Our Whitehaven solicitor has discovered a discrepancy between the assumptions in the home valuation report and what is in the conveyancing documents. My solicitor informs me that he must check that the lender is OK with this discrepancy and is still content to lend. Is my solicitor’s approach right?
Your solicitor 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.
Can you explain why leasehold purchase conveyancing in Whitehaven is more expensive?
Whitehaven 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.
I am purchasing a semi-detached house in Whitehaven. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Whitehaven you will have to appoint a solicitor on your bank's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Whitehaven.
Forgive me if this question is silly but I am unseasoned as FTB of a two bedroom flat in Whitehaven. Do I collect the keys to the property on completion from my solicitor? If this is the case, I will find a High Street conveyancing solicitor in Whitehaven?
On the day of completion you do not need to go to the conveyancers office in Whitehaven. Conveyancing lawyers for you will arrange to send the purchase money to the seller's lawyers, and once they have received this, you will be called to collect the keys from the selling Agents and move into your new home. This tends to happen early afternoon.
I have today made my last payment due on my mortgage with Nottingham. I assume I don't need a Whitehaven solicitor on the Nottingham panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Nottingham 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 Nottingham mortgage from the register. Nottingham, 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 Nottingham has sent the Land Registry the discharge electronically, and
- Nottingham has instructed the Land Registry to do so
About to purchase apartment in Whitehaven. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the HSBC conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Whitehaven conveyancer is on the HSBC conveyancing panel.
It has been 4 months following my purchase conveyancing in Whitehaven concluded. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £215,000. 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 residence 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.
What makes a Whitehaven lease defective?
There is nothing unique about leasehold conveyancing in Whitehaven. Most leases are drafted differently and drafting errors can result in certain provisions are missing. The following missing provisions could result in a defective lease:
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Repairing obligations to or maintain parts of the building Insurance obligations
A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Santander, The Mortgage Works, and Bank of Ireland all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, forcing the purchaser to withdraw.
Whitehaven Conveyancing for Leasehold Flats - Sample of Queries Prior to buying
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Does the lease contain onerous restrictions? Who are the managing agents? You should be aware that where the lease has no more than 80 years it will impact the marketability of the apartment. Check with your lender that they are willing to to proceed given the lease term. A short lease means that you will almost definitely need a lease extension sooner rather than later and it is worth discovering how much this would cost. Remember, in most cases you would need to own the property for a couple of years in order to be entitled to extend the lease.