The Lanchester conveyancing firm handling our Lanchester conveyancing has discovered a discrepancy between the surveyor’s assumptions in the home valuation survey and what is revealed within the legal papers for the property. My solicitor informs me that he is obliged to check that the bank is happy with this discrepancy and is still content to lend. Is my lawyer’s approach right?
Your solicitor must comply with the UK Finance Lenders’ Handbook provisions 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.
Is it the case that all Lanchester conveyancing solicitors on the Co-operative conveyancing panel are regulated by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Co-operative conveyancing panel they would need to be regulated by the SRA. The majority of mortgage companies do allow licenced conveyancers on their panel in which case such firms would be overseen by the CLC.
I'm in the throws of viewing flats in Lanchester and I am about to put in an offer. Should I already have a property lawyer appointed at this stage? I will be getting a home loan with Santander.
It would be sensible to start your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their contact information on to the EA. Given that you are taking out a mortgage with Santander, ask your prospective lawyers if they are on the Santander conveyancing panel otherwise they can't do the mortgage legal work.
The mortgage over my property is with Kent Reliance for my property in Lanchester. Conveyancing was finalised some time ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Kent Reliance?
Your original mortgage agreement with Kent Reliance will provide that you need their approval prior to letting out your property as this is likely to be a breach of Kent Reliance’s mortgage conditions. It may be that Kent Reliance will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Kent Reliance directly. You need not do this via a Kent Reliance conveyancing panel lawyer.
I am buying a new build flat in Lanchester. Conveyancing is necessary evil 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 legal work.
Here are examples of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Lanchester
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Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. There must be mutual enforceability of lessee’s covenants. Please provide evidence that the form of Lease proposed has been approved by the Land Registry. 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 confirm the Lease plans are surveyor prepared.
I am looking for a ground for flat up to £245,000 and identified one near me in Lanchester I like with open areas and transport links nearby, however it only has 49 years on the lease. I can't really find anything else in Lanchester for this price, so just wondered if I would be making a mistake acquiring a short lease?
If you require a mortgage that many years will likely be an issue. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for at least twenty four months you may request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should speak to your conveyancing solicitor about this.
I own a leasehold house in Lanchester. Conveyancing and Virgin Money mortgage organised. A letter has just been received from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1993. The conveyancing practitioner in Lanchester who acted for me is not around. Any advice?
The first thing you should do is make enquiries of HMLR to be sure that the individual claiming to own the freehold is indeed the registered owner of the freehold reversion. You do not need to instruct a Lanchester conveyancing practitioner to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I bought a studio flat in Lanchester, conveyancing formalities finalised 10 years ago. How much will my lease extension cost? Equivalent properties in Lanchester with a long lease are worth £195,000. The ground rent is £45 charged once a year. The lease runs out on 21st October 2088
With 63 years left to run we estimate the price of your lease extension to range between £16,200 and £18,600 as well as professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.
I am short of a 10% deposit on my apartment purchase in Lanchester , but I am keen go ahead. Do I have options?
One option is to try and agree a lower deposit. Most sellers will agree to a smaller deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last second