Our Penkridge lawyer has spotted a discrepancy when comparing the assumptions in the home valuation survey and what is in the conveyancing documents. My lawyer informs me that he must ensure that the bank is OK with this discrepancy and is still content to lend. Is my lawyer’s approach correct?
Your 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.
Do the Building Society Association intend to launch a search tool with a view to to identify solicitors on the Melton Mowbray Building Society conveyancing panel for instance in Penkridge?
We are not aware of any intention on the part of the BSA to promote such a tool.
How does conveyancing in Penkridge differ for new build properties?
Most buyers of new build residence in Penkridge approach us having been asked by the developer to sign contracts and commit to the purchase even before the residence is built. This is because builders in Penkridge usually 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 property lawyers 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 accustomed to new build conveyancing in Penkridge or who has acted in the same development.
I am looking for a leasehold apartment up to £245,000 and identified one close by in Penkridge I like with open areas and railway links nearby, the downside is that it only has 49 remaining years left on the lease. I can't really find anything else in Penkridge in this price bracket, so just wondered if I would be making a grave error acquiring a short lease?
Should you need a home loan the shortness of the lease will likely be a potential deal breaker. Discount the offer by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for at least twenty four months you can ask them to 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 consult your conveyancing solicitor about this.
I've recently bought a leasehold property in Penkridge. Am I liable to pay service charges for periods before my ownership?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Penkridge Conveyancing for Leasehold Flats - Sample of Queries before buying
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The majority of Penkridge leasehold flats will have a service charge for the upkeep of the block invoiced by the management company. Should you acquire the property you will have to pay this charge, usually periodically accross the year. This may be anything from a few hundred pounds to thousands of pounds for buildings with lifts and large communal areas. There will also be a rentcharge for you to pay yearly, ordinarily this is not a exorbitant sum, say about £25-£75 but you should to enquire as occasionally it could be many hundreds of pounds. Can you tell me if there are any major works in the planning that will add a premium to the maintenance charges? Who are the managing agents?
My cousin is purchasing a studio flat in Penkridge. He was given a quote by the lawyer connected to the estate agents and it came to £1275 . It was seven years ago since I sold and purchased a home and it cost was £500. Have charges really escalated to that extent?
What does the conveyancing estimate include? Is it just for the legal fees, or what you will be paying in total (for example Penkridge searches, land registry fees, etc)