The Beccles conveyancing firm handling our Beccles conveyancing has identified a difference between the assumptions in the valuation report and what is in the legal papers for the property. My solicitor has advised that he is duty bound to ensure that the lender is happy with this discrepancy and is content to go ahead. Is my conveyancer’s stance legitimate?
Your 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.
I own a freehold premises in Beccles yet pay rent, why is this and what is this?
It’s unusual for properties in Beccles and has limited impact for conveyancing in Beccles 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 new rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 will be dispensed with completely.
I decided to have a survey completed on a property in Beccles prior to appointing solicitors. I have been informed that there is a flying freehold overhang to the property. The surveyor advised that some mortgage companies will not issue a mortgage on a flying freehold property.
It depends who your proposed lender is. Lloyds has different instructions from Halifax. Should you wish to telephone us we can investigate further with the relevant bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Beccles. Conveyancing will be smoother if you use a solicitor in Beccles especially if they are familiar with such properties in Beccles.
My partner has suggested that I use his lawyers for conveyancing in Beccles. Should I find my own solicitor?
Much as we are happy to recommend a Beccles conveyancing lawyer it’s preferable to find a conveyancing lawyer is to get feedback from friends or family who have experience in using the conveyancer you're considering.
Can you offer any advice when it comes to finding a Beccles conveyancing firm to deal with our lease extension?
If you are instructing a property lawyer for your lease extension (regardless if they are a Beccles conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggest that you talk with several firms including non Beccles conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions could be useful:
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How experienced is the practice with lease extension legislation? If the firm is not ALEP accredited then why not?
Leasehold Conveyancing in Beccles - Sample of Questions you should consider Prior to Purchasing
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If a Beccles lease has less than 80 years it will affect the marketability of the flat. Check with your bank that they are willing to go ahead with the loan given the lease term. A short lease means that you will most likely require a lease extension at some point and you need to have some idea of how much this would cost. Remember, in most cases you would be required to have been the owner of the residence for a couple of years in order to be entitled to carry out a lease extension. Are any of leasehold owners in dispute over their service charge payments? Many Beccles leasehold properties will incur a service charge for the upkeep of the block set on behalf of the management company. If you purchase the property you will have to meet this charge, usually in instalments during the year. This may vary from a few hundred pounds to thousands of pounds for large purpose-built blocks. In all likelihood there will be a rentcharge for you to pay annual, this is usually not a significant amount, say around £25-£75 but you should to check it because on occasion it could be many hundreds of pounds.
My partner and I have recently had an offer accepted on a apartment and had meeting on Friday with the Post Office for the mortgage. They warned me that when it comes to selecting a solicitor that if they are not on their approved panel of conveyancing practitioners then we will have to pay out an additional fee of about two hundred pounds. This is because they will then have to select a property lawyer to act on their behalf as well as the one we choose to act on our behalf and we are liable for their fees. I have asked the Post Office to furnish me with a list so I can seek quotes only from their approved lawyers but was told that I need to check with each individual solicitor to see if they are on the panel. Is there a list online?
You can enquire of the Post Office what their criteria for panel membership is for a solicitor.Thereafter ask the lawyer of your choice whether they meet the criteria and have they acted on loans for the Post Office historically. Where the answer to those is yes, then just clarify this with the Post Office. Another option is to utilise our search facility and we should be able to identify a conveyancing practitioner in Beccles on the approved list for the Post Office.