The Brighstone conveyancing firm handling our Brighstone conveyancing has identified a discrepancy between the information in the valuation report and what is revealed within the conveyancing documents. My solicitor has advised that he needs to ensure that the bank is OK with this discrepancy and is still content to lend. Is my lawyer’s course or action appropriate?
Your lawyer must comply with the UK Finance Lenders’ Handbook conditions 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.
Finally the sale completed on my house in Brighstone last August but our buyer keeps SMS messaging daily to say their solicitor is waiting to hear from mysolicitor. What are the post completion sale legalities following completion?
Following your house sale your lawyer is obliged to send the transfer deeds and all additional paperwork to the purchaser's conveyancer. If applicable, your lawyer must also evidence that the legal charge in favour of the lender has been repaid to the purchasers conveyancers. There are no post completion procedures unique to conveyancing in Brighstone.
Are there restrictive covenants that are commonly picked up during conveyancing in Brighstone?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Brighstone. 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 have been on the look out for a ground for flat up to £195,000 and identified one close by in Brighstone I like with open areas and station nearby, the downside is that it's only got 51 remaining years left on the lease. There is not much else in Brighstone suitable, so just wondered if I would be making a mistake purchasing a short lease?
Should you require a home loan the remaining unexpired lease term will likely be problematic. Discount the price by the expected lease extension will cost if not already taken into account. If the existing owner has owned the property for at least 2 years you may request that they start the process of the extension 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 consult your conveyancing solicitor concerning this matter.
Am I better off to instruct a Brighstone conveyancing solicitor in close proximity to the house I am purchasing? We have a good friend who can deal with the legal work but his firm is located 200miles drive away.
The primary upside of using a local Brighstone conveyancing practice is that you can visit the firm to execute documents, hand in your identification documents and apply pressure on them if necessary. Having local Brighstone know how is a bonus. However it's more important to get someone that will do a good and efficient job. If if people you trust instructed your friend and they were happy that should surpass using an unfamiliar Brighstone conveyancing lawyer solely due to them being Brighstone based.
Why do Brighstone conveyancing costs are more expensive for leasehold and freehold properties?
There is always more work needed in leasehold conveyancing. Brighstone has many leasehold properties. There is more time involved in the purchase: for example, the lease and leasehold information (including up to date service charge, ground rent and buildings insurance details) obtained from the freeholder or managing agents. There are strict criteria that the lease must meet in order to be acceptable to a mortgage company. If it does not meet these requirements, the lease must be amended, which can involve additional expense for the seller.