The Liskeard conveyancing firm handling our Liskeard conveyancing has spotted a discrepancy when comparing the information in the home valuation report and what is in the legal papers for the property. My solicitor informs me that he is obliged to check that the lender is OK with this discrepancy and is content to go ahead. Is my conveyancer’s stance appropriate?
Your conveyancer 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.
Can you explain why leasehold purchase conveyancing in Liskeard is more expensive?
Liskeard leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
What happens if my solicitor is removed from the Nottingham Solicitor panel ahead of completing my conveyancing in Liskeard?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
How does conveyancing in Liskeard differ for newly converted properties?
Most buyers of new build or newly converted property in Liskeard come to us having been asked by the builder to sign contracts and commit to the purchase even before the house is constructed. This is because builders in Liskeard usually buy 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 used to new build conveyancing in Liskeard or who has acted in the same development.
Due to the input of my in-laws I had a survey completed on a house in Liskeard in advance of retaining lawyers. I have been told that there is a flying freehold overhang to the property. The surveyor has said that some banks tend not issue a loan on such a property.
It varies from the lender to lender. Bank of Scotland has different instructions for example to Birmingham Midshires. Should you wish to call us we can look into this further with the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Liskeard. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Liskeard to see if the conveyancing costs will increase in light of this.
I have recently realised that I have Sixty One years remaining on my flat in Liskeard. I am keen to extend my lease but my landlord is absent. What should I do?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be lengthened by the Court. You will be obliged to demonstrate that you or your lawyers have made all reasonable attempts to locate the freeholder. In some cases an enquiry agent would be useful to carry out a search and to produce an expert document to be accepted by the court as proof that the freeholder is indeed missing. It is advisable to get professional help from a property lawyer both on investigating the landlord’s disappearance and the application to the County Court covering Liskeard.
I bought a basement flat in Liskeard, conveyancing formalities finalised in 2008. Can you give me give me an indication of the likely cost of a lease extension? Corresponding properties in Liskeard with over 90 years remaining are worth £185,000. The ground rent is £65 charged once a year. The lease finishes on 21st October 2084
With 59 years left to run we estimate the premium for your lease extension to be between £20,900 and £24,200 as well as legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.