The Mountsorrel conveyancing firm handling our Mountsorrel conveyancing has discovered an inconsistency between the surveyor’s assumptions in the home valuation report and what is revealed within the conveyancing documents. My lawyer informs me that he needs to ensure that the bank is happy with this discrepancy and is still content to lend. Is my conveyancer’s stance legitimate?
Your solicitor 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.
Should our conveyancer be asking questions regarding flooding as part of the conveyancing in Mountsorrel.
Flooding is a growing risk for conveyancers conducting conveyancing in Mountsorrel. Some people will purchase a property in Mountsorrel, completely aware that at some time, it may be flooded. However, leaving to one side the physical damage, where a house is at risk of flooding, it may be difficult to obtain a mortgage, suitable insurance cover, or sell the property. Steps can be carried out during the course of a house purchase to forewarn the buyer.
Conveyancers are not best placed to offer advice on flood risk, but there are a number of checks that can be undertaken by the purchaser or on a buyer’s behalf which will figure out the risks in Mountsorrel. The standard property information forms sent to a buyer’s lawyer (where the Conveyancing Protocol is adopted) incorporates a standard question of the seller to discover if the premises has suffered from flooding. In the event that the residence has been flooded in past and is not revealed by the owner, then a buyer could bring a legal claim for losses as a result of such an incorrect response. The purchaser’s conveyancers will also conduct an environmental search. This will higlight if there is a recorded flood risk. If so, further investigations will need to be carried out.
Are there restrictive covenants that are commonly identified as part of conveyancing in Mountsorrel?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Mountsorrel. 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…’
Am I better off to appoint a Mountsorrel conveyancing solicitor in close proximity to the house I am buying? I have an old university friend who can carry out the legal work but his firm is located 300kilometers drive away.
The primary upside of using a local Mountsorrel conveyancing practice is that you can attend the office to execute paperwork, present your identification documents and apply pressure on them if necessary. Having local Mountsorrel know how is a plus. However it's more important to get someone that will do a good and efficient job. If you know people who instructed your friend and the majority were happy that must outweigh using an unfamiliar Mountsorrel conveyancing solicitor solely due to them being local.
I have just started marketing my basement flat in Mountsorrel. Conveyancing has not commenced, however I have recently received a quarterly service charge demand – should I leave it to the buyer to sort out?
It best that you pay the invoice as usual because all ground rent and service payments should be allotted on completion, so you should recover the relevant percentage by the buyer for the period running from after the completion date to the subsequent invoice date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I am the registered owner of a studio flat in Mountsorrel, conveyancing having been completed 3 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar properties in Mountsorrel with an extended lease are worth £202,000. The ground rent is £60 charged once a year. The lease expires on 21st October 2081
With 56 years unexpired we estimate the price of your lease extension to span between £29,500 and £34,000 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more detailed investigations. Do not use this information in tribunal or court proceedings. There may be other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.
Me and my husband have today had a bid accepted on our first house in Mountsorrel, and are now looking to get solicitors appointed. We have utilised the different comparison tools and the fee estimates are from all over the England and Wales. Is it essential to have a Mountsorrel property lawyer local to our prospective new home? I am willing to do everything electronically, but I am thinking at some stage we may need to physically go into the solicitor's office to sign documents?
The conveyancer does not have to be in Mountsorrel, but choosing local means that you can go in if needed, for instance, if a signature is needed urgently. In addition, a Mountsorrel solicitor have established relationships with local agents and (if the vendor has chosen a local property lawyer) with them, which will help keep things moving faster.