The Colyton conveyancing firm handling our Colyton conveyancing has spotted a difference between the information in the valuation survey and what is revealed within the title deeds. My lawyer says that he is obliged to check that the bank is OK with this discrepancy and is still content to lend. Is my solicitor’s stance correct?
Your property lawyer 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.
Should my solicitor be raising enquiries regarding flooding as part of the conveyancing in Colyton.
The risk of flooding is if increasing concern for solicitors dealing with homes in Colyton. There are those who purchase a property in Colyton, completely expectant that at some time, it may be flooded. However, aside from the physical damage, if a property is at risk of flooding, it may be difficult to obtain a mortgage, suitable building insurance, or sell the premises. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Lawyers are not best placed to offer advice on flood risk, but there are a number of checks that may be initiated by the buyer or on a buyer’s behalf which will figure out the risks in Colyton. The conventional set of property information forms supplied to a purchaser’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a usual question of the seller to find out if the property has ever been flooded. If the property has been flooded in past and is not notified by the owner, then a buyer could bring a compensation claim as a result of such an inaccurate answer. The buyer’s solicitors will also order an enviro report. This will reveal if there is a recorded flood risk. If so, additional investigations should be initiated.
I am looking for a leasehold apartment up to £235,500 and found one near me in Colyton I like with amenity areas and railway links nearby, the downside is that it's only got 52 years on the lease. There is not much else in Colyton in this price bracket, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you need a home loan the shortness of the lease may be an issue. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least twenty four months you may ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this.
I was recommended by a number of selling agents in Colyton to choose a conveyancer using your seach tool. What’s the financial upside for Estate Agents to recommend your site rather than a competitor’s?
We don’t offer any referral fee for sending work our way. We thought it would be too underhand to pay a commission because home movers will think, ‘How come the agent getting a kickback? Why am I not receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
We are 14 days into a freehold purchase having been directed to solicitors by the selling agent to do our conveyancing in Colyton. I am am extremely dissatisfied with the quality of service. Can you you assist me in finding new lawyers?
A solicitor would need to be really bad to suggest changing them. Has your mortgage been issued? In the event that it has you must make them aware of the new lawyer and ensure the offer are re-issued. The solicitor ideally should be on the mortgage company panel to avoid supplemental costs and delays. That should be your starting point. Our search tool will help you find a lender approved lawyer for your conveyancing in Colyton
Why do I have to supply my conveyancing practitioner with numerous items of ID before they can commence with selling or buying a property in Colyton?
Colyton lawyers are obliged by the Law Society, SRA, HMLR and current AML legislation to record that the have verified the identity of their clients. It will also be a condition of your mortgage offer. In addition they have to complete various forms, particularly those relating to Land Tax and need to have information such as your full names, national insurance number and date of birth.