My Northam solicitor has uncovered a discrepancy between the assumptions in the valuation report and what is revealed within the conveyancing documents. My solicitor informs me that he needs to check that the lender is happy with this discrepancy and is still content to lend. Is my solicitor’s course or action legitimate?
Your lawyer 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 selling my apartment. I had a double glazing fitted in July 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, RBS are being a right pain. The Northam solicitor who is on the RBS conveyancing panel is saying indemnity insurance will be fine but RBS are insisting on a building regulation certificate. Why do RBS have a conveyancing panel if they don't accept advice from them?
It is probably the case that RBS have referred the matter to their valuer. The reason why RBS may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
Having digested plenty of house buying guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Northam solicitor - who is on the Kent Reliance conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
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. You may wish to consider appointing your own Northam surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
Virgin Money have agreed my home loan in principle, my bid on a house in Northam has been accepted, what happens next?
Your property agent will wish to know who your solicitors are (ensure that the property lawyers are on the bank’s approved list). Call up Virgin Money or the broker and complete any appropriate paperwork. Virgin Money will sellect a valuer who will get in contact with the selling agent or owners to schedule a time for the valuation to occur. Once carried out (assuming no problems) it takes about a week to receive the mortgage offer. Virgin Money will issue the offer to you and your property lawyers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Northam.
Should commercial conveyancing searches reveal proposed roadworks that could affect a commercial estate in Northam?
Its becoming the norm that commercial conveyancing solicitors in Northam will carry out a SiteSolutions Highways report as it reduces the time that conveyancers invest in investigating accurate data on highways that impact buildings and development assets in Northam. The report sets out definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Northam.
For each commercial conveyancing transaction in Northam it is crucial to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been addressed adequately can result in delays to Northam commercial conveyancing transactions as well as present a risk to future plans for the site. These searches are not ordered for domestic conveyancing in Northam.
How does conveyancing in Northam differ for new build properties?
Most buyers of new build property in Northam come to us having been asked by the builder to exchange contracts and commit to the purchase even before the property is built. This is because house builders in Northam typically acquire 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 conveyancers 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 used to new build conveyancing in Northam or who has acted in the same development.
I am hoping to put an offer on a small detached house that appears to be perfect, at a great price which is making it more attractive. I have since found out that the title is leasehold as opposed to freehold. I would have thought that there are issues purchasing a leasehold house in Northam. Conveyancing lawyers have not yet been instructed. Will my lawyers set out the risks of buying a leasehold house in Northam ?
The majority of houses in Northam are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area who can assist with the conveyancing process. it is apparent that you are purchasing in Northam so you should seriously consider looking for a Northam conveyancing practitioner and be sure that they are used to transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example obtaining the landlord’sconsent to conduct alterations. It may be necessary to pay a maintenance charge towards the maintenance of the estate where the property is located on an estate. Your lawyer will report to you on the legal implications.
I acquired a leasehold flat in Northam, conveyancing having been completed in 1995. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Northam with a long lease are worth £179,000. The ground rent is £65 charged once a year. The lease finishes on 21st October 2082
With just 57 years remaining on your lease we estimate the price of your lease extension to range between £26,600 and £30,800 as well as legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more detailed investigations. Do not use this information in tribunal or court proceedings. There may be additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.
My brother-in-law has suggested I instruct a conveyancing solicitor in Northam. I I would like to check if they are on the lender's approved list of lawyers. Can you advise?
You should contact the lawyer to enquire if they are on the lender's panel. Alternatively please get in touch with us and we can investigate and revert. Should the firm not be on the bank panel we we can help find a quality conveyancing solicitor in Northam on the panel for your lender.