Our South Wimbledon solicitor has discovered an inconsistency between the surveyor’s assumptions in the valuation survey and what is in the conveyancing documents. My lawyer informs me that he is duty bound to ensure that the lender is happy with this discrepancy and is still content to lend. Is my solicitor’s stance correct?
Your solicitor 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 both parties.
We note that you have a search directory listing law firms on the Nottingham conveyancing panel. Do firms pay you a referral fee if I instruct them for our own conveyancing in South Wimbledon?
We are a listing service only for law firms wishing to communicate if they are on the Nottingham conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in South Wimbledon.
Should our conveyancer be asking questions concerning flooding during the conveyancing in South Wimbledon.
Flooding is a growing risk for lawyers carrying out conveyancing in South Wimbledon. There are those who acquire a property in South Wimbledon, completely expectant that at some time, it may be flooded. However, leaving to one side the physical destruction, if a house is at risk of flooding, it may be difficult to get a mortgage, suitable insurance cover, or sell the premises. There are steps that can be taken during the course of a property purchase to forewarn the purchaser.
Conveyancers are not qualified to impart advice on flood risk, however there are a numerous checks that can be initiated by the purchaser or on a buyer’s behalf which can give them a better appreciation of the risks in South Wimbledon. The standard completed inquiry forms given to a purchaser’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a usual question of the seller to find out whether the property has suffered from flooding. If the property has been flooded in past and is not notified by the owner, then a purchaser may commence a legal claim for losses as a result of such an inaccurate reply. The purchaser’s solicitors should also conduct an enviro report. This should reveal if there is any known flood risk. If so, additional investigations should be conducted.
I am a sole trader hoping to take over a lease of an office on the high street. Can you recommend conveyancers offering fixed fees for commercial conveyancing in South Wimbledon for less than £1,200?
We can recommend firms who have an in-depth of experience of commercial conveyancing in South Wimbledon, including the disposal and purchase of businesses as well as simply premises. Whether you are hoping to acquire or lease a shop, pub, restaurant, office, retail premises or a complete business we can find you the right lawyer. Regarding the charges these will vary based on the structure and heads of terms of the deal. Please provide us with your contact information or call us so that we can furnish you with comprehensive commercial conveyancing calculation.
What are your top tips when it comes to finding a South Wimbledon conveyancing practice to deal with our lease extension?
If you are instructing a property lawyer for your lease extension (regardless if they are a South Wimbledon conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with several firms including non South Wimbledon conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions could be useful:
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If they are not ALEP accredited then what is the reason? What are the legal fees for lease extension work?
After years of negotiations we simply can't agree with our landlord on how much the lease extension should cost for our flat in South Wimbledon. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Where there is a missing freeholder or if there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to make a decision on the sum to be paid.
An example of a Lease Extension decision for a South Wimbledon flat is 14 Nutwell Street in January 2014. The premium payable for the acquisition of a new lease of the subject premises was in the sum of £30,523 This case was in relation to 1 flat. The unexpired residue of the current lease was 62.94 years.
My offer on house in South Wimbledon has been agreed to, the seller does nevertheless have a connected purchase. The owners have offered on somewhere, but it’s not been accepted yet, and are looking at other flats booked. I have selected a nearby conveyancing solicitor in South Wimbledon. What should be my next step? At what point do I apply for the mortgage with Leeds Building Society?
It is standard to have concerns where there is an associated chain given your reluctance to be too out of pocket prematurely (home loan application is approx £1k, then valuation, South Wimbledon conveyancing search costs, etc). First, you should ensure that your conveyancer is on the Leeds Building Society approved list. As to the next steps this very much depends on the uniqueness of your case, desire for this property and on the state of the market. During a buoyant market the majority of home buyers would apply for a home loan with Leeds Building Society and pay for the valuation and only if it was satisfactory would they request their lawyer to move forward with searches.