Our Allestree lawyer has spotted a discrepancy when comparing the surveyor’s assumptions in the home valuation survey and what is in the legal papers for the property. My lawyer has advised that he must check that the bank is OK with this discrepancy and is still content to lend. Is my lawyer’s stance correct?
Your lawyer must comply with the UK Finance Lenders’ Handbook specifications 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 note that you have a post code search directory listing law firms on the Lloyds conveyancing panel. Do firms pay you a referral fee if I retain them for our conveyancing in Allestree?
We are a listing service only for law firms wishing to communicate if they are on the Lloyds conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Allestree.
I am selling our home in Allestree and according to the buyers it appears that there is a possibility that the property was built on contaminated land. Any local conveyancer would know this is not the case. For the life of me I don't know why the purchasers are using a factory type conveyancing practice rather than a conveyancing solicitor in Allestree. Having lived in Allestree for 4 years we know of no issue. Do we get in touch with our local Authority to seek clarification that there is no issue.
It would appear that you have a conveyancing solicitor already. What do they say? You must 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 ailment)
I've recently found out that there is a flying freehold element on a house I have offered on last month in what was supposed to be a quick, no chain conveyancing. Allestree is the location of the property. Can you offer any assistance?
Flying freeholds in Allestree are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Allestree you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Allestree 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.
Am I better off to use a Allestree conveyancing solicitor based in the location that I am hoping to buy? We have a good friend who can carry out the legal formalities however his firm is located 400miles away.
The benefit of a local Allestree conveyancing practice is that you can attend the office to execute paperwork, present your identification documents and apply pressure on them where appropriate. Having local Allestree know how is a plus. However it's more important to get someone that will pull out all the stops for you. If other friends have used your friend and they were impressed that must trump using an unfamiliar Allestree conveyancing solicitor just because they are Allestree based.
Do you have any top tips for leasehold conveyancing in Allestree with the aim of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Allestree can be bypassed where you get in touch lawyers as soon as you market your property and request that they start to put together the leasehold documentation needed by the purchasers’ conveyancers. In the event that you altered the property did you need the Landlord’s permission? Have you, for example installed wooden flooring? Most leases in Allestree state that internal structural changes or installing wooden flooring require a licence issued by the Landlord approving such changes. Where you dont have the approvals in place you should not contact the landlord without checking with your solicitor in the first instance. Some Allestree leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers obtain bank and professional references. Any bank reference should make it clear that the buyer is financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors. The majority of landlords or managing agents in Allestree charge for providing management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management pack can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Allestree. If you have the benefit of shareholding in the Management Company, you should ensure that you are holding the original share certificate. Arranging a re-issued share certificate can be a time consuming formality and frustrates many a Allestree home move. If a new share is needed, do contact the company director and secretary or managing agents (if relevant) for this sooner rather than later.
I bought a basement flat in Allestree, conveyancing having been completed August 2011. Can you work out an approximate cost of a lease extension? Corresponding properties in Allestree with a long lease are worth £165,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease comes to an end on 21st October 2103
With 78 years left to run we estimate the premium for your lease extension to range between £7,600 and £8,800 plus costs.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.