The Godshill conveyancing firm handling our Godshill conveyancing has spotted a difference when comparing the assumptions in the valuation report and what is in the legal papers for the property. My lawyer says that he must ensure that the lender is OK with this discrepancy and is still content to lend. Is my solicitor’s stance right?
Your property lawyer 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.
The Godshill conveyancing lawyers that I recently instructed on my house acquisition in Godshill have suddenly shut down. They were on acting for me because I needed a solicitor on the Nottingham conveyancing panel and my preferred Godshill lawyer was not. I gave my credit card details for them to take £195 for searches. What are my options?
If you have an estate agent involved then inform them straight away so that they can let the sellers know that there may be a slight delay due to the problems encountered. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Nottingham conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers should be in a position to help.
is it true that all Godshill conveyancing solicitors on the Yorkshire BS conveyancing panel are governed by the Solicitors Regulatory Authority?
As solicitors, in order to be on the Yorkshire BS conveyancing panel they would need to be governed by the Solicitors Regulatory Authority. Many mortgage companies do permit licenced conveyancers on their panel in which case such firms would be regulated by the Council of Licensed Conveyancers.
It is not clear whether my lender requires a lease extension. I have called my Godshill bank branch on various occasions and was told they are content with the situation and they would lend. My Godshill conveyancing solicitor - who is on the bank conveyancing panel- telephoned and was told they would not lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. I have no idea who is right.
Your conveyancer has to follow the Council of Mortgage Lenders’ Handbook section two requirements for your lender. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I've read lots of mortgage guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Godshill solicitor - who is on the Aldermore conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Aldermore will need an independent valuation of the property. Your lawyer will not arrange this. Usually Aldermore will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your property lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Godshill postcode. As you are getting a mortgage with Aldermore, you could contact them to see if they have a list of approved surveyors in Godshill.
I have todaydiscovered that Arc property Solicitors have closed. They conducted my conveyancing in Godshill for a purchase of a leasehold flat 12 months ago. How can I be sure that my home is registered correctly in the name of the previous owner?
The easiest method to see if the premises is in your name, you can carry out 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 Godshill conveyancing specialists.
How does conveyancing in Godshill differ for newly converted properties?
Most buyers of new build property in Godshill contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the residence is built. This is because house builders in Godshill typically acquire the site, 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 Godshill or who has acted in the same development.
I would like to let out my leasehold flat in Godshill. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?
The lease dictates relations between the landlord and you the flat owner; specifically, it will indicate if subletting is prohibited, or permitted but only subject to certain caveats. The rule is that if the lease contains no expres ban or restriction, subletting is permitted. The majority of leases in Godshill do not contain an absolute prevention of subletting – such a provision would undoubtedly devalue the flat. In most cases there is a basic requirement that the owner notifies the freeholder, possibly sending a duplicate of the tenancy agreement.
Godshill Leasehold Conveyancing - A selection of Questions you should ask before Purchasing
-
You should want to find out as much as you can regarding the managing agents as they will impact your use and enjoyment of the property. As the proprietor of a leasehold property you are frequently at the mercy of the managing agents both financially and when it comes to daily issues such as the tidiness of the communal areas. Ask other people what they think of them. On a final note, find out the dates that the maintenance charges are due to the managing agents and precisely how they are spending that money. How much is the maintenance charge and ground rent on the flat? Are any of leasehold owners in dispute over their service charge payments?