The Littlehampton conveyancing firm handling our Littlehampton conveyancing has uncovered an inconsistency when comparing the assumptions in the valuation survey and what is revealed within the title deeds. My solicitor has advised that he is duty bound to ensure that the lender is OK with this discrepancy and is content to go ahead. Is my lawyer’s stance right?
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.
Finally the sale completed on my house in Littlehampton last August but my buyer keeps whats apping me complaining that his conveyancer needs to hear from mine. What should my lawyer have done following completion?
After completion of your sale your lawyer should deliver the transfer deeds and all supplemental paperwork to the buyer’s solicitors. Where relevant, your solicitor should also evidence that the mortgage has been repaid to the buyers solicitors. There are no post completion procedures specific conveyancing in Littlehampton.
We are selling our home in Littlehampton. Will my solicitor have to be required to be on the Clydesdale conveyancing panel in order to deal with paying off my mortgage?
Ordinarily, even if your lawyer is not on the Clydesdale conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their panel criteria fairly frequently in recent years.
I own a renovated Victorian house in Littlehampton. Conveyancing practitioner acted for me and The Mortgage Works. I did a free Land Registry search last week and I saw two entries: the first freehold, the second leasehold with the matching address. I thought I was buying a freehold how can I check?
You need to review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Littlehampton and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also check the situation with the conveyancing lawyer who conducted the work.
Due to the encouragement of my in-laws I had a survey completed on a property in Littlehampton prior to retaining lawyers. I have been told that there is a flying freehold overhang to the house. Our surveyor advised that some lenders may not give a mortgage on this type of premises.
It varies from the lender to lender. Bank of Scotland has different requirements for example to Birmingham Midshires. If you call us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Littlehampton. Conveyancing will be smoother if you use a solicitor in Littlehampton especially if they regularly deal with such properties in Littlehampton.
I am a negotiator for a long established estate agency in Littlehampton where we have witnessed a number of flat sales derailed due to short leases. I have been given inconsistent advice from local Littlehampton conveyancing solicitors. Can you shed some light as to whether the vendor of a flat can commence the lease extension formalities for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I inherited a 2 bed flat in Littlehampton, conveyancing formalities finalised half a dozen years ago. How much will my lease extension cost? Equivalent flats in Littlehampton with an extended lease are worth £171,000. The average or mid-range amount of ground rent is £50 yearly. The lease expires on 21st October 2105
With 79 years left to run we estimate the premium for your lease extension to be between £8,600 and £9,800 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.