The South Yorkshire conveyancing firm handling our South Yorkshire conveyancing has uncovered a discrepancy when comparing the assumptions in the valuation survey and what is revealed within the legal papers for the property. 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 lawyer’s approach 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.
Should commercial conveyancing searches disclose proposed roadworks that could impact a commercial land in South Yorkshire?
Many commercial conveyancing solicitors in South Yorkshire will order a SiteSolutions Highways report as it reduces the time that conveyancers spend in investigating accurate data on highways that impact buildings and development assets in South Yorkshire. The report sets out definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in South Yorkshire.
For each commercial conveyancing transaction in South Yorkshire it is critical to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been dealt with adequately could result in delays to South Yorkshire commercial conveyancing transactions as well as pose a risk to future intentions for the site. These searches are not ordered for residential conveyancing in South Yorkshire.
About to purchase a new build flat in South Yorkshire. Conveyancing is a frightening process 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 is a sample of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in South Yorkshire
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Forfeiture - bankruptcy or liquidation must not apply under this provision. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Please confirm the Lease plans are architect prepared.
Over the last few months I have been searching for a ground for flat up to £245,000 and found one close by in South Yorkshire I like with amenity areas and railway links nearby, the downside is that it only has 52 remaining years left on the lease. I can't really find anything else in South Yorkshire in this price bracket, so just wondered if I would be making a mistake acquiring a short lease?
Should you require a home loan the shortness of the lease will be a potential deal breaker. Reduce the price by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the premises for a minimum of 2 years you may request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should consult your conveyancing solicitor about this.
We are 17 days into a residential purchase having been referred to solicitors by the high street agent to carry out the conveyancing in South Yorkshire. I am am starting to be disappointed with the level of service. Can you help me find new solicitors?
A solicitor would need to be very bad to suggest diss instructing them. Has your loan offer been generated? If so you must make them aware of the replacement solicitor and have the offer are re-issued. Your new conveyancer needs to be on the lenders panel to avoid escalating costs and frustration. So that should be your starting point. The search tool can help you find a bank approved lawyer for your home move in South Yorkshire
I only have Fifty years unexpired on my flat in South Yorkshire. I now want to extend my lease but my landlord is absent. What options are available to me?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the magistrate. However, you will be required to prove that you or your lawyers have made all reasonable attempts to find the freeholder. On the whole a specialist should be useful to carry out a search and to produce a report to be accepted by the court as proof that the landlord can not be located. It is advisable to get professional help from a conveyancer in relation to devolving into the landlord’s disappearance and the application to the County Court covering South Yorkshire.
I purchased a studio flat in South Yorkshire, conveyancing formalities finalised in 2002. How much will my lease extension cost? Equivalent flats in South Yorkshire with a long lease are worth £185,000. The ground rent is £65 yearly. The lease comes to an end on 21st October 2085
With just 60 years unexpired we estimate the price of your lease extension to span between £20,000 and £23,000 plus legals.
The figure above a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure in the absence of detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.