My Durham conveyancer has discovered a discrepancy between the information in the home valuation report and what is in the title deeds. My solicitor has advised that he needs to ensure that the bank is happy with this discrepancy and is content to go ahead. Is my lawyer’s course or action correct?
Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook specifications 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.
We're in Durham, First timers buying with a mortgage (lender is Nottingham , and our solicitor is on the Nottingham conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Nottingham conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
How does conveyancing in Durham differ for new build properties?
Most buyers of new build or newly converted property in Durham approach us having been asked by the seller to sign contracts and commit to the purchase even before the premises is completed. This is because new home sellers in Durham typically buy the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Durham or who has acted in the same development.
Yesterday I discovered that there is a flying freehold element on a property I have offered on a fortnight ago in what should have been a straight forward, no chain conveyancing. Durham is where the house is located. Can you offer any assistance?
Flying freeholds in Durham are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Durham you would need to get your solicitor to go through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Durham may ascertain 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 am four weeks into a residential purchase having been referred to conveyancers by the selling agent to handle our conveyancing in Durham. I am not happy. Can you you assist me in finding new conveyancers?
A solicitor would need to be really bad to suggest replacing them. Has your mortgage offer been issued? In the event that it has you need to make them aware of the new contact details and have the offer are issued to the new lawyers. Your new solicitor ideally needs to be on the mortgage company approved list to avoid escalating charges and delays. So that should be your starting point. Our search tool can assist you in finding a bank approved conveyancer for your conveyancing in Durham
I work for a long established estate agent office in Durham where we have witnessed a number of flat sales jeopardised as a result of short leases. I have received contradictory information from local Durham conveyancing solicitors. Could you clarify whether the owner of a flat can instigate the lease extension process for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Durham Leasehold Conveyancing - A selection of Queries Prior to buying
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The answer will be important as a) areas can cause problems in the building as the common areas may begin to deteriorate if maintenance are not paid for b) if the tenants have a dispute with the running of the building you will need to have complete disclosure Most Durham leasehold apartments will be liable to pay a service charge for maintenance of the building invoiced on behalf of the freeholder. Should you purchase the apartment you will have to meet this charge, normally periodically throughout the year. This may differ from a couple of hundred pounds to thousands of pounds for blocks with lifts and large communal areas. In all likelihood there will be a ground rent for you to pay annual, ordinarily this is not a significant figure, say approximately £50-£100 but you need to check as sometimes it can be prohibitively expensive. Its a good idea to discover as much as you can regarding the company managing the building as they will impact your use and enjoyment of the property. Being a leasehold owner you are often at the mercy of the managing agents from a financial perspective and when it comes to every day issues such as the upkeep of the communal areas. Enquire of prospective neighbours what they think of their service. On a final note, be sure you understand the dates that the service fees are due to the relevant party and specifically how they are spending that money.