The Potton conveyancing firm handling our Potton conveyancing has uncovered a difference between the surveyor’s assumptions in the home valuation survey and what is revealed within the title deeds. My solicitor has advised that he must check that the lender is OK with this discrepancy and is content to go ahead. Is my lawyer’s course or action correct?
Your property 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.
Do I need to visit the offices of the solicitor to sign the legal charge? If so, I will choose one who does conveyancing in Potton so that I can pop in to their offices if required.
Nowadays conveyancing panel lawyers for banks carry out their communications via Royal Mail, internet or over the phone. This enables them to conduct the conveyancing transaction regardless of where you live in the country. Nevertheless you can check if you have the option of going to the offices of your conveyancing lawyer if needed.
I have been told that property searches are a common cause of delay in Potton conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) published findings of research by MoveWithUs that conveyancing searches do not figure amongst the most frequent causes of delays in the conveyancing process. Local searches are unlikely to be the root cause of slowing down conveyancing in Potton.
Me and my brother have a renovated Edwardian property in Potton. Conveyancing practitioner acted for me and Lloyds TSB Bank. I happened to do a free search for it on the Land Registry database and there are two entries: the first freehold, another for leasehold with the exact same address. If a house is not a freehold shouldn't I have been informed?
You need to read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Potton and other areas of the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with lenders. You can also enquire as to the position with your conveyancing lawyer who completed the work.
I am looking to sell my house. My former solicitors closed down. I would be grateful for any recommendation of a conveyancing firm. I happen to live in Potton if that makes a difference.
Please use our search tool to help you find a solicitor for your conveyancing in Potton. We have connected thousands of home buyers and sellers with lender approved solicitors to ensure that the legalities of their house move goes smoothly.
I work for a busy estate agency in Potton where we have experienced a number of flat sales put at risk as a result of short leases. I have received inconsistent advice from local Potton conveyancing firms. Can you shed some light as to whether the seller of a flat can initiate the lease extension formalities 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 kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to wait 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 disposal of the property.
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.
I acquired a 1 bedroom flat in Potton, conveyancing was carried out half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar properties in Potton with an extended lease are worth £260,000. The ground rent is £45 levied per year. The lease terminates on 21st October 2099
With 74 years left to run we estimate the price of your lease extension to be between £8,600 and £9,800 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.