My Binfield lawyer has uncovered a discrepancy between the assumptions in the valuation report and what is revealed within the legal papers for the property. My solicitor says that he is duty bound to check that the lender is OK with this discrepancy and is still content to lend. Is my conveyancer’s course or action right?
Your conveyancer 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.
Why do I have to pay up front when it comes to conveyancing in Binfield?
Where you are retaining lawyers for conveyancing in Binfield your solicitor will request that you to provide them with funds to cover the the cost of the conveyancing searches. This will be the total of the cost of the Local Authority Search. When the down payment is payable against the total price then this should be asked for shortly ahead of exchange of contracts. Any further balance that is due should be transferred shortly before completion.
After looking at mumsnet.com for a high-quality lawyer in Binfield, many post that I must look for a CQS assured solicitor. Can you explain what CQS is?
Binfield Conveyancing Quality Scheme law firms have been granted certification by the law Society The Law Society created CQS to promote high standards in the home buying process. CQS helps consumers to recognise solicitor firms who provide a quality residential conveyancing. Binfield is one of locations in England and Wales in which accredited firms have offices. The scheme obliges solicitors to undergo a strict assessment, compulsory training, self-certification, random audits and yearly assessments in order to maintain CQS status. It is open only to members of the Law Society who meet the demanding standards set by the scheme and has the support of the Building Societies Association.
I decided to have a survey carried out on a property in Binfield ahead of instructing lawyers. I have been advised that there is a flying freehold overhang to the house. My surveyor has said that some mortgage companies will not give a mortgage on such a home.
It varies from the lender to lender. Lloyds has different requirements from Halifax. Should you wish to telephone us we can investigate further via the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Binfield. Conveyancing may be slightly more expensive based on your lender's requirements.
My company is planning to take an assignment of a lease of a shop on a shopping parade. Can you recommend conveyancers offering no-move-no fees for commercial conveyancing in Binfield for under £1,200?
We are happy to recommend firms who have specialist knowledge of commercial conveyancing in Binfield, including the disposal and acquisition of businesses as well as simply premises. Whether you are intending to acquire or sell a shop, pub, restaurant, office, retail premises or a complete business we will put you in touch with the right lawyer. As for the fees this will depend on the structure and nuances of the proposed transaction. Let us have your contact information or phone so as to enable us to supply you with comprehensive commercial conveyancing quote.
I am employed by a busy estate agency in Binfield where we have experienced a number of leasehold sales jeopardised as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local Binfield conveyancing firms. Please can you clarify whether the seller of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder 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.
I bought a basement flat in Binfield, conveyancing having been completed 10 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Binfield with over 90 years remaining are worth £192,000. The ground rent is £55 invoiced annually. The lease expires on 21st October 2079
With just 54 years unexpired we estimate the price of your lease extension to be between £32,300 and £37,400 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.