My Bexley solicitor has discovered a difference when comparing the surveyor’s assumptions in the home valuation survey and what is in the conveyancing documents. My solicitor has advised 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 conveyancing practitioner 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 both parties.
In what way does my ID and proof of funds have anything to do with my conveyancing in Bexley? Why is this being asked of me?
To satisfy the Money Laundering Regulations any Bexley conveyancing firm will require proof of identity in all conveyancing matters. This is usually satisfied by provision of a passport and an original bank statement or utility account evidencing where you live.
Under Money Laundering Regulations, conveyancing solicitors are duty bound to ascertain not only the identity of conveyancing clients but also the source of fund that they receive in respect of any matter. An unwillingness to disclose this may lead to your lawyer terminating their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers are duty bound to inform the relevant authorities should they believe that any amounts received by them may contravene the Anti-terror and anti-money-laundering rules.
I have justdiscovered that Wolstenholmes have closed. They conducted my conveyancing in Bexley for a purchase of a freehold house 9 months ago. How can I establish that my home is in my name in the name of the previous owner?
The quickest way to check if the property is registered to you, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Bexley conveyancing specialists.
How does conveyancing in Bexley differ for newly converted properties?
Most buyers of new build residence in Bexley contact us having been asked by the seller to exchange contracts and commit to the purchase even before the house is finished. This is because new home sellers in Bexley usually buy the land, 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 used to new build conveyancing in Bexley or who has acted in the same development.
Due to the advice of my in-laws I had a survey completed on a property in Bexley before retaining solicitors. I have been informed that there is a flying freehold overhang to the house. My surveyor advised that some banks will not issue a mortgage on a flying freehold house.
It depends who your proposed lender is. HSBC has different requirements from Nationwide. Should you wish to call us we can look into this further via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Bexley. Conveyancing will be smoother if you use a solicitor in Bexley especially if they are familiar with such properties in Bexley.
I own a ground floor flat in Bexley. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal make a decision on the amount due for the purchase of the freehold?
in cases where there is a missing freeholder or where there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the Leasehold Valuation Tribunal to assess the premium.
An example of a Lease Extension case for a Bexley premises is 103a Footscray Road in January 2014. The tribunal determines that the premium payable for the extended lease should be £34,500 according to the expert witness valuation calculation This case affected 1 flat.
What makes a Bexley lease unmortgageable?
There is nothing unique about leasehold conveyancing in Bexley. All leases are drafted differently and drafting errors can sometimes mean that certain sections are not included. For example, if your lease is missing any of the following, it could be defective:
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Clauses dealing with recovering service charges for expenditure on the building or common parts. A provision to repair to or maintain parts of the building
A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, Chelsea Building Society, and Barclays Direct all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the buyer to pull out.