Our Gaydon solicitor has discovered a difference when comparing the surveyor’s assumptions in the valuation survey and what is revealed within the title deeds. My lawyer informs me that he is obliged to ensure that the lender is happy with this discrepancy and is content to go ahead. Is my solicitor’s stance legitimate?
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 both parties.
I own a freehold property in Gaydon but nevertheless invoiced for rent, why is this and what is this?
It is rare for properties in Gaydon and has limited impact for conveyancing in Gaydon but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for hundreds of years, but the Rent Charge Act 1977 barred the establishment of new rentcharges post 1977.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 is to be extinguished.
My uncle pointed out to me me that in purchasing a property in Gaydon there could be a number of restrictions affecting the ability to carry out external changes to the property. Is this right?
We are aware of a number of properties in Gaydon which have some sort of restriction or requirement of consent to execute external changes. Part of the conveyancing in Gaydon should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
We had instructed conveyancers located in Gaydon on the Bank of Ireland solicitor panel. They have just invoiced me an additional amount for dealing with the Bank of Ireland mortgage. Is this a supplemental conveyancing fee specified by Bank of Ireland?
Unfortunately, so long as it is in their Terms of Engagement or Quote then yes your lawyer may levy a fee for this. The charge is not dictated by Bank of Ireland but by your Gaydon conveyancer. Some firms on the Bank of Ireland panel will levy an ‘acting for lender’ fee and others do not.
I have finally had an offer on a flat in Gaydon accepted, but there is a chain. The owners have offered on on an apartment, however it’s not been accepted yet, and have viewings of other properties in the pipeline. I have instructed a high street conveyancing solicitor in Gaydon. What should be my next step? When do I get the mortgage application with Coventry BS started?
It is normal to have apprehensions where there is a chain as you are unlikely to want to incur costs prematurely (home loan application is approx £1k, then valuation, Gaydon conveyancing search costs, etc). The first thing to do is check that your conveyancing practitioner is on the Coventry BS conveyancing panel. Concerning the subsequent stages this very much dictated by the uniqueness of your transaction, attraction to the property and on the state of the market. In a rising market the majority of home buyers would apply for a home loan with Coventry BS and arrange for the valuation and only if it comes back ok would they pay their conveyancing practitioner to proceed with searches.
It has been three months following my purchase conveyancing in Gaydon took place. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £215,000. 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 looking into buying my first house which is in Gaydon and I am already nervous. I couldn't find anything specific about Gaydon. Conveyancing will be needed in due course but do you know about the Gaydon area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Gaydon. In the meantime here are some basic statistics that we found
Last December I purchased a leasehold property in Gaydon. Do I have any liability for service charges for periods before my ownership?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Gaydon Leasehold Conveyancing - Examples of Queries before buying
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Is the freehold owned jointly by the leaseholders? This information is useful as a) areas could cause problems for the building as the communal areas may begin to deteriorate where services remain unpaid b) if the tenants have an issue with the running of the building you will wish to have complete disclosure Generally speaking the outlay for major works tend not to be incorporated into the maintenance charges, albeit that some managing agents in Gaydon require leasehold owners to pay into a sinking fund and this is used to offset against major repairs or maintenance.