Our Bispham solicitor has uncovered a discrepancy when comparing the information in the home valuation report and what is revealed within the conveyancing documents. My solicitor says that he needs to check that the lender is OK with this discrepancy and is still content to lend. Is my solicitor’s course or action appropriate?
Your solicitor must comply with the UK Finance Lenders’ Handbook specifications 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.
As a novice what is the most important advice you can give me concerning purchase conveyancing in Bispham?
Not many law firms shout this from the rooftops but conveyancing in Bispham and elsewhere in England and Wales is often a confrontational experience. In other words, when it comes to conveyancing there is lots of opportunity for friction between you and others involved in the ownership transfer. For example, the vendor, property agent and on occasion a lender. Appointing a solicitor for your conveyancing in Bispham should not be taken lightly as your conveyancer is your adviser, and is the ONE party in the transaction whose role it is to act in your best interests and to keep you safe.
Every so often a third party with a vested interest may attempt to sway you that it is in your interests to do things their way. For instance, the property agent may claim to be helping by claiming that your solicitor is wrong. Or your financial adviser may try to convince you to do something that is contrary to your lawyers advice. You should always trust your lawyer above all other parties in the conveyancing process.
Our bank has suggested a law firm on their panel based in Bispham but I would rather use a conveyancing lawyer in Bispham or nearer to where I live. Can you assist?
Far from all Bispham conveyancing practitioners are on all banks conveyancing panel. Use the above search tool to choose a Bispham conveyancing solicitor on the on the mortgage company panel.
A colleague recommended that if I am buying in Bispham I should ask my conveyancer to carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is usually included in the estimate for your Bispham conveyancing searches. It is not a small document of about 40 pages, listing and setting out significant information about Bispham around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Bispham Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Local Education with plans and statistics, Local Amenities and other useful information about Bispham.
Are there restrictive covenants that are commonly identified during conveyancing in Bispham?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Bispham. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I've recently bought a leasehold house in Bispham. Am I liable to pay service charges relating to a period prior to my ownership?
Where the service charge has already been demanded from the previous lessee 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).
I inherited a basement flat in Bispham, conveyancing having been completed in 1997. How much will my lease extension cost? Comparable properties in Bispham with over 90 years remaining are worth £211,000. The ground rent is £50 levied per year. The lease ceases on 21st October 2093
With only 68 years left to run we estimate the price of your lease extension to range between £9,500 and £11,000 plus legals.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.