The Ladywood conveyancing firm handling our Ladywood conveyancing has discovered an inconsistency when comparing the information in the home valuation report and what is in the conveyancing documents. My solicitor informs me that he is duty bound to check that the lender is happy with this discrepancy and is still content to lend. Is my solicitor’s course or action appropriate?
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 both parties.
If you had a top tip for selecting a conveyancing solicitor in Ladywood what would it be?
It would be unwise to be tempted by the lowest Ladywood conveyancing fees. You really do get what you’re paying for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
When it comes to lenders such as Aldermore, do Ladywood conveyancing practitioners face a yearly amount to be on the list of approved solicitors?
We are unaware of any mortgage company fees to register on their panel, although some do levy an administration charge to deal with the processing of the conveyancing panel application.
I can not fathom if my mortgage offer requires a lease extension. I have called my Ladywood building society branch on various occasions and was told it does not affect the mortgage offer and they would lend. My Ladywood conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned to say that they refuse to lend in accordance with their published requirements. I have no idea who is right.
As long as the property lawyer is on the bank approved list, they must adhere to the Council of Mortgage Lenders’ Handbook requirements for the bank. 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 lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Are there restrictive covenants that are commonly picked up during conveyancing in Ladywood?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Ladywood. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
What does commercial conveyancing in Ladywood cover?
Commercial conveyancing in Ladywood incorporates a broad range of advice, provided by qualified solicitors, relating to business premises. By way of example, this area of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the assignment of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of leases.
In my capacity as executor for the estate of my grandmother I am selling a house in Cardiff but live in Ladywood. My solicitor (based 260 miles from merequires that I execute a statutory declaration before completion. Can you recommend a conveyancing lawyer in Ladywood to attest and place their company stamp on the document?
Technically speaking you should not be required to have the documents attested by a conveyancing solicitor. Ordinarily or notary public or solicitor will be fine regardless of whether they are based in Ladywood
I am attracted to a couple of maisonettes in Ladywood which have approximately 50 years remaining on the leases. Will this present a problem?
A lease is a right to use the premises for a prescribed time frame. As a lease gets shorter the saleability of the lease reduces and it becomes more expensive to acquire a lease extension. This is why it is advisable to extend the lease term. It is often difficult to sell a property with a short lease as mortgage lenders may be reluctant to lend money on such properties. Lease enfranchisement can be a difficult process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this area.
Ladywood Conveyancing for Leasehold Flats - Examples of Questions you should ask Prior to buying
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The majority of Ladywood leasehold properties will be liable to pay a service bill for the upkeep of the block invoiced by the freeholder. If you purchase the apartment you will have to pay this charge, normally quarterly accross the year. This may be anything from several hundred pounds to thousands of pounds for large purpose-built buildings. In all probability there will be a rentcharge for you to pay annual, ordinarily this is not a exorbitant sum, say around £25-£75 but you need to check it because occasionally it could be prohibitively expensive. Please inform me if there are any major works in the near future that will increase the service charges? The prefered form of lease arrangement is a share of the freehold. In this situation the tenants benefit from being in charge if their destiny and even though a managing agent is frequently retained where the building is larger than a house conversion, the managing agent is directed by the tenants.