The Chesterton conveyancing firm handling our Chesterton conveyancing has identified an inconsistency when comparing the surveyor’s assumptions in the valuation report and what is in the title deeds. My lawyer says that he is duty bound to check that the bank is happy with this discrepancy and is content to go ahead. Is my solicitor’s approach legitimate?
Your solicitor must comply with the UK Finance Lenders’ Handbook requirements 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.
My lender has recommended a law firm on their panel based in Chesterton but I would rather choose a conveyancing lawyer in Chesterton local to me. Can you help?
Far from all Chesterton conveyancing solicitors are approved and listed on all banks conveyancing panel. Do make use of the above search tool to choose a Chesterton conveyancing conveyancer on the on the lender panel.
Do I choose a Licenced Conveyancer or Solicitor for conveyancing in Chesterton?
Two types of professional can perform conveyancing in Chesterton namely licenced conveyancers or solicitors. Both professionals handle the legal services that required to complete the sale or purchase of property. Both are required to conduct Chesterton conveyancing on similar standards and guidelines so you can be sure that your conveyancing will be properly carried out and that the requirements and steps should be suitably followed.
Is it correct that all Chesterton CQS (Conveyancing Quality Scheme) solicitors are on the Coventry BS conveyancing panel?
A selection of lenders now make use of the accreditation scheme as the kick off point for Panel approval such as HSBC and Santander. The Law Society’s CQS membership however is no guarantee to lender panel acceptance. Nevertheless,the CML have indicated that it is likely to become a pre-requisite for solicitor practices wishing to remain on their approved list of firms.
The mortgage over my property is with Yorkshire BS for my property in Chesterton. Conveyancing was finalised some time ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Yorkshire BS?
Yorkshire BS must be informed of your intention prior to letting out your property as this is likely to be a breach of Yorkshire BS’s mortgage conditions. It may be that Yorkshire BS will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Yorkshire BS directly. You need not do this via a Yorkshire BS conveyancing panel solicitor.
My partner and I are close to exchanging contracts on the sale of our home in Chesterton and according to the buyers it appears that there is a possibility that the property was built land that was not decontaminated. Any local lawyer would know this is not the case. For the life of me I don't know why the buyers used a nationwide conveyancing firm rather than a conveyancing solicitor in Chesterton. Having lived in Chesterton for 5 years we know of no issue. Is it a good idea to get in touch with our local Authority to seek confirmation need.
It would appear that you have a conveyancing firm already. What do they say? You need to check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same sickness)
3 months have elapsed since my purchase conveyancing in Chesterton completed. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am employed by a reputable estate agent office in Chesterton where we see a number of flat sales jeopardised as a result of short leases. I have been given inconsistent advice from local Chesterton conveyancing solicitors. Could you shed some light as to whether the seller of a flat can instigate the lease extension formalities for the buyer?
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 buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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 purchaser.
I acquired a studio flat in Chesterton, conveyancing formalities finalised in 2007. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Chesterton with a long lease are worth £202,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease terminates on 21st October 2082
With 56 years unexpired we estimate the price of your lease extension to range between £29,500 and £34,000 plus costs.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.