My Sunbury On Thames lawyer has discovered a difference when comparing the information in the valuation report and what is revealed within the title deeds. My lawyer informs me that he is duty bound to check that the bank is OK with this discrepancy and is still content to lend. Is my lawyer’s course or action legitimate?
Your solicitor 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 purchased a freehold house in Sunbury On Thames but nevertheless invoiced for rent, why is this and what is this?
It is rare for properties in Sunbury On Thames and has limited impact for conveyancing in Sunbury On Thames 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 many centuries, but the Rent Charge Act 1977 barred the creation of new rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 will be extinguished.
We are expecting a mortgage offer soon. The lender mentioned the home loan came with free conveyancing. Does this mean I have to instruct their panel lawyer as I would much rather appoint a local conveyancing solicitor in Sunbury On Thames?
Do check but the the likelihood is that appoint one of their panel lawyers if you want the "fee-free" incentive. Speak to the lender and see if they offer you a monetary alternative. Some lenders have previously offered a £250 cashback as an alternative in which case that money can go towards the cost for your conveyancing solicitor near Sunbury On Thames.
My bid for a property was accepted at auction in Sunbury On Thames. Conveyancing is necessary. What is next?
Now that you are to all intents and purposes signed on the dotted line you must hire the services of a conveyancing practitioner as a matter of priority as you are faced with a fast approaching a drop dead date to complete the conveyancing. An auction property should have a bespoke auction set of papers. This will include most,if not all of the paperwork that your lawyer requires. In the case of leasehold property the auction pack should include a copy of the lease, management information and a sellers leasehold information form and other conveyancing documentation specific to leasehold premises. You need to hand this to your appointed conveyancing solicitor at the earliest opportunity. You also need to ensure that that you have the requisite funding in place to complete the transaction on the set completion date.
We previously instructed solicitors located in Sunbury On Thames on the Aldermore solicitor approved list. They are now charging me a supplemental fee for the legal aspects of the Aldermore mortgage. Is this an additional conveyancing fee specified by Aldermore?
As unfair as it may appear, as long as it’s in their Terms of Engagement or Quote then yes your property lawyer can levy a fee for this. This charge is not set by Aldermore but by your Sunbury On Thames lawyer. Some firms on the Aldermore panel will quote ’dealing with mortgage’ fee but some practices include it on their overall fee.
It is not clear whether my bank requires a lease extension. I have telephoned my Sunbury On Thames bank branch on various occasions and was advised it wasn't an issue and they would lend. My Sunbury On Thames conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned to say that they will not lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. I have no idea who is right.
Your property lawyer must comply with the CML Handbook section two conditions for your bank. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Me and my brother own a 4 bedroom Edwardian house in Sunbury On Thames. Conveyancing lawyer acted for me and Virgin Money. I happened to do a free search for it on the Land Registry database and there are a couple of entries: the first freehold, another for leasehold under the exact same address. Is it worth asking Virgin Money to clarify?
You should read the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Sunbury On Thames and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with buyers. You can also enquire as to the position with the conveyancing solicitor who conducted the work.
I have been on the look out for a leasehold apartment up to £245,000 and found one close by in Sunbury On Thames I like with open areas and station nearby, the downside is that it's only got 61 years on the lease. I can't really find anything else in Sunbury On Thames suitable, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you need a mortgage the shortness of the lease 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 owner has owned the property for at least 2 years you could ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing lawyer about this matter.