyers that I recently instructed on my purchase in Tyldesley have without warning shut down. I only went with them because I had to have a solicitor on the Barclays conveyancing panel and my family Tyldesley lawyer was not. I issued them a cheque for £250 in advance. What are my options?
Assuming that you have an Estate Agent in the equation then inform them straight away so that they can let the sellers know that there may be a slight delay due to reasons beyond your control. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Barclays conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers should be in a position to help.
Should my lawyer be raising enquiries concerning flooding as part of the conveyancing in Tyldesley.
Flooding is a growing risk for conveyancers dealing with homes in Tyldesley. Plenty of people will buy a property in Tyldesley, fully expectant that at some time, it may be flooded. However, leaving to one side the physical destruction, where a house is at risk of flooding, it may be difficult to get a mortgage, suitable insurance cover, or sell the premises. There are steps that can be taken during the course of a house purchase to forewarn the purchaser.
Conveyancers are not qualified to give advice on flood risk, but there are a numerous searches that may be initiated by the purchaser or on a buyer’s behalf which will figure out the risks in Tyldesley. The conventional set of information sent to a buyer’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a standard inquiry of the seller to find out if the property has suffered from flooding. In the event that flooding has previously occurred and is not revealed by the owner, then a purchaser may issue a compensation claim as a result of such an inaccurate reply. The buyer’s conveyancers will also conduct an environmental report. This should disclose if there is any known flood risk. If so, additional inquiries will need to be conducted.
It has been four months since my purchase conveyancing in Tyldesley took place. I have checked the Land Registry site 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 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.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Tyldesley. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Here are examples of a selection of leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Tyldesley
-
If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Please supply evidence that the form of Lease proposed has been approved by the Land Registry. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier?