The Eastwood conveyancing firm handling our Eastwood conveyancing has spotted an inconsistency between the surveyor’s assumptions in the valuation report and what is revealed within the conveyancing documents. My solicitor has advised that he must ensure that the lender is happy with this discrepancy and is content to go ahead. Is my solicitor’s stance legitimate?
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.
My bid for a property was accepted at auction in Eastwood. Conveyancing is necessary. What happens now?
Given that you are now legally bound yourself to purchase you will need to retain a conveyancing practitioner as a matter of priority as you are facing a fast approaching a fixed date to complete the conveyancing. All auction property should have a corresponding legal pack. This will include most,if not all of the documents that your conveyancer requires. In the case of leasehold premises the legal papers may contain a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork pertinent to leasehold premises. You need to hand this to the lawyer working for you as soon as possible. Do make sure that you have funds in place to complete on the on the contractual date .
I can not fathom if my bank requires a lease extension. I have called my Eastwood building society branch on numerous occasions and was told it does not impact the mortgage offer and they would lend. My Eastwood conveyancing solicitor - who is on the bank conveyancing panel- telephoned and was told they would not lend in accordance with their published requirements. I simply don't know who is right.
The conveyancing practitioner must comply with the CML Handbook section two conditions for your lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I have instructed a Eastwood solicitor having made sure that they are on the Aldermore conveyancing panel. Does my lawyer arrange the survey of the property?
Aldermore will need an independent valuation of the property. Your lawyer will not arrange this. Usually Aldermore will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your property lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Eastwood postcode. As you are getting a mortgage with Aldermore, you could contact them to see if they have a list of approved surveyors in Eastwood.
I bought my home on 9 February and the transaction details is yet to be on the land registry website. Need I be worried? My conveyancing solicitor in Eastwood advises it should be formalised in less than a month. Are properties in Eastwood particularly slow to register?
There is nothing unique about conveyancing in Eastwood registration formalities. Rather than based on location, timeframes can vary depending on who lodges the application, whether there are errors and whether the Land registry have to notify any third parties. Currently roughly 80% of submission are fully addressed within 12 days but some can be subject to protracted hold-ups. Historically registration occurs after the purchaser has moved in to the property so an expedited registration is not usually primary concern yet if it is urgent that the the registration takes place urgently then you or your lawyers should speak with the land registry and explain the circumstances.
I have been on the look out for a flat up to £235,500 and identified one near me in Eastwood I like with a park and transport links in the vicinity, however it only has 52 remaining years left on the lease. There is not much else in Eastwood for this price, so just wondered if I would be making a grave error buying a short lease?
If you require a home loan that many years may be a potential deal breaker. Discount the price by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for a minimum of twenty four months you could request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this matter.
I am tempted by the attractive purchase price for a two apartments in Eastwood which have approximately fifty years remaining on the lease term. Should I regard a short lease as a deal breaker?
A lease is a right to use the property for a period of time. As a lease shortens the saleability of the lease deteriorates and it becomes more expensive to acquire a lease extension. For this reason it is advisable to increase the term of the lease. It is often difficulties arise selling premises with a short lease as mortgage companies may be reluctant to lend money on such properties. Lease extension can be a protracted process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this arena.
Eastwood Conveyancing for Leasehold Flats - Examples of Questions you should consider before Purchasing
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The best form of lease structure is a share of the freehold. In this scenario the lessees have being in charge if their destiny and even though a managing agent is usually retained if it is bigger than a house conversion, the managing agent is directed by the tenants. Can you tell me if there are any major works anticipated that could add a premium to the maintenance charges? Make sure you enquire if there are any onerous restrictions in the lease. By way of example it is very common in Eastwood leases that pets are not allowed in in a block in Eastwood. If you like the propertyin Eastwood yet your cat can’t move with you then you will be faced hard compromise.
Can a conveyancer remove a person from the title of my property in Eastwood ?
Removing or adding someone to the title of your property is relatively straightforward. You’ll need to appoint a solicitor to discuss your legal rights before you can proceed with a transfer of property. Contact us to book a free consultation with one a conveyancer