My Mudeford lawyer has spotted a discrepancy between the information in the home valuation survey and what is revealed within the conveyancing documents. My solicitor informs me that he must check that the lender is OK with this discrepancy and is content to go ahead. Is my solicitor’s course or action appropriate?
Your property 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.
Is there a reason why leasehold purchase conveyancing in Mudeford costs more?
Mudeford 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.
I am the single recipient of my late father’s will with all property in now in my sole name, including the my former home in Mudeford. The Mudeford property was put into my name in January. I plan to dispose of the property. I do know about the CML 6 month 'rule', meaning my property ownership will be treated the same way as though I had purchased the house in January. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook instructs conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be affected by that. many lenders would take a sensible view as this provision is chiefly there to pick up on the purchase and immediately sell or the flipping of properties.
After weeks of negotiation I have agreed a price on a house in Mudeford. My financial adviser pressured me to appoint their property lawyer. I paid an advanced payment of £175. Not long after, the conveyancing practitioner contacted me sheepishly admitting that they were not on the Nationwide conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Nationwide panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I have instructed a Mudeford lawyer having checked that they are on the Kent Reliance conveyancing panel. Does my lawyer arrange the survey of the property?
Kent Reliance will need an independent valuation of the property. Your lawyer will not arrange this. Usually Kent Reliance will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your conveyancing practitioner will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Mudeford postcode. As you are getting a mortgage with Kent Reliance, you could contact them to see if they have a list of approved surveyors in Mudeford.
Over the last few months I have been searching for a ground for flat up to £245,000 and identified one near me in Mudeford I like with a park and transport links nearby, however it only has 49 remaining years left on the lease. There is not much else in Mudeford for this price, so just wondered if I would be making a grave error acquiring a short lease?
If you require a mortgage that many years will be problematic. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for a minimum of twenty four months you may request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this.
I am thinking of appointing a conveyancing practitioner in Mudeford for my remortgage. Can I review a firm’s record with the legal regulator?
You can see published Solicitor Regulator Association (SRA) decisions arising from inquisitions from 2008 onwards. Go to Check a solicitor's record. To find details about the period before 1 January 2008, or to check a firm's record, call 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For callers outside the UK, dial +44 (0)121 329 6800. The regulator may recorded call for training reasons.
Having checked my lease I have discovered that there are only Seventy years left on my lease in Mudeford. I now want to get lease extension but my freeholder is missing. What options are available to me?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the magistrate. However, you will be required to prove that you have made all reasonable attempts to locate the landlord. For most situations a specialist may be useful to try and locate and to produce an expert document to be used as evidence that the freeholder can not be located. It is wise to seek advice from a property lawyer both on investigating the landlord’s disappearance and the application to the County Court covering Mudeford.
I bought a split level flat in Mudeford, conveyancing formalities finalised 8 years ago. Can you work out an approximate cost of a lease extension? Comparable properties in Mudeford with an extended lease are worth £190,000. The ground rent is £65 invoiced annually. The lease expires on 21st October 2086
With 61 years unexpired we estimate the premium for your lease extension to range between £19,000 and £22,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs without more comprehensive investigations. You should not use this information in tribunal or court proceedings. There may be other concerns that need to be taken into account and clearly you want to 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.