Our Astwood Bank lawyer has uncovered a difference between the assumptions in the valuation report and what is revealed within the title deeds. 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 course or action 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.
How does conveyancing in Astwood Bank differ for newly converted properties?
Most buyers of new build property in Astwood Bank come to us having been asked by the seller to sign contracts and commit to the purchase even before the premises is completed. This is because builders in Astwood Bank usually buy 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 property lawyers 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 used to new build conveyancing in Astwood Bank or who has acted in the same development.
Over the last few months I have been searching for a leasehold apartment up to £245,000 and identified one near me in Astwood Bank I like with a park and station nearby, the downside is that it only has 52 remaining years left on the lease. There is not much else in Astwood Bank for this price, so just wondered if I would be making a grave error purchasing a short lease?
Should you need a mortgage that many years will be a potential deal breaker. Discount the offer by the expected 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 commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should consult your conveyancing solicitor concerning this matter.
What does commercial conveyancing in Astwood Bank cover?
Astwood Bank conveyancing for business premises covers a wide array of services, supplied by regulated solicitors, relating to business property. For instance, this area of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the transfer of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of tenancies.
I am using a search engine for the phrase conveyancing in Astwood Bank it reveals many solicitorslocally. With so much choice what is the best way to find the right conveyancing solicitor for the sale of my house?
The preferential method of finding a suitable conveyancer is via personal testimonial, so seek the counsel of friends and those you trust who have purchased a property in Astwood Bank or a reputable estate agent or mortgage broker. Fees for conveyancing in Astwood Bank vary, so it's sensible to request at least four fee estimates from varying types of solicitors. Make sure that you know that the fees are fixed.
My father purchased his flat in Astwood Bank 7 years ago. He has got married, widowed and is now married again. He will be marketing the apartment this June. I suspect that he will just be asked to supply copies of the marriage certificates to the conveyancer however he is worried it could delay the conveyancing. Is it worth updating the title documents for the property?
It is not absolutely necessary to update the title for the property as long as you have the evidence needed to show how the name change resulted.
The purchaser’s conveyancer will examine the title details and request evidence to establish the change of name e.g. marriage documentation.