My Saundersfoot lawyer has uncovered a discrepancy when comparing the assumptions in the home valuation report and what is revealed within the conveyancing documents. My lawyer informs me that he must ensure that the lender is happy with this discrepancy and is content to go ahead. Is my lawyer’s stance appropriate?
Your lawyer 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 both parties.
Do all mortgage companies provide you with an approved list of Saundersfoot conveyancing solicitors? How do you know who is on the Virgin Money conveyancing panel?
Saundersfoot conveyancing firms themselves provide us confirmation that they are on the Virgin Money conveyancing panel as opposed to being supplied with a list from Virgin Money directly.
Can you clarify what the consequences are if my lawyer’s firm is removed from the Nationwide Conveyancing panel ahead of completing my conveyancing in Saundersfoot?
First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
How does conveyancing in Saundersfoot differ for newly converted properties?
Most buyers of new build or newly converted property in Saundersfoot come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is finished. This is because builders in Saundersfoot typically acquire the land, 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 property lawyers 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 accustomed to new build conveyancing in Saundersfoot or who has acted in the same development.
Over the last few months I have been searching for a flat up to £195,000 and found one round the corner in Saundersfoot I like with amenity areas and transport links nearby, however it only has 49 years on the lease. There is not much else in Saundersfoot suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you require a mortgage that many years may be problematic. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the property for at least 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 with a zero ground rent applied. You should consult your conveyancing lawyer regarding this matter.
Is it true that a Saundersfoot conveyancing practice has court proceedings brought against them by clients for failing to conduct the appropriate conveyancing investigations?
Our attention has not be brought to such a Saundersfoot conveyancing matter but according to a recent report, a couple buying a property elsewhere in England successfully won a case against their conveyancer due to development permission to construct a wind farm not being picked up in conveyancing searches.
If you are contemplating buying a home in Saundersfoot It is important that your conveyancer carry out all Saundersfoot conveyancing searches needed making sure that you have accurate and current information before acquiring a home in Saundersfoot.