Our Southsea solicitor has discovered an inconsistency when comparing the surveyor’s assumptions in the home valuation report and what is in the conveyancing documents. My lawyer has advised that he must check that the bank is OK with this discrepancy and is content to go ahead. Is my conveyancer’s approach right?
Your property 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.
My stepmother informed me that in purchasing a property in Southsea there could be various restrictions affecting the ability to carry out external alterations to the property. Is this right?
There are anumerous of properties in Southsea which have some sort of restriction or requirement of consent to perform external changes. Part of the conveyancing in Southsea should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
We previously chose solicitors located in Southsea on the HSBC solicitor approved list. They have just invoiced me a supplemental charge for handling the HSBC mortgage. Is this a supplemental conveyancing fee specified by HSBC?
Provided it is contained in their Terms and Conditions or Quote then yes your property lawyer can charge a fee for this. The fee is not dictated by HSBC but by your Southsea property lawyer. Plenty of firms on the HSBC panel will quote an ‘acting for lender’ fee but many firms incorporate it on their overall fee.
About to purchase flat in Southsea. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the TSB conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Southsea lawyer is on the TSB conveyancing panel.
Should our lawyer be raising questions about flooding during the conveyancing in Southsea.
Flooding is a growing risk for lawyers dealing with homes in Southsea. There are those who acquire a property in Southsea, completely expectant that at some time, it may be flooded. However, aside from the physical damage, where a house is at risk of flooding, it may be difficult to obtain a mortgage, suitable insurance cover, or dispose of the property. There are steps that can be taken during the course of a property purchase to forewarn the buyer.
Solicitors are not best placed to give advice on flood risk, but there are a number of checks that may be initiated by the buyer or on a buyer’s behalf which will give them a better appreciation of the risks in Southsea. The standard completed inquiry forms given to a purchaser’s solicitor (where the Conveyancing Protocol is adopted) contains a usual inquiry of the vendor to discover if the premises has historically flooded. In the event that flooding has previously occurred and is not revealed by the owner, then a buyer may bring a legal claim for losses stemming from an inaccurate answer. A buyer’s lawyers may also order an enviro report. This should indicate whether there is any known flood risk. If so, additional inquiries will need to be conducted.
It has been 4 months following my purchase conveyancing in Southsea concluded. I have checked the Land Registry site 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.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in last month in what should have been a simple, no chain conveyancing. Southsea is the location of the property. What do you suggest?
Flying freeholds in Southsea are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Southsea you must be sure that your lawyer goes through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Southsea may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
I need to instruct a conveyancing solicitor for purchase conveyancing in Southsea. I've stumble upon a site which looks to be the perfect answer If it is possible to get all the legals done via phone that would be ideal. Do I need to be wary? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?