My Sandown lawyer has spotted a difference between the information in the valuation report and what is revealed within the title deeds. My lawyer informs me that he is duty bound to check that the bank is happy with this discrepancy and is still content to lend. Is my conveyancer’s approach correct?
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 you.
My bid for a property was accepted at auction in Sandown. Conveyancing is required. What happens now?
Having exchanged you must hire the services of a conveyancing solicitor quickly as you now have a pending deadline in which to complete the transaction. Every auction property will have a corresponding auction pack. This will likely include evidence of title and search results. If you have purchased leasehold premises the auction papers should provide a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork specific to leasehold premises. You need to give this to your appointed conveyancing solicitor as soon as possible. Do make sure that you have funds in order to complete on the on the contractual date .
I happen to be the only beneficiary of my late grandmother’s estate with all property in now in my sole name, including the my former home in Sandown. Conveyancing formalities meant that the Land Registry date was in January. I want to move. I understand that there is a Mortgage Lenders 6 month 'rule', which means that my proprietorship will be regarded the same way as if I'd bought the house in January. Do I have to wait half a year to sell?
The Council of Mortgage Lenders’ handbook obliges solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be affected by that. Some lenders would take a practical view as this provision is chiefly there to capture subsales or the quick reselling of property.
I recently had an offer agreed on a house in Sandown. My mortgage broker recommended their conveyancers. I paid an upfront payment of £225. Shortly after, the solicitor called me embarrassingly acknowledging that they were not on the Santander conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Santander panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
2 months have elapsed since my purchase conveyancing in Sandown took place. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £180,000. 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 residence 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.
I have been on the look out for a flat up to £235,500 and found one close by in Sandown I like with a park and transport links nearby, however it only has 52 years on the lease. I can't really find anything else in Sandown for this price, so just wondered if I would be making a grave error buying a short lease?
Should you require a home loan the remaining unexpired lease term may be problematic. Discount the price by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the property for at least 2 years you can ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this.
My husband and I are FTB’s - had an offer accepted, but the property agent informed us that the seller will only issue a contract if we appoint their chosen solicitors as they need an ‘expedited deal’. Our preferred option is to instruct a local solicitor used to conveyancing in Sandown
It is improbable the sellers are driving this. Should the vendor desire ‘a quick sale', turning down a serious buyer is going to damage their objectives. Speak to the owners direct and make sure they understand (a)you are motivated buyers (b)you are excited to move forward, with finances arranged © you are chain free (d) you wish to move quickly (e)however you will continue to appoint your preferred Sandown conveyancing lawyers - as opposed tothe ones that will provide their estate agent a commission or hit his conveyancing thresholds pre-set by corporate headquarters.
What makes a Sandown lease problematic?
There is nothing unique about leasehold conveyancing in Sandown. All leases are unique and legal mistakes in the legal wording can result in certain sections are missing. The following missing provisions could result in a defective lease:
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A provision for the recovery of money spent for the benefit of another party. Repairing obligations to or maintain parts of the premises
A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Santander, Bank of Scotland, and Platform Home Loans Ltd all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, forcing the buyer to withdraw.
Sandown Leasehold Conveyancing - A selection of Questions you should ask Prior to buying
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Please inform me if there are any major works in the near future that will likely add a premium to the maintenance costs? What is the length of the lease? What is the annual service fee and ground rent?