The Totterdown conveyancing firm handling our Totterdown conveyancing has discovered a difference between the information in the valuation report and what is in the legal papers for the property. My lawyer informs me that he is duty bound to check that the bank is OK with this discrepancy and is content to go ahead. Is my conveyancer’s approach legitimate?
Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook conditions 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.
Is it necessary to take out insurance to cover chancel repairs when purchasing a property in Totterdown?
Unless a prior purchase of the premises completed post 12 October 2013 you can take it that solicitors carrying out conveyancing in Totterdown to continue to suggest a chancel search and or chancel repair liability policy.
How does conveyancing in Totterdown differ for newly converted properties?
Most buyers of new build premises in Totterdown come to us having been asked by the builder to sign contracts and commit to the purchase even before the property is finished. This is because house builders in Totterdown usually buy 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 accustomed to new build conveyancing in Totterdown or who has acted in the same development.
Over the last few months I have been searching for a ground for flat up to £305k and found one near me in Totterdown I like with open areas and railway links nearby, the downside is that it only has 61 remaining years left on the lease. There is not much else in Totterdown in this price bracket, so just wondered if I would be making a grave error buying a short lease?
Should you require a home loan the remaining unexpired lease term may be a potential deal breaker. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the property for at least 2 years you may request that they commence the lease extension formalities and pass it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should consult your conveyancing lawyer concerning this matter.
My father-in-law has urged me to use his conveyancing solicitors in Totterdown. Do I take his advice?
There are no two ways about it the best way to choose a conveyancing practitioner is to get recommendations from friends or relatives who have actually experience in using the solicitor that you are considering.