My Limehouse solicitor has identified an inconsistency when comparing the surveyor’s assumptions in the home valuation report and what is revealed within the conveyancing documents. My solicitor says that he is duty bound to ensure that the lender is happy with this discrepancy and is still content to lend. Is my lawyer’s approach right?
Your solicitor 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 you.
Do banks and building societies provide you with an approved list of Limehouse conveyancing solicitors? How do you know who is on the Yorkshire BS conveyancing panel?
Limehouse conveyancing firms themselves provide us confirmation that they are on the Yorkshire BS conveyancing panel as opposed to being supplied with a list from Yorkshire BS directly.
Will our lawyer be making enquiries concerning flooding during the conveyancing in Limehouse.
Flooding is a growing risk for lawyers carrying out conveyancing in Limehouse. There are those who purchase a property in Limehouse, fully expectant that at some time, it may be flooded. However, leaving to one side the physical destruction, where a house is at risk of flooding, it may be difficult to obtain a mortgage, suitable insurance cover, or sell the property. Steps can be carried out during the course of a house purchase to forewarn the purchaser.
Conveyancers are not best placed to offer advice on flood risk, but there are a number of searches that can be carried out by the buyer or on a buyer’s behalf which should give them a better appreciation of the risks in Limehouse. The standard property information forms given to a purchaser’s conveyancer (where the Conveyancing Protocol is adopted) contains a usual question of the vendor to determine if the premises has suffered from flooding. In the event that flooding has previously occurred and is not disclosed by the vendor, then a buyer may bring a legal claim for losses as a result of such an inaccurate reply. A buyer’s conveyancers should also commission an enviro report. This will reveal whether there is a recorded flood risk. If so, additional investigations should be made.
It has been 3 months following my purchase conveyancing in Limehouse completed. I have checked the Land Registry website which shows that I paid £200,000 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.
I've recently found out that there is a flying freehold element on a property I put an offer in last month in what was supposed to be a straight forward, chain free conveyancing. Limehouse is the location of the property. Can you shed any light on this issue?
Flying freeholds in Limehouse are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Limehouse you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Limehouse may ascertain 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.