The Wooler conveyancing firm handling our Wooler conveyancing has spotted a discrepancy when comparing the assumptions in the valuation report and what is revealed within the legal papers for the property. My lawyer informs me that he is duty bound to ensure that the lender is happy with this discrepancy and is still content to lend. Is my lawyer’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.
I own a freehold residence in Wooler but nevertheless charged rent, why is this and what is this?
It’s unusual for properties in Wooler and has limited impact for conveyancing in Wooler 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 generation of fresh rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 will be dispensed with completely.
I opted to have a survey completed on a house in Wooler before appointing conveyancers. I have been advised that there is a flying freehold overhang to the house. The surveyor advised that some lenders will not issue a mortgage on this type of home.
It varies from the lender to lender. Santander has different instructions for example to Halifax. Should you wish to call us we can check via the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Wooler. Conveyancing may be slightly more expensive based on your lender's requirements.
We're first time buyers - had an offer accepted, yet the selling agent advised that the seller will only move forward if we instruct their recommended conveyancers as they want an ‘expedited deal’. Our preferred option is to instruct a family conveyancer used to conveyancing in Wooler
We suspect that the seller is unaware of this ultimatum. Should the vendor require ‘a quick sale', alienating a motivated buyer is is going to put the whole deal at risk. Bypass the agents and go straight to the sellers and make the point that (a)you are keen to buy (b)you are ready to progress, with mortgage lined up © you are unencumbered (d) you wish to move quickly (e)but you will continue to use your own,trusted Wooler conveyancing lawyers - not the ones that will provide their estate agent a introducer fee or meet his conveyancing thresholds demanded by senior management.
I am hoping to complete next month on a garden flat in Wooler. Conveyancing solicitors assured me that they will have a report out to me tomorrow. What should I be looking out for?
The report on title for your leasehold conveyancing in Wooler should include some of the following:
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Your conveyancers should enable you to have an understanding of the insurance provisions The unexpired lease term. You should receive guidance as what happens when the lease ends, and aware of the importance of not letting the lease term falling below eighty years Ground rent - what is due and when you need to pay, and also know whether this is subject to change Who has the liability to repair and maintain the building. It is important for you to know which party is duty bound to repair and maintenance of all parts of the block and communal areas
I inherited a 2 bed flat in Wooler, conveyancing was carried out half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Wooler with a long lease are worth £180,000. The ground rent is £65 per annum. The lease finishes on 21st October 2083
With only 58 years remaining on your lease the likely cost is going to span between £22,800 and £26,400 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.
My solicitors in Wooler have advised me that no longer have my conveyancing file. At the time of my purchase I took out a mortgage with the lender. Is it case that being on the bank conveyancing panel they need to have retained the file for a prescribed period?
Different lenders have different requirements 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 mortgage company Conveyancing Panel Terms. It might be worth you contacting the lender directly.