The Horncastle conveyancing firm handling our Horncastle conveyancing has discovered a difference when comparing the surveyor’s assumptions in the home valuation report and what is in the title deeds. My lawyer says that he is obliged to ensure that the lender is OK with this discrepancy and is still content to lend. Is my solicitor’s approach right?
Your lawyer must comply with the UK Finance Lenders’ Handbook conditions 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.
Will my conveyancing lawyers need to check that the building insurance for my purchase of a house in Horncastle. My lender is Virgin
Virgin have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 17/5/2025, the requirements read as follows :
My colleague advised me that where I am buying in Horncastle I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is sometimes quoted for as part of the standard Horncastle conveyancing searches. It is not a small document of about 40 pages, listing and detailing significant information about Horncastle around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Horncastle Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Horncastle Education with maps and statistics, Local Amenities and other useful data about Horncastle.
Just had an offer accepted on a new build apartment in Horncastle. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Here are examples of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Horncastle
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Please confirm the Lease plans are surveyor prepared. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
I have been on the look out for a ground for flat up to £195,000 and identified one near me in Horncastle I like with open areas and railway links nearby, the downside is that it only has 51 years on the lease. There is not much else in Horncastle in this price bracket, so just wondered if I would be making a mistake purchasing a short lease?
If you require a mortgage the shortness of the lease will be an issue. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the premises for at least 2 years you can ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this matter.
Do you have any top tips for leasehold conveyancing in Horncastle with the purpose of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Horncastle can be avoided where you instruct lawyers the minute your agents start advertising the property and ask them to collate the leasehold information needed by the purchasers’ representatives. You may think that you are aware of the number of years left on your lease but it would be wise to verify this by asking your solicitors. A purchaser's lawyer will not be happy to advise their client to to exchange contracts if the lease term is below 75 years. It is therefore important at an as soon as possible that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale. The majority of landlords or Management Companies in Horncastle charge for providing management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. The management information can be applied for as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Horncastle. If you are supposed to have a share in the freehold, you should ensure that you have the original share certificate. Arranging a duplicate share certificate can be a time consuming formality and frustrates many a Horncastle home move. Where a reissued share certificate is needed, you should approach the company officers or managing agents (where applicable) for this as soon as possible. If you have carried out any alterations to the premises would they have required Landlord’s permission? In particular have you installed wooden flooring? Horncastle leases often stipulate that internal structural changes or addition of wooden flooring calls for a licence issued by the Landlord approving such changes. If you dont have the approvals to hand you should not communicate with the landlord without checking with your lawyer first.
I acquired a 2 bed flat in Horncastle, conveyancing having been completed September 2011. How much will my lease extension cost? Corresponding properties in Horncastle with over 90 years remaining are worth £222,000. The ground rent is £50 charged once a year. The lease runs out on 21st October 2096
With 71 years left to run we estimate the premium for your lease extension to range between £9,500 and £11,000 as well as costs.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. You should not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.