The North Sheen conveyancing firm handling our North Sheen conveyancing has identified a difference between the assumptions in the home valuation report and what is in the conveyancing documents. My solicitor says that he must check that the lender is OK with this discrepancy and is content to go ahead. Is my solicitor’s approach appropriate?
Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook requirements 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.
I am the registered owner of a freehold residence in North Sheen yet pay rent, why is this and what is this?
It is rare for properties in North Sheen and has limited impact for conveyancing in North Sheen but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back many centuries, but the Rent Charge Act 1977 barred the establishment of new rentcharges post 1977.
Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be dispensed with completely.
My Conveyancer in North Sheen has never been on on the Halifax Conveyancing Panel. Is it possible for me to retain my prefered solicitor notwithstanding that they are not on the Halifax list of approved lawyers?
The limited options open to you here include:
- Carry on with your existing North Sheen solicitors but Halifax will need to use a solicitor on their panel. This will result in additional total conveyancing charges and result in delays.
- Choose a new solicitor to act in the conveyancing, remembering to check they are on the Halifax panel
four months have elapsed following my purchase conveyancing in North Sheen completed. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am looking for a ground for flat up to £195,000 and identified one round the corner in North Sheen I like with a park and railway links in the vicinity, the downside is that it only has 49 remaining years left on the lease. I can't really find anything else in North Sheen in this price bracket, so just wondered if I would be making a mistake buying a short lease?
Should you need a mortgage the shortness of the lease will likely be a potential deal breaker. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of 2 years you could ask them to start the process of the extension and pass 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 solicitor about this.
Why do I have to provide my lawyer with various items of ID before I can proceed with my conveyancing in North Sheen?
North Sheen conveyancers are obliged by the Law Society, Solicitors Regulation Authority, HMLR and current Money Laundering Regulations to certify that the have verified the identity of their clients. It is also sometimes a requirement of your bank if you are obtaining a mortgage. In addition they have to complete various forms, particularly those relating to Land Tax and need to have details such as your full names, NI number and DOB.