Our Alnwick conveyancer has identified an inconsistency when comparing the surveyor’s assumptions in the valuation report and what is in the conveyancing documents. My solicitor has advised that he needs to ensure that the bank is happy with this discrepancy and is still content to lend. Is my lawyer’s stance correct?
Your property lawyer 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.
At what point does exchange of contracts take place for domestic conveyancing in Alnwick and do I need to attend the solicitors office?
If you are round the corner to one of the conveyancing solicitors in Alnwick you are invited in to sign contracts. That being said, the lender approved solicitors we recommend provide countrywide coverage for conveyancing and give just as diligent and professional a job for you when dealing with you digitally. The signing of the contract is not when everything is set in stone. A signed contract is just a prerequisite for the conveyancer to address the formalities at the suitable time, which is ordinarily shortly after signing. The procedure is is usually a five minute process, although where a lengthy "chain" is involved, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Alnwick)to be in the office at the appropriate time.
Is it the case that all Alnwick solicitor practices on the Santander conveyancing panel are regulated by the SRA?
As a firm of solicitors, in order to be on the Santander conveyancing panel they would need to be overseen by the SRA. Some mortgage companies do allow licenced conveyancers on their panel in which case such firms would be overseen by the Council of Licensed Conveyancers.
We had selected conveyancing lawyers with offices in Alnwick on the Aldermore solicitor panel. They have just billed me an additional sum for dealing with the Aldermore mortgage. Is this a supplemental conveyancing fee set by Aldermore?
As unfair as it may appear, as long as it’s in their Terms of Engagement or Quote then yes your lawyer may levy a fee for this. The charge is not set by Aldermore but by your Alnwick lawyer. Numerous firms on the Aldermore panel will levy ’dealing with mortgage’ fee and others do not.
I can not fathom if my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Alnwick building society branch on a couple of occasions and was told they are content with the situation and they would lend. My Alnwick conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned to say that they refuse to lend based on their published requirements. I have no idea who is right.
The property lawyer has to follow the CML Handbook Part 2 requirements for your bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I have been on the look out for a flat up to £235,500 and identified one round the corner in Alnwick I like with a park and transport links nearby, the downside is that it only has 61 years unexpired on the lease. There is not much else in Alnwick suitable, so just wondered if I would be making a mistake purchasing a short lease?
Should you need a home loan that many years will likely be problematic. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of 2 years you can ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should consult your conveyancing solicitor regarding this.
I have recently realised that I have Fifty years remaining on my lease in Alnwick. I now want to extend my lease but my landlord is missing. What options are available to me?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be extended by the magistrate. However, you will be required to demonstrate that you have made all reasonable attempts to locate the freeholder. For most situations a specialist would be helpful to carry out a search and prepare an expert document to be used as proof that the landlord is indeed missing. It is wise to seek advice from a property lawyer both on investigating the landlord’s disappearance and the application to the County Court overseeing Alnwick.
Alnwick Leasehold Conveyancing - Examples of Queries before buying
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It is important to be aware whether fixing the lift or some other major work is due shortly that will be shared by the leasehold owners and could well materially increase the the maintenance charges or require a specific invoice. In the main the cost for major works tend not to be built into the maintenance charges, although a few managing agents in Alnwick obliged leasehold owners to contribute towards a reserve fund and this is used to offset against major works. What is the yearly maintenance fee and ground rent?
I am looking to buy a flat and need a conveyancing solicitor in Alnwick who is on the mortgage company conveyancing panel. Can you recommend a Alnwick or local Alnwick conveyancing firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for the mortgage company who conduct conveyancing in Alnwick. We dont recommend any particular firm.