The Sunderland conveyancing firm handling our Sunderland conveyancing has identified a discrepancy between the information in the valuation report and what is in the conveyancing documents. My lawyer informs me that he needs to check that the lender is OK with this discrepancy and is still content to lend. Is my conveyancer’s approach correct?
Your solicitor must comply with the UK Finance Lenders’ Handbook specifications 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 you.
Can your site be used to locate a Conveyancing solicitor in Sunderland even where I’m not purchasing or selling a house, for instance where I intend to acquire an office in Sunderland with a loan from HSBC Bank?
Our comparison service is primarily used to locate domestic conveyancing solicitors in Sunderland but we have recorded at the end of this page some Sunderland commercial conveyancing firms. You will need to make contact with the firm directly to see if they can also act for HSBC Bank
My wife and I purchased a renovated Edwardian property in Sunderland. Conveyancing practitioner represented me and Clydesdale. I did a free Land Registry search last week and I saw a couple of entries: the first freehold, the second leasehold under the matching address. Is it worth asking Clydesdale to clarify?
You need to review the Freehold register you have again and check the Charges Register as there may be 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 Sunderland and other areas of the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also check the situation with the conveyancing solicitor who conducted the conveyancing.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Sunderland. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below is a sample of a few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Sunderland
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Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? 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? Please supply evidence that the form of Lease proposed has been approved by the Land Registry.
What does commercial conveyancing in Sunderland cover?
Sunderland conveyancing for business premises incorporates a wide array of services, given by regulated solicitors, relating to business premises. For example, this area of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the transfer of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of leases.
I am attracted to a two apartments in Sunderland which have approximately 50 years left on the lease term. Will this present a problem?
There is no doubt about it. A leasehold flat in Sunderland is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the marketability of the property. The majority of purchasers and banks, leases with under 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Sunderland conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Leasehold Conveyancing in Sunderland - Examples of Questions you should ask Prior to buying
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Is there a share of the freehold? What is the yearly maintenance fee and ground rent? How many of the leaseholders are in arrears for their maintenance charge payments?