My Thorpe Hesley solicitor has spotted a difference when comparing the surveyor’s assumptions in the valuation report and what is revealed within the legal papers for the property. My lawyer has advised that he must check that the bank is OK with this discrepancy and is content to go ahead. Is my conveyancer’s approach appropriate?
Your lawyer 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.
Is there a reason why leasehold purchase conveyancing in Thorpe Hesley is more expensive?
Thorpe Hesley leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
Various internet forums that I have frequented warn that are the main cause of delay in Thorpe Hesley conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) released conclusions of research by MoveWithUs that conveyancing searches do not figure amongst the common causes of delays during the legal transfer of property. Local searches are not likely to be the root cause of delay in conveyancing in Thorpe Hesley.
I'm refinancing my current house to a BTL mortgage with Bank of Scotland and I will use the ballance of the raised equity towards another house. The location we are looking at is Thorpe Hesley. Will your solicitors be able to act for the two banks and tie in the two deals?
Do use our search tool on this page to ensure that the lawyers are on the appropriate lender panels. Having checked that they are your lawyer will be able to tie up the two conveyancing matters but you should have a chat with you solicitor and make clear your expectations and needs.
I work for a long established estate agency in Thorpe Hesley where we have witnessed a number of leasehold sales derailed as a result of leases having less than 80 years remaining. I have received contradictory information from local Thorpe Hesley conveyancing firms. Can you clarify whether the owner of a flat can start the lease extension process for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I bought a 1st floor flat in Thorpe Hesley, conveyancing formalities finalised in 2001. How much will my lease extension cost? Comparable flats in Thorpe Hesley with a long lease are worth £179,000. The average or mid-range amount of ground rent is £65 yearly. The lease runs out on 21st October 2083
With 57 years unexpired the likely cost is going to range between £26,600 and £30,800 as well as costs.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of comprehensive investigations. You should not use this information in tribunal or court proceedings. There may be other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.
My solicitors in Thorpe Hesley have advised me that no longer have my conveyancing file. To assist with my purchase I took out a mortgage with the lender. Is it case that being on the mortgage company conveyancing panel they need to have retained the file for a number of years?
It very much depends from lender to lender but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the lender Conveyancing Panel Terms. It might be worth you contacting the mortgage company directly.