The Andover conveyancing firm handling our Andover conveyancing has discovered a discrepancy between the surveyor’s assumptions in the valuation survey and what is revealed within the title deeds. My lawyer informs me that he is duty bound to ensure that the bank is OK with this discrepancy and is still content to lend. Is my solicitor’s approach legitimate?
Your solicitor must comply with the UK Finance Lenders’ Handbook requirements 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.
2 months have gone by since my purchase conveyancing in Andover took place. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £180,000. 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.
How does conveyancing in Andover differ for new build properties?
Most buyers of new build or newly converted property in Andover come to us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is constructed. This is because builders in Andover tend to purchase the real estate, 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 conveyancers 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 Andover or who has acted in the same development.
Over the last few months I have been searching for a ground for flat up to £245,000 and found one near me in Andover I like with amenity areas and transport links nearby, however it only has 49 years on the lease. I can't really find anything else in Andover suitable, so just wondered if I would be making a mistake purchasing a short lease?
If you need a home loan the remaining unexpired lease term will likely be a potential deal breaker. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of 2 years you can request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing lawyer about this matter.
In sourcing the web for the term conveyancing in Andover it shows results of numerous property lawyerslocally. With so much choice what is the best way to find the suitable conveyancer for me?
The preferential method of finding a suitable conveyancer is via trusted referral, so enquire of colleagues and family who have acquired a property in Andover or a local estate agent or financial adviser. Fees for conveyancing in Andover differ, so it's advisable to request at least four quotes from different law firms. Be sure to obtain confirmation that the fees are fixed.
I am in need of some leasehold conveyancing in Andover. Before diving in I want to be sure as to the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and almost all are in Andover - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Andover Leasehold Conveyancing - Examples of Queries before Purchasing
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How much is the ground rent and service charge? What prohibitions exist in the Andover Lease? On the whole the outlay for major works are not incorporated into the maintenance charges, albeit that there some managing agents in Andover obliged tenants to contribute towards a reserve fund and this is used to offset against larger works.