Our Langford conveyancer has spotted a difference when comparing the surveyor’s assumptions in the home valuation report and what is revealed within the legal papers for the property. My lawyer says that he is duty bound to ensure that the bank is OK with this discrepancy and is content to go ahead. Is my solicitor’s approach legitimate?
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.
We're in Langford, First timers purchasing with a mortgage (lender is Coventry BS , and our solicitor is on the Coventry BS conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Coventry BS conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no solicitor should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I just acquired a house at auction in Langford. Conveyancing is needed. What are my next steps?
Having for in every practical sense signed on the dotted line you will need to instruct a conveyancing lawyer quickly as you are facing a fast approaching a drop dead date to complete the property. Every auction property should have an associated auction set of papers. This will likely include the copy title deeds, local authority and drainage searches. If you have purchased leasehold premises the conveyancing papers should provide a copy of the lease, management information and a sellers leasehold information form and associated conveyancing documentation specific to a leasehold property. You need to pass this on to your appointed conveyancing solicitor as soon as possible. Do make sure that your finances are organised to complete the transaction on the set completion date.
My stepmother pointed out to me me that in buying a property in Langford there could be a number of restrictions limiting what one can do in terms of external alterations to the property. Is this right?
There are anumerous of properties in Langford which have some sort of restriction or requirement of consent to execute external changes. Part of the conveyancing in Langford should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I am buying a property in Langford. One unusual aspect is that the roof has a solar panel. Leeds Building Society have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As your lender is Leeds Building Society your lawyer must follow the formal requirements set out in Part 2 of UK Finance Lenders’ Handbook for Leeds Building Society. The Council of Mortgage Lenders’ Handbook includes minimum provisions for solar panel roof-space leases, and lawyers are required to report to Leeds Building Society where a lease does not meet these specifications. The specifications relate to the installation of panels on properties countrywide and is not limited to Langford.
The deeds to our property can not be found. The lawyers who handled the conveyancing in Langford 5 years ago no longer exist. What are my next steps?
You no longer need to hold title official documentation to evidence that you own the land or property, as the Land Registry have everything they need in a digital format.
How does conveyancing in Langford differ for new build properties?
Most buyers of new build property in Langford come to us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is constructed. This is because builders in Langford usually purchase the site, 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 conveyancers 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 used to new build conveyancing in Langford or who has acted in the same development.
I am attracted to a couple of maisonettes in Langford both have about 50 years left on the lease term. Will this present a problem?
A lease is a right to use the property for a period of time. As a lease gets shorter the saleability of the lease decreases and it becomes more costly to acquire a lease extension. For this reason it is advisable to extend the lease term. It is often difficult to sell a property with a short lease because mortgage companies may be unwilling to lend money on such properties. Lease enfranchisement can be a difficult process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this area.
Leasehold Conveyancing in Langford - Examples of Questions you should ask before buying
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In the main the outlay for major works are not wrapped into the maintenance charges, although a few managing agents in Langford ask leasehold owners to contribute towards a reserve fund and this is used to offset against larger works. Best to be warned whether fixing the lift or some other major work is due shortly to be shared by the leasehold owners and will dramatically impact the level of the maintenance charges or necessitate a one time payment. Is anyone aware of any major works in the planning that will add a premium to the maintenance costs?