The Sheffield conveyancing firm handling our Sheffield conveyancing has discovered a discrepancy between the surveyor’s assumptions in the home valuation report and what is revealed within the conveyancing documents. My lawyer says that he must check that the bank is happy with this discrepancy and is still content to lend. Is my lawyer’s stance right?
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 am mortgaging my apartment in Sheffield, does my lawyer have to be on the Santander Solicitor panel?
In theory, you could use a solicitor that is not on the Santander conveyancing panel, but Santander would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.
Should our lawyer be asking questions about flooding during the conveyancing in Sheffield.
The risk of flooding is if increasing concern for conveyancers dealing with homes in Sheffield. Some people will purchase a property in Sheffield, completely expectant that at some time, it may be flooded. However, leaving to one side the physical destruction, if a property is at risk of flooding, it may be difficult to get a mortgage, suitable building insurance, or sell the property. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Solicitors are not qualified to offer advice on flood risk, but there are a various searches that can be carried out by the purchaser or by their lawyers which will figure out the risks in Sheffield. The conventional set of property information forms sent to a purchaser’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a standard question of the owner to find out whether the premises has ever been flooded. In the event that the property has been flooded in past and is not notified by the vendor, then a purchaser could issue a legal claim for losses as a result of such an misleading reply. The purchaser’s lawyers may also conduct an enviro search. This will reveal if there is any known flood risk. If so, further inquiries will need to be carried out.
Are there restrictive covenants that are commonly identified as part of conveyancing in Sheffield?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Sheffield. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Due to the input of my in-laws I had a survey completed on a property in Sheffield ahead of instructing conveyancers. I have been informed that there is a flying freehold element to the house. My surveyor advised that some banks tend refuse to give a loan on a flying freehold home.
It depends who your proposed lender is. HSBC has different requirements for example to Nationwide. Should you wish to call us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Sheffield. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Sheffield to see if the conveyancing will be more expensive.
I am intending to let out my leasehold apartment in Sheffield. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?
Some leases for properties in Sheffield do contain a provision to say that subletting is only allowed with permission. The landlord is not entitled to unreasonably refuse but, in such cases, they would need to review references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.
I invested in buying a ground floor flat in Sheffield, conveyancing formalities finalised 10 years ago. Can you work out an approximate cost of a lease extension? Corresponding flats in Sheffield with a long lease are worth £202,000. The ground rent is £55 invoiced every year. The lease comes to an end on 21st October 2081
With only 56 years remaining on your lease we estimate the price of your lease extension to be between £29,500 and £34,000 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.