My Boxmoor solicitor has discovered a discrepancy when comparing the surveyor’s assumptions in the home valuation report and what is in the conveyancing documents. My lawyer has advised that he needs to check that the lender is OK with this discrepancy and is content to go ahead. Is my lawyer’s stance right?
Your conveyancing practitioner 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.
Are the Boxmoor conveyancing solicitors identified as being on the Aldermore conveyancing panel, together with their details provided by Aldermore?
Boxmoor conveyancing firms themselves provide us confirmation that they are on the Aldermore conveyancing panel as opposed to being supplied with a list from Aldermore directly.
Me and my brother purchased a semi-detached Victorian house in Boxmoor. Conveyancing lawyer represented me and Bank of Ireland. I did a free Land Registry search last week and I saw two entries: one for freehold, another for leasehold with the matching address. If a house is not a freehold shouldn't I have been informed?
You should review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Boxmoor and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with buyers. You can also question the situation with your conveyancing practitioner who completed the work.
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in last month in what was supposed to be a straight forward, chain free conveyancing. Boxmoor is where the house is located. What do you suggest?
Flying freeholds in Boxmoor are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Boxmoor you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Boxmoor may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
We're new on the property ladder - had an offer accepted, yet the property agent advised that the seller will only issue a contract if we use their chosen conveyancers as they are insisting on an ‘expedited deal’. My instinct tells me that we should use a family conveyancer used to conveyancing in Boxmoor
We suspect that the owner is unaware of this request. Should the seller desire ‘a quick sale', taking such a hostile approach to a genuine buyer is likely to cause more damage than good. Try to communicate with the vendors directly and make the point that (a)you are genuine buyers (b)you are ready to progress, with finances in place © you have nothing to sell (d) you wish to move quickly (e)however you intend to use your own,trusted Boxmoor conveyancing solicitors - not the ones that will earn their estate agent a referral fee or achieve conveyancing figures set by HQ.
We own a leasehold flat in Boxmoor. Conveyancing was finished in five years ago. I have read on various consumer forums that I should not allow the the remaining lease term to get too low. Why is that a problem?
Boxmoor leasehold properties are for a prescribed term - normally 99 years when they commenced. However a significant flats in Boxmoor were constructed or converted 20 or more years ago and so such leases now have under 80 years unexpired. That may sound like plenty of time but Banks, Building Societies and other mortgage lenders tend to need leases to have at least seventy five years left to be mortgageable. This means that when you come to sell the property you will need a lease extension if you are nearing seventy five years. To enhance your property value you should be considering whether to extend your lease well in advance of selling the property. There are also advantages to doing so before the lease hits eighty years as when the lease falls below eighty years the amount to be paid to extend starts to get a lot more expensive.