The Millwall conveyancing firm handling our Millwall conveyancing has identified an inconsistency between the assumptions in the valuation survey and what is revealed within the conveyancing documents. My lawyer says that he is obliged to ensure that the bank is happy with this discrepancy and is content to go ahead. Is my lawyer’s course or action right?
Your lawyer 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 both parties.
Does a directory service exist listing Barclays panel conveyancers in Millwall on the UK Finance Lenders’ Handbook Website?
Unfortunately not yet. There is no such tool on the Council of Mortgage Lenders or Building Society Association websites. A small selection of lenders make their panel listings viewable online. Where you are in need of a Millwall conveyancing practitioner on the Barclays please use our facility.
We had chosen conveyancing lawyers locally in Millwall on the Kent Reliance solicitor panel. They are now charging me a supplemental fee for handling the Kent Reliance mortgage. Is this a supplemental conveyancing fee specified by Kent Reliance?
Provided it is contained in their Terms and Conditions or estimate then yes your property lawyer is entitled to charge a fee for this. This charge is not set by Kent Reliance but by your Millwall property lawyer. Some firms on the Kent Reliance panel will quote an ‘acting for lender’ fee and others do not.
Two weeks ago we had a mortgage agreed in principle with Leeds Building Society. Millwall conveyancing solicitors were selected. How long does it take for Leeds Building Society to issue the offer to the conveyancer?
There is no definitive answer here. Have Leeds Building Society completed the survey? Have you advised Leeds Building Society as to your lawyers' details and checked that your lawyers are on the Leeds Building Society conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I require expedited conveyancing in Millwall as I am under pressure to exchange contracts in less than 3 weeks. Thankfully I do not need a mortgage. Is it possible to avoid the conveyancing searches to save fees and time?
As you are are a cash buyer you are at free not to have searches conducted although no solicitor would advise that you don't. Drawing on our experience of conveyancing in Millwall the following are examples of what can appear and therefore impact future saleability: Enforcement Notices, Outstanding Charges, Overdue Grants, Unadopted Roads,...
I have been on the look out for a leasehold apartment up to £245,000 and found one round the corner in Millwall I like with open areas and railway links nearby, however it only has 49 years on the lease. I can't really find anything else in Millwall in this price bracket, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you need a home loan the remaining unexpired lease term may be a potential deal breaker. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for a minimum of 2 years you could ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor concerning this matter.
I am looking into buying my first house which is in Millwall and I am already nervous. I couldn't find anything specific about Millwall. Conveyancing will be needed in due course but do you know about the Millwall area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Millwall. In the meantime here are some basic statistics that we found
I am looking at a couple of flats in Millwall both have approximately fifty years left on the lease term. should I be concerned?
A lease is a legal document that entitles you to use the premises for a period of time. As the lease gets shorter the value of the lease decreases and results in it becoming more costly to extend the lease. For this reason it is often a good idea to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease because mortgage lenders may be unwilling to lend money on properties of this type. Lease enfranchisement can be a difficult process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this arena.
I have had difficulty in trying to purchase the freehold in Millwall. Can this matter be resolved via the Leasehold Valuation Tribunal?
Most certainly. We are happy to put you in touch with a Millwall conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a Millwall flat is 12, 14 & 16 Hull Close in May 2010. the Tribunal determined that the premium payable for the acquisition of the freehold to the subject premises was the sum of £18,300 This case related to 3 flats. The unexpired term was 101.61 years.