The Allestree conveyancing firm handling our Allestree conveyancing has uncovered a discrepancy when comparing the information in the valuation survey and what is in the legal papers for the property. My lawyer says that he is duty bound to check that the bank is happy with this discrepancy and is still content to lend. Is my conveyancer’s course or action appropriate?
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 you.
I acquired my home on 11 January and the transaction details is not yet on the land registry website. Should I be concerned? My conveyancing solicitor in Allestree expressed confidence that it would be formalised in a couple of weeks. Are transfers in Allestree uniquely lengthy to register?
There is nothing unique when it comes to conveyancing in Allestree registration formalities. As opposed to being determined by geographic area, timescales can vary subject to who lodges the application, whether there are errors and if the Land registry must send notices to any other persons or bodies. At present in the region of 80% of such applications are fully addressed within two weeks but some can be subject to protracted delays. Registration occurs after the purchaser is living at the premises therefore an expedited registration is not typically an essential issue but where there is a degree of urgency associated with the registration then you or your solicitor could speak with the land registry and explain the circumstances.
I decided to have a survey carried out on a house in Allestree ahead of appointing conveyancers. I have been advised that there is a flying freehold element to the house. My surveyor advised that some lenders tend not give a loan on a flying freehold house.
It depends who your proposed lender is. Bank of Scotland has different instructions for example to Nationwide. Should you wish to telephone us we can investigate further via the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Allestree. Conveyancing may be slightly more expensive based on your lender's requirements.
I was advised by a few property agents in Allestree to find a property lawyer on your site. Is there a financial incentive for Estate Agents to offer your lawyers rather than a competitor’s?
We don’t give any financial incentive for directing people in our direction. We found it would be just too difficult a fee as members of the public would think, ‘How come the agent getting a kickback? Why am I not getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
I am a negotiator for a busy estate agent office in Allestree where we see a few leasehold sales jeopardised as a result of leases having less than 80 years remaining. I have been given contradictory information from local Allestree conveyancing firms. Please can you confirm whether the vendor of a flat can instigate the lease extension process for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Leasehold Conveyancing in Allestree - A selection of Queries before Purchasing
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Most Allestree leasehold apartments will have a service bill for maintenance of the block set by the management company. Should you acquire the flat you will have to meet this charge, usually in instalments accross the year. This can vary from a few hundred pounds to thousands of pounds for buildings with lifts and large communal grounds. There will also be a ground rent to be met annual, normally this is not a large sum, say approximately £50-£100 but you should to enquire as on occasion it can be many hundreds of pounds. It is important to be aware if redecorating or some other major work is anticipated to be shared between the leasehold owners and will materially increase the the maintenance charges or require a one off invoice. Please note that where the lease has less than 80 years it will have adverse implications on the marketability of the property. It is worth checking with your bank that they are content with the length of the lease. A short lease means that you will almost definitely have to extend the lease sooner rather than later and it is worth discovering how much this would cost. For most Allestreelease extensions you would need to own the premises for two years in order to be eligible to carry out a lease extension.
I note that you have a search directory listing firms on the lender conveyancing panel. Do Allestree conveyancing firms pay you a commission if I appoint them for my own conveyancing?
We are a listing service only for law firms wishing to communicate if they are on the lender conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint for your conveyancing in Allestree.