The Abersoch conveyancing firm handling our Abersoch conveyancing has discovered a difference between the assumptions in the home valuation report and what is in the title deeds. My lawyer says that he needs to check that the bank is OK with this discrepancy and is still content to lend. Is my lawyer’s approach right?
Your conveyancing practitioner 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 you.
I am told that my conveyancing solicitors will need to check that the building insurance when buying a house in Abersoch. My lender is Platform
Platform have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 3/12/2022, the requirements read as follows :
I have todaydiscovered that Stirling Law have been shut down. They conducted my conveyancing in Abersoch for a purchase of a leasehold flat 10 months ago. How can I check that the property is not still registered in the name of the former proprietor?
The quickest method to see if the premises is registered to you, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Abersoch conveyancing specialists.
Over the last few months I have been searching for a flat up to £235,500 and found one round the corner in Abersoch I like with amenity areas and transport links nearby, however it only has 49 years on the lease. There is not much else in Abersoch in this price bracket, so just wondered if I would be making a mistake buying a short lease?
If you need a mortgage the shortness of the lease may be problematic. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for a minimum of 2 years you may ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this matter.
In what way can the Landlord & Tenant Act 1954 impact my commercial property in Abersoch and how can your lawyers assist?
The particular law that you refer to provides a safeguard to commercial lessees, granting the right to apply to court for a new lease and continue in occupation when the lease comes to an end. There are limited grounds that a landlord can refrain from granting a lease renewal and the rules are involved. We are happy to direct you to commercial conveyancing solicitors who use the act to your advantage and handle your commercial conveyancing in Abersoch
I am employed by a reputable estate agency in Abersoch where we see a few flat sales put at risk due to leases having less than 80 years remaining. I have received conflicting advice from local Abersoch conveyancing solicitors. Can you clarify whether the vendor of a flat can initiate the lease extension formalities for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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.
Abersoch Conveyancing for Leasehold Flats - A selection of Questions you should ask Prior to Purchasing
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Best to be warned whether fixing the lift or some other significant cost is due shortly that will be shared by the leasehold owners and will materially impact the level of the service costs or require a one time payment. Is anyone aware of any major works anticipated that will increase the service charges?