My Coventry solicitor has discovered a discrepancy between the surveyor’s assumptions in the valuation survey and what is revealed within the legal papers for the property. My solicitor has advised that he is duty bound to check that the lender is happy with this discrepancy and is content to go ahead. Is my lawyer’s course or action correct?
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.
Why is leasehold purchase conveyancing in Coventry costs more?
In summary, leasehold conveyancing in Coventry and Warwickshire usually involve additional hours of investigation compared to freehold conveyancing. This includes reviewing the lease, liaising with the landlord about the service of applicable notices, securing current service charge and management information, securing the freeholder’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – no matter how many different proprietor have owned the lease since it was first entered into.
It has been 2 months since my purchase conveyancing in Coventry completed. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £215,000. 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 premises 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.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in a fortnight ago in what should have been a simple, chain free conveyancing. Coventry is where the house is located. What do you suggest?
Flying freeholds in Coventry are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Coventry you would need to get your solicitor to go through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Coventry may decide 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.
Helen (my wife) and I may need to let out our Coventry garden flat for a while due to a new job. We used a Coventry conveyancing practice in 2004 but they have since shut and we did not think at the time seek any advice as to whether the lease allows us to sublet. How do we find out?
A small minority of properties in Coventry do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord is not entitled to unreasonably withhold but, in such cases, they would need to see references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.
I inherited a ground floor flat in Coventry, conveyancing formalities finalised half a dozen years ago. How much will my lease extension cost? Corresponding flats in Coventry with an extended lease are worth £206,000. The average or mid-range amount of ground rent is £45 yearly. The lease ends on 21st October 2089
With only 65 years unexpired we estimate the price of your lease extension to be between £13,300 and £15,400 plus legals.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.
Do banks and building societies provide you with an approved list of Coventry solicitors? How do you know who is on the mortgage company conveyancing panel?
Coventry firms and firms carrying out conveyancing in Coventry themselves provide us confirmation that they are on the bank conveyancing panel as opposed to being supplied with a list from the mortgage company directly.