The Penrith conveyancing firm handling our Penrith conveyancing has discovered an inconsistency when comparing the surveyor’s assumptions in the home valuation report and what is revealed within the title deeds. My lawyer says that he is duty bound to check that the lender is OK with this discrepancy and is still content to lend. Is my lawyer’s course or action appropriate?
Your conveyancer 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.
Please explain the implications if my lawyer’s firm is suspended from the Lloyds Conveyancing panel ahead of completing my conveyancing in Penrith?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
Due to the guidance of my in-laws I had a survey completed on a property in Penrith prior to appointing conveyancers. I have been advised that there is a flying freehold overhang to the house. The surveyor advised that some banks will not give a mortgage on such a house.
It varies from the lender to lender. Bank of Scotland has different requirements from Nationwide. Should you wish to call us we can look into this further via the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Penrith. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Penrith to see if the conveyancing costs will increase in light of this.
My cousin has recommend that I use his lawyers for conveyancing in Penrith. Should I find my own property lawyer?
Much as we are happy to recommend a Penrith conveyancing lawyer it’s preferable to select a conveyancing practitioner is to have referrals from friends or relatives who have actually previously instructed the solicitor that you are contemplating using.
I am a negotiator for a long established estate agency in Penrith where we have witnessed a few flat sales derailed due to short leases. I have received conflicting advice from local Penrith conveyancing firms. Can you clarify whether the owner of a flat can initiate the lease extension process for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Penrith Leasehold Conveyancing - Sample of Questions you should consider Prior to Purchasing
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How much is the service charge and ground rent on the property? How many of the leaseholders are in arrears for their service charge payments? The prefered form of lease arrangement is where the freehold reversion is in the ownership of the leaseholders. In this situation the leaseholders enjoy control and even though a managing agent is usually employed if it is bigger than a house conversion, the managing agent is directed by the tenants.
What can I do to find out who is the owner of a property in Penrith?
Provided the property is recorded at HM Land Registry, and you have requisite specifics of the location of the property, you should be able to see details from the the Land Registry of the registered proprietor for a for less than a fiver.