Our Isle of Dogs conveyancer has uncovered a discrepancy when comparing the assumptions in the valuation report and what is in the title deeds. My solicitor has advised that he must ensure that the bank is OK with this discrepancy and is content to go ahead. Is my conveyancer’s stance right?
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 you.
I am considering applying for a Lloyds mortgage for purchase of a newly converted (under development) in Isle of Dogs with 60% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Lloyds ?
There is nothing to stop you using your solicitor, but Lloyds will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
The deeds to our property can not be found. The conveyancers who conducted the conveyancing in Isle of Dogs 10 years ago are no longer around. Will I be able to sell the house?
You no longer need to hold title official documentation to evidence that you are the registered proprietor of land or property, as the Land Registry have everything they need in a digital format.
Just had an offer accepted on a new build apartment in Isle of Dogs. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Here is a sample of a selection of leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Isle of Dogs
-
Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. 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. Please supply a car parking plan. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal.
I have been on the look out for a flat up to £195,000 and found one round the corner in Isle of Dogs I like with a park and railway links in the vicinity, however it's only got 52 years unexpired on the lease. I can't really find anything else in Isle of Dogs in this price bracket, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you need a mortgage that many years will be an issue. Discount the price by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the property for a minimum of 2 years you could ask them to start the process of the extension and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing lawyer about this matter.
Are all Isle of Dogs legal practices on every lender conveyancing panel?
The Lexsure search tool on this page may be of use or you can pop into your local bank branch in Isle of Dogs. Chances are that they can recommend conveyancing solicitors in Isle of Dogs