Our Mancot solicitor has spotted a difference between the information in the valuation survey and what is revealed within the legal papers for the property. My lawyer has advised that he is duty bound to ensure that the bank is happy with this discrepancy and is still content to lend. Is my lawyer’s course or action legitimate?
Your conveyancing practitioner 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.
We are intent on selling our house in Mancot and according to the buyers it appears that there is a possibility that the property was built land that was not decontaminated. A local conveyancer would know this is not the case. For the life of me I don't know why the buyers instructed a web based conveyancing firm rather than a conveyancing solicitor in Mancot. Having lived in Mancot for 5 years we know of no issue. Do we get in touch with our local Authority to get clarification need.
It would appear that you have a conveyancing solicitor currently acting for you. Are they able to advise? You should check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same sickness)
Me and my brother purchased a 4 bedroom Victorian property in Mancot. Conveyancing lawyer represented me and Norwich and Peterborough Building Society. I happened to do a free search for it on the Land Registry database and I saw two entries: one for freehold, another for leasehold with the exact same property. Is it worth asking Norwich and Peterborough Building Society to clarify?
You should read the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Mancot and other areas of the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also enquire as to the position with your conveyancing lawyer who conducted the purchase.
How does conveyancing in Mancot differ for new build properties?
Most buyers of new build or newly converted property in Mancot approach us having been asked by the builder to sign contracts and commit to the purchase even before the house is finished. This is because developers in Mancot tend to buy the real estate, 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 Mancot or who has acted in the same development.
Over the last few months I have been searching for a leasehold apartment up to £235,500 and identified one near me in Mancot I like with a park and railway links nearby, however it only has 52 remaining years left on the lease. I can't really find anything else in Mancot in this price bracket, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you require a mortgage the shortness of the lease will likely be an issue. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least twenty four months you can ask them to start the process of the extension and pass it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this.