My Ipswich solicitor has discovered a discrepancy when comparing the information in the valuation report and what is in the legal papers for the property. My solicitor informs me that he is obliged to check that the bank is OK with this discrepancy and is still content to lend. Is my conveyancer’s stance appropriate?
Your conveyancing practitioner 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.
My wife and I have recently appointed a conveyancing solicitor in Ipswich. I I am struggling to find out whether they are accepted on the HSBC Bank approved list of lawyers. Can you advise?
The first thing to do is contact the lawyer and enquire whether they can act for the bank. Otherwise you can call HSBC Bank who may be able to help.
My colleague advised me that if I am buying in Ipswich 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 usually included in the estimate for your Ipswich conveyancing searches. It is a large document of more than thirty pages, listing and detailing important information about Ipswich around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Ipswich Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Ipswich Education with maps and statistics, Local Amenities and other useful information about Ipswich.
How does conveyancing in Ipswich differ for new build properties?
Most buyers of new build property in Ipswich approach us having been asked by the builder to sign contracts and commit to the purchase even before the property is finished. This is because developers in Ipswich tend to purchase the land, 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 property lawyers 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 Ipswich or who has acted in the same development.
I have been sourcing a conveyancing practitioner in Ipswich for my sale. Is there any facility to see a firm’s record with the legal regulator?
Members of the public can find presented Solicitor Regulator Association (SRA) determinations resulting from inquisitions started on or after 1 January 2008. Go to Check a solicitor's record. To find information Pre 2008, or to check a firm's history, telephone 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For non-uk callers, call +44 (0)121 329 6800. The regulator could recorded call for training purposes.
I work for a busy estate agency in Ipswich where we see a number of leasehold sales put at risk as a result of short leases. I have received contradictory information from local Ipswich conveyancing firms. Could you confirm whether the owner of a flat can commence the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has been the owner 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 proposed purchaser can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord 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.
Ipswich Conveyancing for Leasehold Flats - A selection of Queries before Purchasing
-
Is the freehold owned jointly by the leaseholders? What restrictions exist in the Ipswich Lease? Are any of leasehold owners in arrears of their service charge payments?