The Shirehampton conveyancing firm handling our Shirehampton conveyancing has identified an inconsistency when comparing the information in the home valuation survey and what is in the conveyancing documents. My solicitor says that he is obliged to ensure that the lender is happy with this discrepancy and is still content to lend. Is my lawyer’s stance correct?
Your property lawyer must comply with the UK Finance Lenders’ Handbook requirements 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 the registered owner of a freehold residence in Shirehampton but still charged rent, why is this and what is this?
It’s unusual for properties in Shirehampton and has limited impact for conveyancing in Shirehampton but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for hundreds of years, but the Rent Charge Act 1977 barred the establishment of new rentcharges post 1977.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 is to be dispensed with completely.
A colleague suggested that if I am purchasing in Shirehampton I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is usually quoted for as part of the standard Shirehampton conveyancing searches. It is a large document of about 40 pages, listing and detailing important information about Shirehampton around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Shirehampton Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Local Education with maps and statistics, Local Amenities and other useful information about Shirehampton.
I am looking for a ground for flat up to £235,500 and identified one round the corner in Shirehampton I like with amenity areas and transport links nearby, the downside is that it only has 61 remaining years left on the lease. There is not much else in Shirehampton for this price, so just wondered if I would be making a mistake acquiring a short lease?
Should you require a mortgage the remaining unexpired lease term will likely be a potential deal breaker. Discount the price by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the premises for at least twenty four months you may ask them to start the process of the extension and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this.
Should I be suspicious that third parties that I am dealing with are recommending a national conveyancing firm rather than a local Shirehampton conveyancing firm?
As is the case with lots of professional services, often referrals from relatives can be worth their weight in gold. Nevertheless there are numerous people with a vested interest in a conveyancing transaction; estate agents, mortgage brokers and lenders may put forward lawyers to instruct. Sometimes these conveyancers might be known to one of the organisations as being good in their field, but occasionally there exists a commercial relationship behind the recommendation. You are at liberty to select your own lawyer. You need to be aware that some mortgage providers have an approved list of lawyers you are obliged to use for the mortgage related work in your house move.
Is there an average legal costs for conveyancing in Shirehampton?
The average fee in 2014 for conveyancing in Shirehampton was just under one thousand five hundred pounds excluding Land Tax and Land Registry fees.