The Penkridge conveyancing firm handling our Penkridge conveyancing has discovered an inconsistency between the assumptions in the home valuation survey and what is in the conveyancing documents. My lawyer has advised that he is duty bound to check that the bank is OK with this discrepancy and is still content to lend. Is my conveyancer’s stance appropriate?
Your lawyer must comply with the UK Finance Lenders’ Handbook specifications 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 have recentlyfound out that Arc property Solicitors have closed. They carried out my conveyancing in Penkridge for a purchase of a freehold house 12 months ago. How can I check that my home is in my name in the name of the previous owner?
The easiest method to check if the premises is in your name, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Penkridge conveyancing specialists.
How does conveyancing in Penkridge differ for newly converted properties?
Most buyers of new build or newly converted property in Penkridge contact us having been asked by the builder to sign contracts and commit to the purchase even before the premises is finished. This is because house builders in Penkridge tend to buy 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 Penkridge or who has acted in the same development.
I have been on the look out for a leasehold apartment up to £235,500 and found one round the corner in Penkridge I like with amenity areas and station in the vicinity, the downside is that it's only got 61 remaining years left on the lease. I can't really find anything else in Penkridge suitable, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you require a home loan that many years will be problematic. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the property for at least 2 years you may request that they start the process of the extension 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 consult your conveyancing lawyer regarding this matter.
I am tempted by the attractive purchase price for a two maisonettes in Penkridge which have about fifty years remaining on the lease term. Do I need to be concerned?
A lease is a legal document that entitles you to use the property for a prescribed time frame. As the lease gets shorter the saleability of the lease reduces and it becomes more expensive to extend the lease. This is why it is generally wise to increase the term of the lease. It is often difficult to sell a property with a short lease as mortgage companies may be unwilling to lend money on properties of this type. Lease extension can be a difficult process. We recommend you get professional assistance from a solicitor and surveyor with experience in this area.
Leasehold Conveyancing in Penkridge - A selection of Queries Prior to Purchasing
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What is the length of the lease? Does the lease contain onerous restrictions? This information is helpful as a) areas may cause problems for the building as the common areas may begin to deteriorate if repairs remain unpaid b) if the leaseholders have a dispute with the managing agents you will need to know about it
Are all Penkridge property lawyers on every bank conveyancing panel?
The Lexsure search tool on this page may be of use or you can go into your high street bank branch in Penkridge. the probability is that they can recommend conveyancing solicitors in Penkridge