The Narberth conveyancing firm handling our Narberth conveyancing has identified an inconsistency when comparing the information in the home valuation survey and what is in the title deeds. My lawyer informs me that he is duty bound to ensure that the lender is OK with this discrepancy and is still content to lend. Is my lawyer’s course or action correct?
Your lawyer must comply with the UK Finance Lenders’ Handbook provisions 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.
Are the Narberth conveyancing solicitors identified as being on the Lloyds conveyancing panel, together with their details provided by Lloyds?
Narberth conveyancing firms themselves provide us confirmation that they are on the Lloyds conveyancing panel as opposed to being supplied with a list from Lloyds directly.
Various online forums that I have frequented warn that are the primary reason for delay in Narberth house deals. Is this right?
The Council of Property Search Organisations (CoPSO) published determinations of research by MoveWithUs that conveyancing searches do not feature within the most frequent causes of hindrances during the legal transfer of property. Local searches are unlikely to be the root cause of holding up conveyancing in Narberth.
Are there restrictive covenants that are commonly picked up during conveyancing in Narberth?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Narberth. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I have been on the look out for a ground for flat up to £235,500 and found one close by in Narberth I like with open areas and station in the vicinity, however it's only got 49 remaining years left on the lease. I can't really find anything else in Narberth for this price, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you require a home loan the remaining unexpired lease term will likely be problematic. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of twenty four months you can request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer about this matter.