The Saffron Walden conveyancing firm handling our Saffron Walden conveyancing has discovered an inconsistency between the information in the valuation report and what is revealed within the legal papers for the property. My lawyer informs me that he is duty bound to ensure that the bank is OK with this discrepancy and is content to go ahead. Is my lawyer’s course or action legitimate?
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.
What happens if my lawyer’s firm is expelled from the Principality Conveyancing panel ahead of completing my conveyancing in Saffron Walden?
First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
There are numerous conveyancing solicitors in Saffron Walden but how do I know who I should use?
We would encourage you not to go for the cheapest Saffron Walden conveyancing costs illustration. You really do get what you pay for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in advance.
Can you help - my lawyer says that absentee landlord insurance is required on my purchase. What is the typical level of cover needed for conveyancing in Saffron Walden?
The right level of absentee landlord indemnity insurance should be dictated by who who your lender is. It would differ for example between Barclays and Norwich and Peterborough Building Society. Conveyancing practitioners as opposed to members of the public take out such insurances.
I am the only recipient of my late father’s estate and I have everything in my name now, including the my former home in Saffron Walden. Conveyancing formalities meant that the Land Registry date was in March. I plan to dispose of the house. I understand that there is a Mortgage Lenders 6 month 'rule', which means that my proprietorship could be considered the same way as if I'd bought the house in March. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook obliges conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be impacted by that. Some mortgage companies would take a pragmatic view as this provision is principally there to pick up on the purchase and immediately sell or the quick reselling of property.
I have a terraced Georgian property in Saffron Walden. Conveyancing practitioner acted for me and Platform Home Loans Ltd. I did a free Land Registry search last week and there are a couple of entries: one for freehold, another for leasehold with the matching address. If a house is not a freehold shouldn't I have been informed?
You should read the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Saffron Walden and other areas of the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with purchasers. You can also check the position with the conveyancing solicitor who completed the work.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on two weeks back in what was supposed to be a straight forward, no chain conveyancing. Saffron Walden is the location of the property. Can you shed any light on this issue?
Flying freeholds in Saffron Walden are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Saffron Walden 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 Saffron Walden 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 premises.
What does commercial conveyancing in Saffron Walden cover?
Commercial conveyancing in Saffron Walden incorporates a broad range of guidance, supplied by regulated solicitors, relating to business premises. For example, this type of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the transfer of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of leases.