My Sandy conveyancer has spotted an inconsistency between the information in the valuation report and what is in the conveyancing documents. My solicitor has advised that he is obliged to check that the lender is OK with this discrepancy and is content to go ahead. Is my solicitor’s stance right?
Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook specifications 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.
Will lawyers ask for money up-front when it comes to conveyancing in Sandy?
If you are buying a property in Sandy your solicitor will ask you put them with funds to cover the search fees. Generally this is called for to cover the fees of the conveyancing searches. When the deposit is as part of the sale price then this will be asked for immediately ahead of exchange of contracts. Any further balance that is due should be sent to your lawyer a few days prior to the day of completion.
It has been 2 months since my purchase conveyancing in Sandy concluded. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £160,000. 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 premises 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.
The estate agent has sent us the confirmation of our purchase of a new build flat in Sandy. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Here are examples of a few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Sandy
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The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. There must be mutual enforceability of lessee’s covenants. Please supply a car parking plan. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified.
I have been pointed in your direction by a few property agents in Sandy to locate a conveyancer using your seach tool. Is there a financial incentive for Estate Agents to recommend your lawyers ahead of a competitor’s?
We don’t give any referral fee for sending work to this site. We found it would be just too difficult to pay a commission because a client could think, ‘Why is the agent getting a kickback? Why am I not receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
I've found a house that seems to be perfect, at a great figure which is making it more attractive. I have subsequently been informed that the title is leasehold rather than freehold. I would have thought that there are issues buying a house with a leasehold title in Sandy. Conveyancing solicitors have are soon to be instructed. Will they explain the issues?
The majority of houses in Sandy are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area who can assist with the conveyancing process. It is clear that you are purchasing in Sandy so you should seriously consider looking for a Sandy conveyancing solicitor and check that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as obtaining the landlord’sconsent to conduct alterations. You may also be required to pay a contribution towards the upkeep of the estate where the house is part of an estate. Your solicitor should advise you fully on all the issues.
I bought a leasehold flat in Sandy, conveyancing having been completed in 2007. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in Sandy with over 90 years remaining are worth £201,000. The average or mid-range amount of ground rent is £45 yearly. The lease finishes on 21st October 2090
With only 65 years unexpired the likely cost is going to range between £13,300 and £15,400 plus costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There may be other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.