My Long Ashton conveyancer has identified a difference when comparing the assumptions in the valuation report and what is in the conveyancing documents. My lawyer says that he is duty bound to check that the bank is happy with this discrepancy and is content to go ahead. Is my solicitor’s approach right?
Your solicitor must comply with the UK Finance Lenders’ Handbook requirements 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.
Are all Long Ashton Conveyancing Quality Solicitors on the HSBC conveyancing panel?
Some major banks and building societies now utilise the accreditation scheme as the starting point for Panel approval such as HSBC and Santander. The Law Society’s CQS membership however gives no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for solicitors wishing to remain on their approved list of firms.
When it comes to mortgage companies such as Lloyds, do Long Ashton property lawyers incur a yearly amount to be on the list of approved solicitors?
We are not aware of any bank fees to register on their panel, although some do levy an administration fee to deal with the processing of the conveyancing panel submission.
I have paid off my mortgage with Nationwide. I assume I don't need a Long Ashton property lawyer on the Nationwide panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Nationwide mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Nationwide mortgage from the register. Nationwide, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Nationwide has sent the Land Registry the discharge electronically, and
- Nationwide has instructed the Land Registry to do so
Due to the guidance of my in-laws I had a survey completed on a property in Long Ashton in advance of instructing lawyers. I have been told that there is a flying freehold element to the property. My surveyor has said that some mortgage companies may not grant a mortgage on this type of home.
It depends who your proposed lender is. Santander has different requirements from Halifax. Should you wish to telephone us we can investigate further with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Long Ashton. Conveyancing will be smoother if you use a solicitor in Long Ashton especially if they are familiar with such properties in Long Ashton.
Hoping to buy a property located in Long Ashton and I am already nervous. I couldn't find anything specific about Long Ashton. Conveyancing will be needed in due course but do you know about the Long Ashton area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Long Ashton. In the meantime here are some basic statistics that we found
I work for a busy estate agency in Long Ashton where we have witnessed a few leasehold sales put at risk due to leases having less than 80 years remaining. I have received conflicting advice from local Long Ashton conveyancing firms. Could you confirm whether the seller of a flat can commence the lease extension process for the buyer?
Provided that the seller has owned the lease 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. This means that the proposed purchaser can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.
An alternative approach is to agree the lease extension with the freeholder 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.
Long Ashton Leasehold Conveyancing - Examples of Questions you should ask before buying
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Its a good idea to find out as much as you can about the company managing the block as they can either make living at the property much simpler or uncomfortable. Being a leasehold owner you are often at the mercy of the managing agents from a financial perspective and when it comes to every day matters such as the tidiness of the common parts. Enquire of other tenants if they are happy with them. On a final note, find out the dates that you are obliged pay the maintenance charge to the appropriate party and specifically what you get for your money. Best to be warned whether window replacement or some other significant cost is due shortly that will be shared between the tenants and will dramatically increase the the service fees or require a one time invoice. Please note that where the lease has fewer than 80 years it will have adverse implications on the salability of the flat. Check with your mortgage company that they are willing to go ahead with the loan given the lease term. Leases with less than 80 years remaining means that you will most likely require a lease extension at some point and you need to have some idea of how much this will be. Remember, in most cases you would be be obliged to have owned the property for 24 months before you are eligible to extend the lease.
Our conveyancer in Long Ashton has discovered a defect with the lease for the flat we are buying in Long Ashton. The other side have put forward defective title insurance as a workaround. We are content with insurance and will cover the costs. Our solicitor has advised that as he is on the bank conveyancing panel he must check that the lender is happy with this solution. Who is the client here, us or the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the mortgage company are the client. A precondition to being on the bank approved panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects will the lease so that the lender can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . 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.