The Earl Shilton conveyancing firm handling our Earl Shilton conveyancing has discovered a discrepancy when comparing the information in the valuation report and what is in the title deeds. My solicitor informs me that he is obliged to check that the bank is happy with this discrepancy and is still content to lend. Is my solicitor’s course or action right?
Your lawyer must comply with the UK Finance Lenders’ Handbook provisions 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.
My wife and I purchasing a victorian detached house in Earl Shilton. The intention is to carry out an extension to the side at the house.Will the conveyancing process involve enquiries to see if these works are allowed?
Your property lawyer should check the deeds as conveyancing in Earl Shilton can occasionally reveal restrictions in the title deeds which restrict certain alterations or necessitated the consent of another owner. Certain extensions require local authority planning consent and approval in compliance with building regulations. Certain locations are designated conservation areas and special planning restrictions apply which frequently prevent or affect extensions. It would be wise to check these things with a surveyor before you commit yourself to a purchase.
Two weeks ago we had a mortgage agreed in principle with Principality. Earl Shilton conveyancing practitioners are appointed. What is the average time that one could expect to receive a mortgage offer from Principality?
There is no definitive answer here. Have Principality conducted the survey? Have you advised Principality as to your lawyers' details and checked that your lawyers are on the Principality conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I currently have a mortgage with Skipton for my property in Earl Shilton. Conveyancing has been completed 12 months ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Skipton?
Your original mortgage agreement with Skipton will provide that you need their approval before renting your property as this is likely to be a breach of Skipton’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Skipton directly. It should not be necessary to do this via a Skipton conveyancing panel lawyer.
My friend recommended that where I am buying in Earl Shilton I should ask my conveyancer to execute a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is sometimes quoted for as part of the standard Earl Shilton conveyancing searches. It is not a small document of about 40 pages, listing and setting out significant information about Earl Shilton around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Earl Shilton Education with plans and statistics, Local Amenities and other useful data concerning Earl Shilton.
It has been five months since my purchase conveyancing in Earl Shilton completed. 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 property 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.
I am buying a new build apartment in Earl Shilton. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below is a sample of a few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Earl Shilton
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There must be mutual enforceability of lessee’s covenants. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose?
All being well we will complete the sale of our £125,000 flat in Earl Shilton in nine days. The landlords agents has quoted £324 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge an administration fee for a flat conveyance in Earl Shilton?
Earl Shilton conveyancing on leasehold maisonettes normally involves the purchaser’s solicitor submitting questions for the landlord to address. Although the landlord is under no legal obligation to address these enquiries most will be content to assist. They may invoice a reasonable administration fee for responding to enquiries or supplying documentation. There is no set fee. The average fee for the information that you are referring to is £350, in some transactions it is above £800. The administration charge levied by the landlord must be sent together with a synopsis of entitlements and obligations in relation to administration charges, without which the charge is technically not due. In reality you have little choice but to pay whatever is requested of you should you wish to complete the sale of your home.
I invested in buying a 2 bed flat in Earl Shilton, conveyancing was carried out in 2007. Can you work out an approximate cost of a lease extension? Corresponding flats in Earl Shilton with an extended lease are worth £197,000. The average or mid-range amount of ground rent is £55 levied per year. The lease ceases on 21st October 2081
With only 56 years left to run we estimate the price of your lease extension to range between £29,500 and £34,000 as well as 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 in the absence of comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.