The Yatton conveyancing firm handling our Yatton conveyancing has discovered a discrepancy when comparing the assumptions in the valuation survey and what is in the conveyancing documents. My solicitor says that he must check that the bank is OK with this discrepancy and is still content to lend. Is my solicitor’s approach appropriate?
Your conveyancing practitioner 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.
We see that you have a search directory listing firms on the Barclays conveyancing panel. Do companies pay you a referral fee if I instruct them for our conveyancing in Yatton?
We are a listing service only for law firms wishing to communicate if they are on the Barclays conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Yatton.
Do I find a Licenced Conveyancer or Solicitor for conveyancing in Yatton?
There are many registered licenced Conveyancers in Yatton and Solicitor practices in Yatton who can help with your conveyancing It is important to make clear that the two are regulated professionals specialising in the legal work in transferring property. Both can deal with other property legal work such as remortgage conveyancing, lease extensions and transfer of equity conveyancing.
I am the sole recipient of my late mum's estate with all property in now in my sole name, including the my former home in Yatton. Conveyancing formalities meant that the Land Registry date was in July. I want to move. I understand that there is a CML 6 month 'rule', meaning my property ownership will be regarded the same way as though I had purchased the house in July. Do I have to wait half a year to sell?
The CML handbook requires conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be affected by that. many banks would take a practical view as this obligation is chiefly there to capture the purchase and immediately sell or the flipping of properties.
My partner and I are spending time viewing flats in Yatton and I am now considering a potential offer. Is it wise to have a conveyancing practitioner on ‘stand by’? I am planning to take a mortgage with Nationwide.
It would be wise to instigate your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their details on to the selling agent. As you are obtaining a mortgage with Nationwide, make sure you remember to check that your lawyer is on the Nationwide conveyancing panel.
three months have gone by since my purchase conveyancing in Yatton took place. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £215,000. 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 residence 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.
I decided to have a survey carried out on a property in Yatton prior to retaining lawyers. I have been told that there is a flying freehold aspect to the property. The surveyor has said that some lenders tend not issue a mortgage on this type of house.
It depends who your proposed lender is. Lloyds has different requirements for example to Birmingham Midshires. If you contact us we can look into this further via the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Yatton. Conveyancing will be smoother if you use a solicitor in Yatton especially if they are familiar with such properties in Yatton.
I own a leasehold flat in Yatton. Conveyancing was completed in five years ago. I have read on a number of advice forums that I should not let the lease length fall too low. What is the reasoning?
Yatton leasehold properties are for a set term - often 99 years when they commenced. However many appartments in Yatton were constructed or converted 25 or more years ago and so these leases now have under eighty years left to run. This may seem like a long time however Banks, Building Societies and other mortgage companies generally need leases to have a minimum of seventy five years remaining to adequate security. Accordingly when you come to sell the property you will need to extend the term of your lease if you are approaching 75 years. To increase your property value you should be thinking about whether or not to extend your lease well in advance of selling the property. Furthermore advantages to doing so before the lease reaches even eighty years as when the lease is below 80 years the amount to be paid to extend starts to get a lot more expensive.