My The Hyde lawyer has identified a discrepancy when comparing the surveyor’s assumptions in the valuation report and what is revealed within the conveyancing documents. My solicitor says that he is duty bound to check that the lender is happy with this discrepancy and is still content to lend. Is my lawyer’s approach legitimate?
Your solicitor must comply with the UK Finance Lenders’ Handbook conditions 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.
The The Hyde conveyancing lawyers that I recently instructed on my house acquisition in The Hyde have without warning shut down. I chose them because I needed a solicitor on the HSBC conveyancing panel and my family The Hyde lawyer was not. I gave my credit card details for them to take one hundred and fifty pounds for searches. What are my options?
If you have an estate agent involved then let them know immediately so that they can let the sellers know that there may be a slight delay due to reasons beyond your control. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the HSBC conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers should be in a position to assist.
My friend suggested that if I am purchasing in The Hyde I should ask my conveyancer to execute a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is occasionally included in the estimate for your The Hyde conveyancing searches. It is not a small document of about 40 pages, listing and detailing important information about The Hyde 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 demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, The Hyde Education with maps and statistics, Local Amenities and other useful information about The Hyde.
How does conveyancing in The Hyde differ for new build properties?
Most buyers of new build premises in The Hyde come to us having been asked by the developer to sign contracts and commit to the purchase even before the premises is built. This is because house builders in The Hyde usually purchase 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 conveyancers 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 The Hyde or who has acted in the same development.
I am looking for a leasehold apartment up to £245,000 and identified one close by in The Hyde I like with open areas and station nearby, the downside is that it only has 49 remaining years left on the lease. I can't really find anything else in The Hyde for this price, so just wondered if I would be making a grave error buying a short lease?
Should you need a mortgage the shortness of the lease will likely be an issue. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for a minimum of twenty four months you could request that they commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should speak to your conveyancing solicitor about this.
Am I best advised to choose a The Hyde conveyancing lawyer based in the location that I am purchasing? I have an old university friend who can execute the conveyancing but his firm is located over three hundred kilometers away.
The benefit of a local The Hyde conveyancing practice is that you can visit the firm to sign paperwork, deliver your ID and apply pressure on them where appropriate. They will also have local insight which is a bonus. However nothing is more important than finding someone that will pull out all the stops for you. If you know people who used your friend and in the main were happy that must outweigh using an unfamiliar The Hyde conveyancing solicitor solely due to them being local.