My Cardiff conveyancer has discovered an inconsistency between the surveyor’s assumptions in the valuation report and what is revealed within the conveyancing documents. My lawyer has advised that he is obliged to ensure that the lender is happy with this discrepancy and is still content to lend. Is my solicitor’s approach appropriate?
Your solicitor 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.
3 months have elapsed since my purchase conveyancing in Cardiff concluded. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £160,000. 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.
How does conveyancing in Cardiff differ for new build properties?
Most buyers of new build residence in Cardiff contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is constructed. This is because house builders in Cardiff tend to buy the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Cardiff or who has acted in the same development.
I have been on the look out for a leasehold apartment up to £305k and found one round the corner in Cardiff I like with a park and transport links in the vicinity, however it's only got 51 years unexpired on the lease. I can't really find anything else in Cardiff for this price, so just wondered if I would be making a mistake purchasing a short lease?
If you need a home loan the shortness of the lease may be a potential deal breaker. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least twenty four months you can 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 and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this matter.
My step-father has suggested that I appoint his lawyers for conveyancing in Cardiff. Do I take his recommendation?
Much as we are happy to recommend a Cardiff conveyancing lawyer the ideal way to find a conveyancing solicitor is to seek guidance from friends or family who have actually experience in using the firm that you are considering.
What can I do to establish who owns a house in Cardiff?
Assuming that the property is registered with HMLR, and you have enough specifics of the address of the premises, you will be able to obtain details from the HMLR of the registered proprietor for a a minimal charge.