My Saltney conveyancer has spotted an inconsistency when comparing the assumptions in the valuation survey and what is revealed within the conveyancing documents. My lawyer informs me that he needs to ensure that the lender is happy with this discrepancy and is still content to lend. Is my solicitor’s approach correct?
Your conveyancing practitioner 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 you.
We're in Saltney, First time buyers buying with a mortgage (lender is Nottingham , and our solicitor is on the Nottingham conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Nottingham conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no property 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.
A friend suggested that where I am buying in Saltney I should ask my conveyancer to perform a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is usually quoted for as part of the standard Saltney conveyancing searches. It is a large report of about 40 pages, listing and setting out important information about Saltney around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Saltney Education with plans and statistics, Local Amenities and other useful information concerning Saltney.
2 months have gone by since my purchase conveyancing in Saltney completed. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £170,000. 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.
I have been on the look out for a ground for flat up to £305k and identified one near me in Saltney I like with amenity areas and station nearby, however it only has 61 remaining years left on the lease. There is not much else in Saltney in this price bracket, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you need a mortgage the remaining unexpired lease term will be problematic. Reduce the offer 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 ask them to start the process of the extension and then assign it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this matter.
I am about to exchange buying a house in Saltney but as a consequence of damage from the recent storms I have agreed recompense from the seller of £3k in the form of a reduction in the price. I had intended this to be dealt with as part of the conveyancing process yet my bank will not agree to this. Should they have been involved?
The conveyancing practitioner being on a bank conveyancing panel is required to disclose to the mortgage company of any amendments to the sale amount. In the event that you prohibit your lawyer to disclose the reduction to your mortgage company then they would need to disinstructing themselves from representing you and the lender.