My Radford conveyancer has discovered a difference when comparing the assumptions in the home valuation survey and what is in the legal papers for the property. My solicitor informs me that he is duty bound to check that the lender is happy with this discrepancy and is still content to lend. Is my conveyancer’s course or action legitimate?
Your lawyer must comply with the UK Finance Lenders’ Handbook conditions 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.
Is there a reason why leasehold purchase conveyancing in Radford is more expensive?
The conveyancing charges on a leasehold premises in Radford is often more expensive when contrasted to a freehold acquisition or disposal. This is due to the extra investigations necessary in liaising with the landlord and managing agents to obtain evidence about whether the rent and service charges have been cleared and whether there are any large sums expected to be spent in the foreseeable future on repairs or maintenance of the block.
I am buying a right to buy a flat in Radford. Conveyancing solicitors are said to be ‘a necessary evil’ but can I do it myself?
Leaving aside the complexities and merits of DIY conveyancing in Radford you will have to appoint a solicitor on your bank's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Radford.
I just bought a flat at auction in Radford. Conveyancing is necessary. What happens now?
Now that you have for in every practical sense signed on the dotted line you should choose a conveyancing practitioner as a matter of urgency as you are faced with a pending a fixed date to complete the conveyancing. An auction property will ordinarily have a bespoke auction set of papers. This should include most,if not all of the documents that your lawyer requires. Where you are dealing with leasehold property the legal papers should include a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork specific to a leasehold property. You should hand this to the conveyancer working for you at the earliest opportunity. Do make sure that you have funds in place to complete on the on the contractual date .
When it comes to lenders such as Skipton, do Radford lawyers face a yearly amount to be on the list of approved solicitors?
We are unaware of any mortgage company fees to register on their panel, although some do levy an administration fee to deal with the processing of the conveyancing panel application.
I have today made my last payment due on my mortgage with UBS. I assume I don't need a Radford lawyer on the UBS panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your UBS mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the UBS mortgage from the register. UBS, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where UBS has sent the Land Registry the discharge electronically, and
- UBS has instructed the Land Registry to do so
I opted to have a survey done on a property in Radford prior to appointing lawyers. I have been informed that there is a flying freehold aspect to the house. The surveyor advised that some mortgage companies will not give a loan on this type of house.
It varies from the lender to lender. Lloyds has different requirements for example to Halifax. Should you wish to call us we can check with the relevant lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Radford. Conveyancing will be smoother if you use a solicitor in Radford especially if they are acquainted with such properties in Radford.
When it comes to leasehold conveyancing in Radford what are the most frequent lease defects?
Leasehold conveyancing in Radford is not unique. All leases are unique and drafting errors can sometimes mean that certain clauses are not included. The following missing provisions could result in a defective lease:
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Service charge per centages that don't add up correctly leaving a shortfall Repairing obligations to or maintain elements of the premises
You will encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Nationwide Building Society, The Mortgage Works, and Alliance & Leicester all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, forcing the purchaser to pull out.
I inherited a 1 bedroom flat in Radford, conveyancing formalities finalised April 1996. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Radford with an extended lease are worth £190,000. The ground rent is £45 charged once a year. The lease comes to an end on 21st October 2087
With just 62 years unexpired the likely cost is going to be between £17,100 and £19,800 plus legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of detailed investigations. Do not use the figures in tribunal or court proceedings. There may be other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.