Our Lunt solicitor has discovered a difference when comparing the surveyor’s assumptions in the valuation report and what is revealed within the title deeds. 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 lawyer’s stance correct?
Your conveyancing practitioner 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 you.
Finally the sale completed on my house in Lunt last December but our buyer keeps e-mailing me to say his solicitor is waiting to hear from mylawyer. What should have happened now that I have sold?
Following your sale your conveyancer should forward the transfer documentation and all additional paperwork to the purchaser's conveyancer. Where appropriate, your lawyer must also evidence that the home loan has been paid off to the buyers solicitors. There are no post completion formalities unique to conveyancing in Lunt.
We're in Lunt, First timers purchasing with a mortgage (lender is Coventry BS , and our lawyer 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 conveyancing practitioner 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.
Me and my brother purchased a terraced Victorian house in Lunt. Conveyancing lawyer represented me and Yorkshire Building Society. I happened to do a free search for it on the Land Registry database and I saw two entries: one for freehold, the second leasehold under the exact same address. I thought I was buying a freehold how can I check?
You need to read 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 Lunt and other locations in the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with lenders. You can also enquire as to the position with the conveyancing solicitor who conducted the purchase.
I opted to have a survey carried out on a house in Lunt in advance of retaining solicitors. I have been told that there is a flying freehold overhang to the property. My surveyor advised that some lenders will refuse to give a loan on such a house.
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 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 Lunt. Conveyancing will be smoother if you use a solicitor in Lunt especially if they regularly deal with such properties in Lunt.
My wife and I purchased a leasehold house in Lunt. Conveyancing and Accord Mortgages Ltd mortgage went though with no issue. A letter has just been received from someone saying they have taken over the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1992. The conveyancing solicitor in Lunt who previously acted has long since retired. Any advice?
The first thing you should do is make enquiries of HMLR to make sure that this person is indeed the new freeholder. It is not necessary to incur the fees of a Lunt conveyancing solicitor to do this as you can do this on the Land Registry website for £3. Rest assured that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I invested in buying a 2 bed flat in Lunt, conveyancing formalities finalised in 1998. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar properties in Lunt with an extended lease are worth £195,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease ends on 21st October 2089
You have 63 years remaining on your lease we estimate the price of your lease extension to range between £16,200 and £18,600 as well as professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.