My Halstead conveyancer has uncovered a difference when comparing the surveyor’s assumptions in the home valuation survey and what is revealed within the title deeds. My lawyer informs me that he is duty bound to ensure that the lender is OK with this discrepancy and is still content to lend. Is my solicitor’s approach right?
Your solicitor 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 you.
How does conveyancing in Halstead differ for newly converted properties?
Most buyers of new build residence in Halstead approach us having been asked by the developer to sign contracts and commit to the purchase even before the house is built. This is because house builders in Halstead usually 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 used to new build conveyancing in Halstead or who has acted in the same development.
I decided to have a survey completed on a house in Halstead in advance of instructing conveyancers. I have been informed that there is a flying freehold aspect to the house. My surveyor has said that some banks may not give a loan on a flying freehold home.
It varies from the lender to lender. Santander has different requirements from Nationwide. If you contact us we can look into this further with the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Halstead. Conveyancing will be smoother if you use a solicitor in Halstead especially if they are acquainted with such properties in Halstead.
My partner has suggested that I instruct his lawyers for conveyancing in Halstead. Should I use them?
There are no two ways about it the best way to choose a conveyancing lawyer is to seek guidance from friends or relatives who have experience in using the firm you're considering.
I am employed by a long established estate agent office in Halstead where we see a few flat sales derailed due to short leases. I have received inconsistent advice from local Halstead conveyancing firms. Please can you shed some light as to whether the owner of a flat can instigate the lease extension formalities for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Halstead Conveyancing for Leasehold Flats - A selection of Queries Prior to buying
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Are any of leasehold owners in dispute over their service charge payments? The answer will be helpful as a) areas can result in problems in the block as the common areas may start to deteriorate if repairs are not paid for b) if the tenants have an issue with the running of the building you will need to have all the details You should be aware if it is fewer than eighty years it will affect the value of the apartment. It is worth checking with your mortgage company that they are happy with residual term of the lease. Leases with fewer than 80 years remaining means that you will almost definitely need a lease extension at some point and it is worth discovering what this will be. Remember, in most cases you will be be obliged to have owned the residence for two years before you are legally able to carry out a lease extension.
My solicitors in Halstead have advised me that no longer have my conveyancing file. To assist with my purchase I took out a mortgage with the lender. Is it case that being on the mortgage company conveyancing panel they need to have retained the file for a number of years?
It very much depends from lender to lender but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the lender Conveyancing Panel Terms. It might be worth you contacting the mortgage company directly.