The Alton conveyancing firm handling our Alton conveyancing has discovered a discrepancy when comparing the information in the valuation survey and what is revealed within the title deeds. My solicitor informs me that he is obliged to ensure that the bank is happy with this discrepancy and is still content to lend. Is my lawyer’s approach right?
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.
I purchased a freehold property in Alton but still pay rent, why is this and what is this?
It is rare for properties in Alton and has limited impact for conveyancing in Alton 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 establishment of fresh rentcharges post 1977.
Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be dispensed with completely.
I am considering applying for a Co-operative mortgage for purchase of a new build (under development) in Alton with 65 per cent loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Co-operative ?
There is nothing to stop you using your solicitor, but Co-operative will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
Yesterday I discovered that there is a flying freehold element on a house I have offered on two weeks back in what was supposed to be a straight forward, chain free conveyancing. Alton is where the house is located. Is there any advice you can impart?
Flying freeholds in Alton are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Alton you must be sure that your lawyer goes through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Alton may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
I'm converting the mortgage on my primary property to a BTL mortgage with HSBC Bank and intend to use the remaining equity as a deposit on another property. The neighborhood we are talking about is Alton. Will your conveyancers be able to act for both sets of lenders and tie in the transactions?
Do use our comparison tool on this site to ensure that the lawyers are approved by both banks. Assuming that they are the solicitor should be able to tie up the two conveyancing matters but you should have a chat with you lawyer and make clear your desired outcome and requirements.
I've recently bought a leasehold flat in Alton. Am I liable to pay service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I purchased a studio flat in Alton, conveyancing was carried out July 2008. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent flats in Alton with over 90 years remaining are worth £190,000. The ground rent is £65 levied per year. The lease ends on 21st October 2087
With just 61 years unexpired we estimate the price of your lease extension to span between £19,000 and £22,000 as well as costs.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.