My Flackwell Heath lawyer has identified a difference when comparing the assumptions in the valuation survey and what is in the title deeds. My lawyer informs me that he must check that the bank is happy with this discrepancy and is still content to lend. Is my conveyancer’s course or action appropriate?
Your conveyancer 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 you.
My home in Flackwell Heath is up for sale and I have a buyer. Will my solicitor have to be required to be on the Principality conveyancing panel in order to deal with redeeming my mortgage?
Ordinarily, even if your lawyer is not on the Principality conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their panel criteria fairly frequently at the moment.
We are selling our property in Flackwell Heath and according to the buyers it appears that there is a risk of it being built on contaminated land. A high street Flackwell Heath lawyer would know this is not the case. It does beg the question why the buyers instructed an online conveyancing firm rather than a conveyancing solicitor in Flackwell Heath. Having lived in Flackwell Heath for many years we know of no issue. Is it a good idea to get in touch with our local Authority to seek clarification that there is no issue.
It would appear that you have a conveyancing solicitor currently acting for you. What do they say? You must 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 illness)
I am looking for a flat up to £245,000 and found one round the corner in Flackwell Heath I like with amenity areas and railway links nearby, the downside is that it only has 61 years unexpired on the lease. I can't really find anything else in Flackwell Heath in this price bracket, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you require a home loan the remaining unexpired lease term may be a potential deal breaker. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least 2 years you can 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 consult your conveyancing solicitor regarding this matter.
Can you provide any top tips for leasehold conveyancing in Flackwell Heath with the purpose of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Flackwell Heath can be bypassed if you instruct lawyers the minute your agents start advertising the property and ask them to collate the leasehold information which will be required by the buyers’ representatives. A minority of Flackwell Heath leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers put in hand bank and professional references. Any bank reference should make it clear that the buyer is able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their lawyers. If you have had any disputes with your landlord or managing agents it is essential that these are resolved before the property is marketed. The purchasers and their solicitors will be reluctant to purchase a flat where a dispute is ongoing. You may have to bite the bullet and pay any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is better to reveal the dispute as historic rather than unsettled. If you have the benefit of shareholding in the freehold, you should ensure that you have the original share certificate. Organising a replacement share certificate can be a time consuming process and delays many a Flackwell Heath home move. If a reissued share is needed, you should approach the company officers or managing agents (if applicable) for this at the earliest opportunity. If you have carried out any alterations to the property would they have required Landlord’s approval? Have you, for example installed wooden flooring? Flackwell Heath leases often stipulate that internal structural alterations or laying down wooden flooring necessitate a licence from the Landlord acquiescing to such works. Where you dont have the consents in place do not contact the landlord without checking with your lawyer in advance.
Leasehold Conveyancing in Flackwell Heath - A selection of Questions you should ask before Purchasing
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Is the freehold owned jointly by the leaseholders? On the whole the outlay for major works tend not to be included within maintenance charges, although some managing agents in Flackwell Heath ask leaseholders to pay into a reserve fund created for the specific intention of building a fund for larger repairs or maintenance.
Me and my wife accepted an offer on a Flackwell Heath bungalow left to us 8 years ago in 2012. I have over ten years conveyancing knowledge and, now retired, intend to do the legal work. The buyer's conveyancing practitioner has informed me that their building society will not allow us to do our own conveyancing requiring the funds to be released via a solicitor's bank account.
Mortgage instructions to solicitors from all mainstream lenders specify that If the seller does not have legal representation the buyer’s lawyers should check whether the bank needs to be told so that a decision can be made as to whether or not they are willing to progress.