The Shenstone conveyancing firm handling our Shenstone conveyancing has discovered an inconsistency when comparing the surveyor’s assumptions in the valuation survey and what is in the conveyancing documents. My lawyer informs me that he needs to check that the bank is happy with this discrepancy and is still content to lend. Is my lawyer’s approach correct?
Your conveyancer must comply with the UK Finance Lenders’ Handbook provisions 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.
Do I have to have a meeting at the offices of the solicitor to execute the legal charge? If so, I will appoint a lawyer who conducts conveyancing in Shenstone so that I can attend their offices when needed.
Whereas this was necessary 15 years ago, most banks no longer oblige their conveyancing panel solicitor to witness the mortgagors signature. It will still be necessary for you to supply ID documents and there are still manifest advantages to choosing a locally based practitioner, in your situation a conveyancing solicitor in Shenstone.
Will our solicitor be raising questions about flooding during the conveyancing in Shenstone.
The risk of flooding is if increasing concern for conveyancers specialising in conveyancing in Shenstone. There are those who buy a house in Shenstone, completely expectant that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, where a house is at risk of flooding, it may be difficult to obtain a mortgage, adequate insurance cover, or dispose of the premises. There are steps that can be taken during the course of a property purchase to forewarn the purchaser.
Conveyancers are not qualified to impart advice on flood risk, but there are a number of searches that can be initiated by the purchaser or on a buyer’s behalf which will figure out the risks in Shenstone. The conventional set of property information forms sent to a buyer’s solicitor (where the Conveyancing Protocol is adopted) includes a usual inquiry of the vendor to find out whether the property has historically flooded. In the event that flooding has previously occurred and is not revealed by the seller, then a purchaser could commence a claim for damages stemming from an incorrect answer. A buyer’s solicitors will also carry out an enviro report. This will higlight if there is a recorded flood risk. If so, additional investigations will need to be initiated.
three months have elapsed following my purchase conveyancing in Shenstone took place. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £180,000. 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 premises 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.
Over the last few months I have been searching for a leasehold apartment up to £305k and found one round the corner in Shenstone I like with open areas and railway links nearby, the downside is that it only has 61 remaining years left on the lease. I can't really find anything else in Shenstone in this price bracket, so just wondered if I would be making a mistake acquiring a short lease?
If you need a mortgage that many years will likely be problematic. Discount the price by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for at least 2 years you can request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should consult your conveyancing solicitor concerning this.
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