The Bedminster conveyancing firm handling our Bedminster conveyancing has spotted a discrepancy when comparing the surveyor’s assumptions in the home valuation report and what is in the legal papers for the property. My solicitor informs me that he must ensure that the bank is happy with this discrepancy and is still content to lend. Is my solicitor’s approach correct?
Your solicitor must comply with the UK Finance Lenders’ Handbook provisions 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.
We see that you have a post code search directory identifying firms on the UBS conveyancing panel. Do companies pay you a referral fee if I instruct them for our conveyancing in Bedminster?
We are a listing service only for law firms wishing to communicate if they are on the UBS conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Bedminster.
I have been referred to a conveyancing solicitor in Bedminster. I I would like to check if they are accepted on the Santander conveyancing panel. Could you or the lender confirm if they are on the panel?
The first thing you should do is call your conveyancer and ask them whether they are on the lender panel. Alternatively you should call Santander who may be able to help.
I used Action Conveyancing a few years past for my conveyancing in Bedminster. I now require my papers however the law firm is no longer operating. What do I do?
Do call the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Bedminster of the conveyancing firm of solicitors you previously instructed, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
I am looking for a flat up to £235,500 and identified one round the corner in Bedminster I like with a park and station nearby, however it's only got 51 years on the lease. There is not much else in Bedminster suitable, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you need a mortgage the remaining unexpired lease term will likely be problematic. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the premises for a minimum of 2 years you can ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this.
I am employed by a reputable estate agency in Bedminster where we have witnessed a number of leasehold sales derailed as a result of short leases. I have received inconsistent advice from local Bedminster conveyancing firms. Could you clarify whether the owner of a flat can start the lease extension formalities for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser 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 needs to be completed prior to, or simultaneously with completion of the sale.
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 Bedminster - A selection of Queries before buying
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For most Bedminster leaseholds the outlay for major works tend not to be included within maintenance charges, albeit that some managing agents in Bedminster obliged leasehold owners to contribute towards a reserve fund and this is used to offset against larger repairs or maintenance. Please note that where the lease has fewer than eighty years it will affect the salability of the property. Check with your lender that they are willing to lend given the lease term. A short lease means that you will almost definitely have to extend the lease at some point and you need to have some idea of what this will be. Remember, in most cases you would be be obliged to have been the owner of the premises for two years before you are eligible to exercise a lease extension. It would be prudent to discover as much as possible regarding the managing agents as they will either make your life much simpler or much more difficult. As the proprietor of a leasehold property you are frequently at the mercy of the managing agents both financially and when it comes to practical issues such as the upkeep of the communal areas. Ask other people what they think of their service. In conclusion, investigate as to the dates that the service charges are due to the managing agents and precisely what you get for your money.