The Burwash conveyancing firm handling our Burwash conveyancing has uncovered an inconsistency between the assumptions in the home valuation survey and what is in the conveyancing documents. My lawyer informs me that he needs to check that the bank is OK with this discrepancy and is content to go ahead. Is my solicitor’s approach appropriate?
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.
In what way does my ID and proof of funds have anything to do with my conveyancing in Burwash? Is this really warranted?
Anti-terror and anti-money-laundering laws require solicitors and licensed conveyancers to verify the identification documents of the person or body they are dealing with before they can accept their conveyancing instruction. The Client Care letter that you are required to sign will no doubt reaffirm this. Your lawyer also has obligations to obtain certain documents in accordance with the CML Lenders Handbook requirements last updated on 1st December 2014. Should you are unwilling to hand over ID verification documents, your lawyer would not be able to act for you.
What happens if my lawyer’s firm is removed from the Nottingham Solicitor panel ahead of completing my conveyancing in Burwash?
First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
five months have gone by following my purchase conveyancing in Burwash took place. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Due to the guidance of my in-laws I had a survey completed on a house in Burwash in advance of retaining lawyers. I have been advised that there is a flying freehold element to the house. My surveyor advised that some mortgage companies may not issue a loan on such a home.
It depends who your proposed lender is. Bank of Scotland has different requirements from Halifax. If you contact us we can check via the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Burwash. Conveyancing will be smoother if you use a solicitor in Burwash especially if they are acquainted with such properties in Burwash.
I've recently bought a leasehold flat in Burwash. Do I have any liability for service charges for periods before completion of my purchase?
In a situation 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 be sure 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 am the registered owner of a basement flat in Burwash, conveyancing having been completed October 2006. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Burwash with an extended lease are worth £197,000. The ground rent is £55 levied per year. The lease comes to an end on 21st October 2081
With only 55 years unexpired we estimate the price of your lease extension to range between £31,400 and £36,200 plus legals.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of comprehensive investigations. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information without first seeking the advice of a professional.