Our Magor conveyancer has spotted an inconsistency when comparing the assumptions in the home valuation report and what is in the conveyancing documents. My lawyer has advised that he needs to ensure that the lender is happy with this discrepancy and is content to go ahead. Is my solicitor’s course or action correct?
Your conveyancer must comply with the UK Finance Lenders’ Handbook provisions 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.
Is there a reason why leasehold purchase conveyancing in Magor costs more?
Magor 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.
Are there restrictive covenants that are commonly identified as part of conveyancing in Magor?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Magor. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in Magor differ for new build properties?
Most buyers of new build or newly converted property in Magor contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the house is built. This is because house builders in Magor tend to purchase the real estate, 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 accustomed to new build conveyancing in Magor or who has acted in the same development.
My partner has urged me to instruct his conveyancers in Magor. Should I find my own property lawyer?
No doubt the best way to find a conveyancing solicitor is to seek referrals from friends or family who have experience in using the firm that you are considering.
What advice can you give us when it comes to appointing a Magor conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a property lawyer for your lease extension (regardless if they are a Magor conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We advise that you speak with two or three firms including non Magor conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. The following questions could be of use:
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How experienced is the firm with lease extension legislation? Can they put you in touch with clients in Magor who can give a testimonial?
Leasehold Conveyancing in Magor - A selection of Queries Prior to buying
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Most Magor leasehold properties will be liable to pay a service charge for maintenance of the building invoiced by the freeholder. If you purchase the property you will have to pay this liability, usually quarterly during the year. This may vary from two or three hundred pounds to thousands of pounds for large purpose-built buildings. There will also be a ground rent to be met annual, this is usually not a significant sum, say about £50-£100 but you should to enquire it because occasionally it could be prohibitively expensive. It would be wise to discover as much as possible about the managing agents as they will impact your use and enjoyment of the property. Being a leasehold owner you will be at the mercy of the managing agents both financially and when it comes to practical issues like the tidiness of the communal areas. Enquire of other people if they are happy with them. In conclusion, investigate as to the dates that the service fees are due to the managing agents and specifically how they are spending that money. On the whole the outlay for major works tend not to be included within service charges, although there some managing agents in Magor ask tenants to pay into a sinking fund created for the specific purpose of building a fund for major works.