Our Lingfield solicitor has spotted an inconsistency when comparing the surveyor’s assumptions in the home valuation report and what is in the legal papers for the property. My lawyer has advised that he is duty bound to check that the lender is happy with this discrepancy and is content to go ahead. Is my solicitor’s course or action right?
Your property 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 you.
Should our conveyancer be making enquiries concerning flooding as part of the conveyancing in Lingfield.
The risk of flooding is if increasing concern for conveyancers dealing with homes in Lingfield. Some people will buy a house in Lingfield, completely expectant that at some time, it may suffer from flooding. However, aside from the physical destruction, if 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 as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not best placed to give advice on flood risk, but there are a numerous searches that can be carried out by the buyer or by their solicitors which will give them a better appreciation of the risks in Lingfield. The conventional set of property information forms supplied to a purchaser’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a standard question of the seller to determine whether the property has ever been flooded. If flooding has previously occurred which is not revealed by the owner, then a purchaser may issue a claim for damages stemming from an inaccurate answer. The purchaser’s solicitors should also commission an enviro search. This will indicate whether there is a recorded flood risk. If so, more detailed inquiries will need to be carried out.
The deeds to our house can not be found. The solicitors who handled the conveyancing in Lingfield 4 years ago are no longer around. What are my options?
In today’s world there are copies made of almost everything, and your conveyancer should know exactly where to locate all the suitable documentation so you may purchase or sell your property without a hitch. Where copies are not available, your solicitor may be able to arrange cover in the form of insurance or indemnities against possible claims on the premises.
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in last month in what should have been a straight forward, no chain conveyancing. Lingfield is the location of the property. What do you suggest?
Flying freeholds in Lingfield are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Lingfield you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Lingfield may determine 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 premises.
One month into purchasing a residence in Lingfield. Conveyancing lawyer has told us the title is "Leasehold". Does this impact our Natwest valuation?
Lingfield conveyancing does not ordinarily involve leasehold houses. The key factor here is the length of lease and the ground rent. If there are hundred of years years remaining with a nominal rent, it's almost the same as freehold, so it’s unlikely to affect the saleability too much.
At the other end of the spectrum, if it's, say, 50 years it will have a adverse effect on the value, and most likely wouldn't be acceptable to the bank. The length of lease and ground rent will be stated in the lease which should be made available to your conveyancing practitioner.