Is the fact that my solicitor in Valley is not on my lender's solicitor panel that there is a problem with the quality of his conveyancing?
That is more than likely an incorrect assumption to make. There are plenty of plausible explanations. A recent report by the solicitors regulator revealed 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) lack of transactions (2) the solicitor is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Where you are concerned you should simply call the Valley conveyancing firm and enquire why they are no longer on the approved list for your mortgage company.
At what point does exchange of contracts take place for residential conveyancing in Valley and do I need to be at the conveyancers branch?
If you are near to our conveyancing solicitors in Valley you are welcome to attend to sign contracts. However, the lender approved solicitors we recommend supply a nationwide conveyancing service and give as equally diligent and professional a job for you when communicating with you electronically. The signing of the purchase agreement is not the point of no return. A signed contract is just a prerequisite for the solicitor to exchange contracts when the time is right, which is ordinarily shortly after signing. The exchange process is nowadays normally dealt with by telephone and can be very rapid, although where a long "chain" is involved, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Valley)to be in the office at the appropriate time.
4 months have gone by following my purchase conveyancing in Valley completed. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £160,000. 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.
How does conveyancing in Valley differ for newly converted properties?
Most buyers of new build or newly converted property in Valley come to us having been asked by the seller to exchange contracts and commit to the purchase even before the property is constructed. This is because new home sellers in Valley typically purchase 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 conveyancing solicitors 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 Valley or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a property I have offered on two weeks back in what should have been a straight forward, no chain conveyancing. Valley is the location of the property. Can you shed any light on this issue?
Flying freeholds in Valley are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Valley you must be sure that your lawyer goes through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Valley may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.