The Foots Cray conveyancing firm handling our Foots Cray conveyancing has identified an inconsistency between the surveyor’s assumptions in the home valuation report and what is in the conveyancing documents. My solicitor informs me that he needs to check that the bank is happy with this discrepancy and is content to go ahead. Is my solicitor’s course or action right?
Your lawyer must comply with the UK Finance Lenders’ Handbook specifications 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.
It is 10 years ago since I bought my house in Foots Cray. Conveyancing lawyers have recently been instructed on the sale but I am unable to locate my deeds. Will this jeopardise the sale?
You need not be too concerned. First the deeds may be with the mortgage company or they may stored with the conveyancers who handled the purchase. Secondly the chances are that the property will be recorded at the land registry and you will be able to prove you own the property by your conveyancing lawyers acquiring current official copies of the land registers. The vast majority of conveyancing in Foots Cray involves registered property but in the rare situation where your property is unregistered it adds to the complexity but is not insurmountable.
How does conveyancing in Foots Cray differ for newly converted properties?
Most buyers of new build premises in Foots Cray approach us having been asked by the seller to exchange contracts and commit to the purchase even before the house is constructed. This is because developers in Foots Cray typically acquire 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 accustomed to new build conveyancing in Foots Cray or who has acted in the same development.
I have been on the look out for a ground for flat up to £245,000 and found one round the corner in Foots Cray I like with open areas and transport links in the vicinity, the downside is that it only has 61 years on the lease. I can't really find anything else in Foots Cray suitable, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you need a home loan that many years will be a potential deal breaker. Reduce the price by the amount the 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. You can add 90 years to the current lease term with a zero ground rent applied. You should consult your conveyancing lawyer about this.
I've found a house that seems to meet my requirements, at a great price which is making it more attractive. I have since found out that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Foots Cray. Conveyancing advisers have not yet been instructed. Will they explain the issues?
The majority of houses in Foots Cray are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area who can assist with the conveyancing process. We note that you are buying in Foots Cray in which case you should be shopping around for a Foots Cray conveyancing solicitor and be sure that they have experience in advising on leasehold houses. First you will need to check the number of years remaining. As a lessee you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as obtaining the landlord’sconsent to conduct changes to the property. It may be necessary to pay a service charge towards the upkeep of the estate where the property is part of an estate. Your conveyancer will advise you fully on all the issues.
We have reached the end of our tether in seeking a lease extension in Foots Cray. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Absolutely. We are happy to put you in touch with a Foots Cray conveyancing firm who can help.
An example of a Lease Extension decision for a Foots Cray property is 103a Footscray Road in January 2014. The tribunal determines that the premium payable for the extended lease should be £34,500 according to the expert witness valuation calculation This case related to 1 flat.
Living abroad I am unable to visit my Foots Cray conveyancing solicitors office to sign documents connected to my conveyancing in Foots Cray – will this be an issue?
Not a problem. Foots Cray conveyancing lawyers can handle conveyancing transactions for clients nationwide. You are unlikely to be required to meet your lawyer in the flesh at a Foots Cray conveyancers office. Almost all conveyancing practitioner can deal with everything remotely from their Foots Cray premises.