Our Notting Hill conveyancer has spotted a discrepancy between the information in the valuation survey and what is in the legal papers for the property. My lawyer has advised that he is obliged to check that the lender is happy with this discrepancy and is still content to lend. Is my solicitor’s approach right?
Your conveyancing practitioner 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.
Just acquired a semi-detached house in Notting Hill , how long should it take for the Land Registry to register the transfer to my name? My Notting Hill conveyancing solicitor works at snail pace, so I want to be certain the registration formalities are addressed.
As far as conveyancing in Notting Hill is concerned, registration is no faster or slower than anywhere else in the country. As opposed to being determined by geographic area, timescales can differ depending on the party submitting the application, whether there are errors and whether the Land registry have to notify any interested persons or bodies. Currently in the region of 80% of such applications are completed in less than three weeks but occasionally there can be protracted delays. Historically registration is effected after the buyer has moved in to the premises so registration formalities is not usually an essential issue but if it is urgent that the the registration takes place urgently then you or your conveyancer must communicate with the Registry to express the reasoning for an expedited registration.
How does conveyancing in Notting Hill differ for newly converted properties?
Most buyers of new build or newly converted property in Notting Hill approach us having been asked by the developer to sign contracts and commit to the purchase even before the premises is built. This is because new home sellers in Notting Hill usually purchase the site, 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 accustomed to new build conveyancing in Notting Hill or who has acted in the same development.
I am looking for a ground for flat up to £305k and found one near me in Notting Hill I like with a park and station nearby, however it only has 49 years on the lease. I can't really find anything else in Notting Hill for this price, so just wondered if I would be making a mistake acquiring a short lease?
If you require a mortgage the remaining unexpired lease term will be an issue. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of 2 years you could ask them to start the process of the extension and pass it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should speak to your conveyancing lawyer about this matter.
Am I right to be wary that estate agents that I am dealing with are suggesting a national conveyancing firm as opposed to a local Notting Hill conveyancing firm?
As is the case with many service providers, often referrals from family and friends can be most helpful. Nevertheless there are lots of players in a conveyancing transaction; estate agents, financial adviser and mortgage companies might all recommend lawyers to select. On occasion these conveyancers might be known to one of the organisations as one of the best in their field, but occasionally there exists a commercial relationship behind the endorsement. You have the right to appoint your preferred conveyancer. However, bear in mind that the majority of banks operate an approved list of conveyancers you have to use for the lender related work in your home move.