My Boscombe lawyer has identified an inconsistency when comparing the assumptions in the valuation report and what is in the conveyancing documents. My solicitor informs me that he needs to check that the lender is happy with this discrepancy and is still content to lend. Is my lawyer’s approach legitimate?
Your property lawyer must comply with the UK Finance Lenders’ Handbook specifications 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.
Finally the sale completed on my house in Boscombe last April but my buyer keeps e-mailing every few hours complaining that her conveyancer is waiting to hear from mine. What should my lawyer have done now that I have sold?
Following your house sale your conveyancer is obliged to deliver the transfer deeds and all supplemental paperwork to the buyer’s solicitors. Where relevant, your lawyer must also confirm that the mortgage has been discharged to the buyers lawyers. There is unlikely to be post completion requirements peculiar conveyancing in Boscombe.
We're in Boscombe, First timers purchasing with a mortgage (lender is TSB , and our solicitor is on the TSB conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the TSB conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
Will my solicitor be asking questions concerning flooding during the conveyancing in Boscombe.
The risk of flooding is if increasing concern for solicitors dealing with homes in Boscombe. There are those who purchase a property in Boscombe, fully 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, satisfactory building insurance, or sell the property. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Conveyancers are not qualified to offer advice on flood risk, but there are a various checks that can be initiated by the purchaser or by their lawyers which should figure out the risks in Boscombe. The standard property information forms given to a buyer’s lawyer (where the Conveyancing Protocol is adopted) incorporates a usual inquiry of the vendor to determine whether the property has historically flooded. If the residence has been flooded in past which is not notified by the owner, then a purchaser may issue a claim for damages stemming from an inaccurate response. The purchaser’s lawyers will also conduct an environmental search. This will indicate if there is a recorded flood risk. If so, additional inquiries should be initiated.
Just had an offer accepted on a new build flat in Boscombe. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Here are examples of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Boscombe
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Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Please supply evidence that the form of Lease proposed has been approved by the Land Registry. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore.
I have been on the look out for a flat up to £245,000 and found one round the corner in Boscombe I like with amenity areas and transport links nearby, however it's only got 51 years unexpired on the lease. I can't really find anything else in Boscombe suitable, so just wondered if I would be making a grave error purchasing a short lease?
Should you need a mortgage the remaining unexpired lease term will be an issue. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least 2 years you can request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this matter.