The Looe conveyancing firm handling our Looe conveyancing has discovered an inconsistency between the surveyor’s assumptions in the valuation survey and what is revealed within the conveyancing documents. My solicitor says that he is duty bound to check that the bank is happy with this discrepancy and is content to go ahead. Is my lawyer’s approach correct?
Your conveyancer 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 both parties.
Why do I have to pay up front for my conveyancing in Looe?
If you are buying a property in Looe your solicitor will ask you place them with funds to cover the the cost of the conveyancing searches. Ordinarily this is requested to cover the fees of the Local Authority Search. If any deposit is as part of the purchase price then this will be asked for shortly in advance of exchange of contracts. The final balance that is needed should be transferred shortly before completion.
Me and my partner are purchasing a property in Looe. It might be a silly question but how we can trust a conveyancer? On the day of competition we have to deposit money into their account. What protection do we have from them run away with our money?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
My husband and I have arranged the release of further funds on our home loan from Aldermore as we intend to carry out renovations to our property in Looe. Are we obliged to choose a local Looe solicitor on the Aldermore conveyancing panel to deal with the legals?
Aldermore would not normally require firms on their approved list of lawyers to deal with such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Aldermore conveyancing panel.
It is unclear whether my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Looe bank branch on numerous occasions and was advised it wasn't an issue and they would lend. My Looe conveyancing solicitor - who is on the mortgage company conveyancing panel- called and was told they refuse to lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
The conveyancing practitioner has to comply with the Council of Mortgage Lenders’ Handbook section two requirements for your bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I am buying a house and the solicitor has referenced Chancel Repair to which the property could be liable given it’s proximity to the area of such a church. She has recommended insurance. Is this really appropriate for conveyancing in Looe
Unless a prior acquisition of the premises took place post 12 October 2013 you may take it that conveyancing practitioners handling conveyancing in Looe to remain encouraging a chancel search and or chancel repair liability insurance.
What makes a Looe lease unmortgageable?
Leasehold conveyancing in Looe is not unique. Most leases are unique and legal mistakes in the legal wording can sometimes mean that certain sections are wrong. For example, if your lease is missing any of the following, it could be defective:
-
Repairing obligations to or maintain parts of the premises A duty to insure the building
You may have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, Leeds Building Society, and Bank of Ireland all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, forcing the buyer to pull out.
I purchased a 1st floor flat in Looe, conveyancing having been completed half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Corresponding properties in Looe with an extended lease are worth £260,000. The ground rent is £45 per annum. The lease ceases on 21st October 2099
You have 74 years unexpired we estimate the premium for your lease extension to span between £8,600 and £9,800 plus 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 the actual costs in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There may be other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.
Do I cancel my mortgage payments with Yorkshire BS once a completion date for my sale in Looe has been set?
No, you must keep paying any mortgage payments to Yorkshire BS pending the mortgage being discharged out of the proceeds of sale as part of your Looe conveyancing.