I have 71 years left on my lease and require a lease extension for my apartment in Plymouth. Conveyancing solicitors on the Bank of Ireland panel can deal with such extensions correct?
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are securing a mortgage then your lender may insist that the lease be extended before competition. Bank of Ireland have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 14/12/2024 the requirements read as follows :
five months have gone by since my purchase conveyancing in Plymouth took place. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £215,000. 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 asset 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.
Due to the encouragement of my in-laws I had a survey completed on a house in Plymouth before appointing lawyers. I have been advised that there is a flying freehold element to the property. The surveyor advised that some banks will refuse to issue a mortgage on a flying freehold property.
It depends who your proposed lender is. Lloyds has different requirements for example to Halifax. Should you wish to call us we can check via the relevant bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Plymouth. Conveyancing will be smoother if you use a solicitor in Plymouth especially if they are accustomed to such properties in Plymouth.
I am using a search engine for the words cheap conveyancing in Plymouth it reveals many conveyancersin the vicinity. How do I determine which is the right solicitor for purchase transaction?
The best method of choosing a suitable conveyancer is through a trusted referral, so seek the guidance of colleagues and family who have purchased a property in Plymouth or a respected estate agent or mortgage broker. Fees for conveyancing in Plymouth vary, so it's a good idea to obtain a minimum of three quotes from different companies. Make sure that you know what costs in the quote includes.
What are your top tips when it comes to finding a Plymouth conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a property lawyer for lease extension works (regardless if they are a Plymouth conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggest that you make enquires with two or three firms including non Plymouth conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. The following questions could be helpful:
-
What are the costs for lease extension conveyancing?
Leasehold Conveyancing in Plymouth - Sample of Queries before buying
-
It would be sensible to find out as much as possible regarding the managing agents as they will impact your use and enjoyment of the property. As the owner of a leasehold property you are frequently in the clutches of the managing agents from a financial perspective and when it comes to day to day issues such as the upkeep of the communal areas. Ask prospective neighbours what they think of their management. In conclusion, be sure you understand the dates that you are obliged pay the service charge to the managing agents and precisely how they are spending that money. Can you tell me if there are any major works anticipated that will likely add a premium to the service fees? What is the maintenance charge and ground rent on the flat?
Our conveyancer in Plymouth is asking me for identification documents stating that this forms part of his requirements as a solicitor on the mortgage company Conveyancing panel. Is this right?
Anti-terror and anti-money-laundering rules require Plymouth conveyancing solicitors and licensed conveyancers to verify the identity of the person or body they are dealing with before they can accept their conveyancing business. The Terms and Conditions that you need to sign will no doubt confirm this. Your lawyer is right that the bank also require certain documents to be viewed. If a you refuse to provide ID verification documents, your conveyancer would not be able to accept instructions from you. Your lawyer also has obligations to obtain certain documents in accordance with the bank's UK Finance Lenders’ Handbook requirements