My Bury solicitor has identified a discrepancy when comparing the surveyor’s assumptions in the valuation survey and what is in the conveyancing documents. My solicitor has advised that he needs to ensure that the bank is OK with this discrepancy and is content to go ahead. Is my lawyer’s stance appropriate?
Your property 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 you.
I have todaybeen informed that Wolstenholmes have closed. They carried out my conveyancing in Bury for a purchase of a leasehold flat 10 months ago. How can I be sure that the property is registered correctly in the name of the previous owner?
The quickest way 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 Bury conveyancing specialists.
I'm purchasing my first flat in Bury benefiting from help to buy. The builders would not reduce the amount so I negotiated 6k of additionals instead. The house builders rep suggested that I not disclose to my conveyancer about the side-deal as it may affect my loan with Coventry Building Society. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on two weeks back in what was supposed to be a quick, chain free conveyancing. Bury is the location of the property. Is there any guidance you can give?
Flying freeholds in Bury are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Bury you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Bury 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 residence.
As co-executor for the will of my uncle I am disposing of a property in Monmouth but live in Bury. My conveyancer (approximately 235 kilometers awayrequires that I sign a stat dec ahead of completion. Can you recommend a conveyancing solicitor in Bury to witness and place their company stamp on the document?
Technically speaking you are unlikely to need to have the documents attested by a conveyancing solicitor. Normally or notary public or qualified solicitor will do regardless of whether they are based in Bury
If all goes to plan we aim to complete the disposal of our £400,000 flat in Bury on Monday in a week. The managing agents has quoted £372 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Bury?
Bury conveyancing on leasehold apartments often involves the buyer’s lawyer submitting questions for the landlord to address. Although the landlord is under no legal obligation to address these enquiries the majority will be content to assist. They are entitled to levy a reasonable administration fee for answering questions or supplying documentation. There is no upper cap for such fees. The average fee for the paperwork that you are referring to is over three hundred pounds, in some cases it is in excess of £800. The administration charge levied by the landlord must be accompanied by a synopsis of entitlements and obligations in relation to administration charges, otherwise the invoice is technically not due. Reality however dictates that one has no option but to pay whatever is demanded should you wish to exchange contracts with the buyer.
I purchased a leasehold flat in Bury, conveyancing formalities finalised 5 years ago. How much will my lease extension cost? Corresponding properties in Bury with a long lease are worth £165,000. The ground rent is £50 charged once a year. The lease comes to an end on 21st October 2101
You have 77 years unexpired we estimate the premium for your lease extension to be between £7,600 and £8,800 as well as legals.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more detailed due diligence. Do not use the figures in tribunal or court proceedings. There may be other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.