The Bow conveyancing firm handling our Bow conveyancing has uncovered a difference when comparing the surveyor’s assumptions in the valuation survey and what is revealed within the conveyancing documents. My solicitor says that he is obliged to ensure that the bank is OK with this discrepancy and is still content to lend. Is my solicitor’s approach correct?
Your conveyancer 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.
Should conveyancers request an advanced payment for conveyancing in Bow?
Where you are retaining lawyers for conveyancing in Bow your solicitor will request that you to provide them with funds to cover the the cost of the conveyancing searches. This will be the total of the cost of the conveyancing searches. If any down payment is as part of the sale price then this should be required immediately prior to exchange of contracts. The final balance that is due will be payable a couple of days ahead of the completion date.
My lawyer has informed me that lack of building regulations insurance is necessary on my purchase. What is the level of cover for Bow conveyancing?
The appropriate level of lack of building regulations indemnity insurance should be dictated by who who your lender is. It would differ for example between Accord Mortgages Ltd and The Royal Bank of Scotland. Conveyancing practitioners as opposed to borrowers take out such insurances.
We were going to get a DIP from Clydesdale this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Clydesdale recommend any Bow solicitors on the Clydesdale conveyancing panel, or is it better to go independently?
You will need to appoint Bow solicitors independently although you'll need to choose one on the Clydesdale conveyancing panel. The solicitor represents both you and Clydesdale through the process.
I have instructed a Bow property lawyer having checked that they are on the Kent Reliance conveyancing panel. Does my lawyer arrange the survey of the property?
Kent Reliance will need an independent valuation of the property. Your lawyer will not arrange this. Usually Kent Reliance will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Bow postcode. As you are getting a mortgage with Kent Reliance, you could contact them to see if they have a list of approved surveyors in Bow.
It has been four months following my purchase conveyancing in Bow 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 asset 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 flat up to £235,500 and identified one close by in Bow I like with open areas and station nearby, however it's only got 61 remaining years left on the lease. I can't really find anything else in Bow in this price bracket, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you require a mortgage that many years will be a potential deal breaker. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the premises for a minimum of 2 years you could request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this matter.
A conveyancing company dealt with my conveyancing in Bow half a dozen years ago and was holding my registration documents but has since been shut down – What can I do to retreive them?
Deeds, as such, no longer exist as the majority of properties in Bow are recorded electronically at Land Registry. Where you need to prove ownership or are selling or refinancing your conveyancer will need to obtain up to date copies of the register from the Land Registry in any case.
If you feel there may be other documents or you have any other queries please e-mail your request with details of the transaction and documents you need to filerequest@clc-uk.org. The CLC will let you know what information they have and any additional information they may need before they are in a position to identify and send the documents to you. Following an intervention it may take some time for the CLC to access archived files and documents, but your request will be actioned as quickly as possible.