My Arkley conveyancer has uncovered a difference between the information in the home valuation report and what is revealed within the title deeds. My solicitor says that he is obliged to ensure that the lender is OK with this discrepancy and is content to go ahead. Is my lawyer’s approach correct?
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 both parties.
I have been told that property searches are a common cause of stalling in Arkley house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) published determinations of research by MoveWithUs that conveyancing searches do not figure amongst the most frequent causes of delays during the legal transfer of property. Searches are unlikely to feature in any slowing down conveyancing in Arkley.
I'm purchasing my first flat in Arkley benefiting from help to buy. The developers would not budge the amount so I negotiated 6k of extras instead. The house builders rep suggested that I not disclose to my solicitor about the side-deal as it will impact my mortgage with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I have been on the look out for a leasehold apartment up to £305k and identified one near me in Arkley I like with open areas and transport links nearby, the downside is that it only has 49 remaining years left on the lease. I can't really find anything else in Arkley in this price bracket, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you need a home loan the remaining unexpired lease term will be an issue. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least twenty four months you may ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this matter.
I've recently bought a leasehold property in Arkley. Do I have any liability for service charges relating to a period prior to my ownership?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
We have reached the end of our tether in trying to purchase the freehold in Arkley. Can this matter be resolved via the Leasehold Valuation Tribunal?
Most definitely. We are happy to put you in touch with a Arkley conveyancing firm who can help.
An example of a Lease Extension decision for a Arkley premises is Ground Floor Maisonette 17 Milton Road in January 2014. The Tribunal determined the premium payable by the Applicant to the should be £13,299 This case related to 1 flat. The number of years remaining on the existing lease(s) was 71.73 years.
I am considering using a web based conveyancing practitioner rather than a Arkley conveyancing firm. Should I ‘stay local’?
Advantages do exist in having the opportunity to pop in to a local Arkley conveyancing solicitor such as
- signing documents and and when necessary
- sometimes being able to speak to someone face-to-face can make a significant difference, particularly for non-standard transactions
- the ability to raise concerns if matters go pear-shaped
When comparing quotes, look carefully for hidden extras. The majority decent Arkley high street solicitors give an all-inclusive figure. Often online agents seem to offer discounted fees, but have hidden 'extras' in the fine print.