Our Droitwich Spa solicitor has uncovered a discrepancy between the assumptions in the valuation survey and what is revealed within the conveyancing documents. My solicitor says that he is duty bound to check that the bank is OK with this discrepancy and is content to go ahead. Is my conveyancer’s approach legitimate?
Your property 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.
Do lenders provide you with an approved list of Droitwich Spa conveyancing solicitors? How do you know who is on the HSBC conveyancing panel?
Droitwich Spa conveyancing firms themselves provide us confirmation that they are on the HSBC conveyancing panel as opposed to being supplied with a list from HSBC directly.
How does conveyancing in Droitwich Spa differ for newly converted properties?
Most buyers of new build or newly converted property in Droitwich Spa approach us having been asked by the seller to exchange contracts and commit to the purchase even before the house is finished. This is because builders in Droitwich Spa tend to buy the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Droitwich Spa or who has acted in the same development.
I am looking for a leasehold apartment up to £235,500 and found one close by in Droitwich Spa I like with a park and transport links in the vicinity, however it only has 61 years unexpired on the lease. There is not much else in Droitwich Spa suitable, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you need a home loan the remaining unexpired lease term will be a potential deal breaker. Discount the price by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least 2 years you can 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 existing lease and have £0 ground rent by law. You should speak to your conveyancing lawyer about this matter.
I am looking at a couple of maisonettes in Droitwich Spa both have about fifty years left on the lease term. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Droitwich Spa. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease shortens the saleability of the lease decreases and results in it becoming more expensive to extend the lease. For this reason it is advisable to extend the lease term. More often than not it is difficulties arise selling premises with a short lease as mortgage companies may be reluctant to lend money on such properties. Lease enfranchisement can be a difficult process. We recommend you seek professional help from a solicitor and surveyor with experience in this area.
I own a 2 bed flat in Droitwich Spa, conveyancing having been completed in 1995. Can you work out an approximate cost of a lease extension? Similar properties in Droitwich Spa with an extended lease are worth £185,000. The ground rent is £65 levied per year. The lease terminates on 21st October 2084
With just 60 years remaining on your lease we estimate the premium for your lease extension to range between £20,000 and £23,000 plus professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs 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 considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.
If instructed can a conveyancer remove a name from the title of my home in Droitwich Spa ?
Extracting or adding someone to the title of your property is relatively straightforward. You’ll need to appoint a conveyancing practitioner to discuss your legal rights before you can proceed with a transfer of property. Contact us to book a free consultation with one a conveyancing practitioner