Our Wells Next The Sea lawyer has spotted a difference when comparing the surveyor’s assumptions in the valuation survey and what is in the title deeds. My lawyer informs me that he must ensure that the bank is OK with this discrepancy and is content to go ahead. Is my solicitor’s course or action correct?
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.
Are the Wells Next The Sea conveyancing solicitors identified as being on the HSBC conveyancing panel, together with their details provided by HSBC?
Wells Next The Sea conveyancing firms themselves provide us confirmation that they are on the HSBC conveyancing panel as opposed to being supplied with a list from HSBC directly.
We're in Wells Next The Sea, FTBs buying with a mortgage (lender is Santander , and our lawyer is on the Santander conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Santander conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no property lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
Do I select a Licenced Conveyancer or Solicitor for conveyancing in Wells Next The Sea?
There are many recorded licenced Conveyancers in Wells Next The Sea and Solicitor firms in Wells Next The Sea who can help with your conveyancing It is important to make clear that both are regulated professionals specialising in the legal aspects of transferring property. The two can deal with associated property related work such as remortgage conveyancing, enfranchisement and transfer of equity conveyancing.
When it comes to mortgage companies such as RBS, do Wells Next The Sea lawyers incur a fee to be on the conveyancing panel?
We are unaware of any lender fees to register on their list of approved firms, although some do charge an administration fee to deal with the processing of the conveyancing panel application.
I have today made my last payment due on my mortgage with HSBC. I assume I don't need a Wells Next The Sea property lawyer on the HSBC panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your HSBC mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the HSBC mortgage from the register. HSBC, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where HSBC has sent the Land Registry the discharge electronically, and
- HSBC has instructed the Land Registry to do so
It has been 3 months since my purchase conveyancing in Wells Next The Sea completed. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am attracted to a couple of apartments in Wells Next The Sea both have about 50 years left on the leases. Do I need to be concerned?
There are plenty of short leases in Wells Next The Sea. The lease is a right to use the premises for a period of time. As the lease gets shorter the marketability of the lease deteriorates and it becomes more expensive to extend the lease. For this reason it is generally wise to extend the lease term. It is often difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease extension can be a protracted process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this field.
I am the registered owner of a leasehold flat in Wells Next The Sea, conveyancing formalities finalised half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in Wells Next The Sea with a long lease are worth £171,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease expires on 21st October 2105
With just 79 years left to run we estimate the price of your lease extension to range between £8,600 and £9,800 plus costs.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive investigations. Do not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before seeking the advice of a professional.