The Rye conveyancing firm handling our Rye conveyancing has uncovered an inconsistency when comparing the surveyor’s assumptions in the valuation report and what is in the legal papers for the property. My lawyer informs me that he needs to check that the lender is happy with this discrepancy and is still content to lend. Is my lawyer’s stance appropriate?
Your conveyancer 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.
I had intended to instruct a conveyancing solicitor in Rye for our home move. Our financial adviser has since advised us that our mortgage company Lloyds TSB Bank won't deal with them. Why is this not regarded as unfair competition?
A bank can direct that an approved solicitor act for it. You would be expected to meet the charges for this. Do use our database to get a quote from a solicitor to carry conveyancing in Rye on the Lloyds TSB Bank approved list of solicitors.
Due to the advice of my in-laws I had a survey completed on a house in Rye prior to appointing lawyers. I have been advised that there is a flying freehold element to the property. Our surveyor has said that some lenders may refuse to issue a mortgage on such a property.
It varies from the lender to lender. Lloyds has different instructions from Halifax. If you contact us we can investigate 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 Rye. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Rye to see if the conveyancing costs will increase in light of this.
I was recommended by a number of property agents in Rye to choose a property lawyer using your seach tool. Is there a financial upside for Estate Agents to market your site ahead of alternative conveyancing organisations?
We don’t offer any financial incentive for sending work to this site. We thought it would be too underhand a fee because members of the public would think, ‘Why is the agent getting a kickback? Why aren’t I receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
I have just appointed agents to market my garden flat in Rye. Conveyancing has not commenced, however I have recently had a quarterly service charge invoice – what should I do?
It best that you discharge the invoice as normal because all rents and maintenance payments will be allotted as part of the financial calculations for completion monies, so you will be reimbursed by the purchaser for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
Rye Leasehold Conveyancing - Sample of Questions you should ask before buying
-
Are there any major works in the near future that will likely add a premium to the service fees? Plenty Rye leasehold properties will be liable to pay a service bill for the upkeep of the building levied on behalf of the freeholder. If you buy the flat you will have to pay this charge, usually quarterly throughout the year. This could differ from a couple of hundred pounds to thousands of pounds for large purpose-built blocks. There will also be a ground rent for you to pay annual, normally this is not a exorbitant amount, say about £25-£75 but you need to check as on occasion it could be surprisingly expensive. How many of the leaseholders are in arrears for their maintenance charge payments?
22 days into purchasing a house in Rye. Conveyancing solicitor has told us the property is "Leasehold". Does this impact the salability of the house?
Rye conveyancing does not in most situations involve leasehold houses. The crucial consideration here is the length of lease and the ground rent. If it's 999 years with a peppercorn rent, it's almost the same as freehold, so it shouldn't impact the value too much.
At the other extreme, if it's, say, 50 years it will have a significant effect on the saleability, and most likely wouldn't be mortgageable. The length of lease and ground rent will be stated in the lease which should be made available to your lawyer.