Our Wallsend solicitor has uncovered a discrepancy between the assumptions in the valuation survey and what is revealed within the title deeds. My solicitor has advised that he is obliged to check that the bank is happy with this discrepancy and is still content to lend. Is my conveyancer’s course or action right?
Your conveyancing practitioner 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.
The Wallsend conveyancing lawyers that I recently instructed on my purchase in Wallsend have without warning closed. I chose them because I needed a firm on the Virgin Money conveyancing panel and my family Wallsend lawyer was not. I paid them money in advance. What do I do now?
Assuming that you have an Estate Agent in the equation then inform them straight away so that they advise the vendors that there may be a slight delay due to the problems encountered. Most sellers would 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 Virgin Money 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 assist.
Is it the case that all Wallsend solicitor practices on the RBS conveyancing panel are regulated by the SRA?
As a firm of solicitors, in order to be on the RBS approved list of solicitors they would need to be governed by the Solicitors Regulatory Authority. Some lenders do permit licenced conveyancers on their panel in which case such organisation would be governed by the Council of Licensed Conveyancers.
We previously selected conveyancers with offices in Wallsend on the Skipton solicitor panel. They are now charging me a further sum for the legal aspects of the Skipton mortgage. Is this a supplemental conveyancing fee specified by Skipton?
As unfair as it may seem, as long as it’s in their Terms of Engagement or Quote then yes your conveyancer can levy a fee for this. This charge is not set by Skipton but by your Wallsend property lawyer. Plenty of firms on the Skipton panel will charge an ‘acting for lender’ fee and others do not.
About to purchase house in Wallsend. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Coventry BS conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Wallsend conveyancing practitioner is on the Coventry BS conveyancing panel.
How does conveyancing in Wallsend differ for new build properties?
Most buyers of new build property in Wallsend approach us having been asked by the developer to sign contracts and commit to the purchase even before the residence is constructed. This is because new home sellers in Wallsend usually purchase the land, 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 used to new build conveyancing in Wallsend or who has acted in the same development.
Over the last few months I have been searching for a flat up to £195,000 and found one round the corner in Wallsend I like with open areas and transport links nearby, the downside is that it only has 49 years on the lease. There is not much else in Wallsend in this price bracket, so just wondered if I would be making a mistake buying a lease with such few years left?
If you require a home loan the remaining unexpired lease term will be a potential deal breaker. Discount the offer by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the property for at least 2 years you could ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should speak to your conveyancing lawyer about this.
My partner and I intend to purchase our 1st house in Wallsend. Conveyancing practitioner has been appointed. The financial consultant suggested that a survey is not appropriate as the property was only constructed in 2002.
You would be best advised to take a Home Buyer's Report. Given the premises is over ten years old the property will be without a warranty, so you would be well advised not to take a risk. Where a property of this age shows no signs of problems a Home Buyer's report could be sufficient. They will highlight any apparent issues and suggest further investigation where relevant. If there are any signs of problems get a comprehensive Building Survey from the beginning.