Our Cockermouth lawyer has uncovered a difference when comparing the information in the home valuation survey and what is in the legal papers for the property. My solicitor has advised that he is obliged to ensure that the lender is OK with this discrepancy and is content to go ahead. Is my conveyancer’s course or action correct?
Your conveyancing practitioner 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 you.
In what way does my ID and proof of funds have anything to do with my conveyancing in Cockermouth? Is this really warranted?
Anti-terror and anti-money-laundering rules require solicitors and licensed conveyancers to check the identity of the person or body they are dealing with before they can accept their conveyancing business. The Terms and Conditions that you need to sign will no doubt confirm this. Your lawyer also has obligations to obtain certain documents in accordance with the CML Lenders Handbook requirements last updated on 1st December 2014. Should you refuse to hand over identification documents, your solicitor would not be able to accept instructions from you.
Do I have to have a meeting at the offices of the solicitor to execute the mortgage deed? If so, I will instruct a firm who offer conveyancing in Cockermouth so that I can attend their offices if required.
These days conveyancing panel lawyers for mortgage companies conduct all of the communications via the post, e-mail or over the phone. This enables them to undertake the legal work for your home move no matter where you live in England or Wales. However you can see if you can still book an appointment to visit conveyancing lawyer if needed.
I have recentlybecome aware that Action Conveyancing have been shut down. They conducted my conveyancing in Cockermouth for a purchase of a leasehold flat 9 months ago. How can I check that my home is registered correctly in the name of the previous owner?
The easiest way to see if the property is in your name, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Cockermouth conveyancing specialists.
I have been on the look out for a flat up to £245,000 and identified one round the corner in Cockermouth I like with amenity areas and railway links nearby, the downside is that it's only got 61 years unexpired on the lease. I can't really find anything else in Cockermouth for this price, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you require a home loan that many years will likely be an issue. Discount the offer by the expected lease extension will cost if not already taken into account. If the current owner has owned the property for a minimum of 2 years you could request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor about this.
Can you offer any advice when it comes to finding a Cockermouth conveyancing firm to deal with our lease extension?
When appointing a solicitor for your lease extension (regardless if they are a Cockermouth conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with several firms including non Cockermouth conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. The following questions might be of use:
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How familiar is the practice with lease extension legislation? If the firm is not ALEP accredited then why not?
I inherited a split level flat in Cockermouth, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Cockermouth with a long lease are worth £197,000. The ground rent is £55 levied per year. The lease terminates on 21st October 2082
With 56 years left to run we estimate the premium for your lease extension to be between £29,500 and £34,000 as well as legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to advice on the actual costs without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.