My Fenham lawyer has discovered an inconsistency when comparing the assumptions in the valuation report and what is revealed within the title deeds. My lawyer informs me that he is obliged to ensure that the lender is OK with this discrepancy and is content to go ahead. Is my conveyancer’s approach correct?
Your property 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.
In what way does my ID and proof of funds have anything to do with my conveyancing in Fenham? What am I being asked for?
You are right in these requests have nothing to do with conveyancing in Fenham. However these days you can not complete any conveyancing transaction if you have not supplying proof of your identity. Ordinarily this takes the form of a either your passport or driving licence and a council tax bill. Please note that if you are supplying your driving licence as evidence of identification it needs to be both the paper element as well as the photo card part, one is not sufficient without the other.
Proof of the source of monies is necessary in accordance with the Money Laundering Regulations. Please do not be offended when when this is requested of you as your conveyancer will need to have this information on file. Your Fenham conveyancing solicitor will require evidence of proof of funds before they are able to accept any money from you into their client account and they may also ask additional questions regarding the source of monies.
I require fast conveyancing in Fenham as I have pressure to exchange contracts in less than 3 weeks. A mortgage is not required. Can I decline from having conveyancing searches to save money and time?
If.Given you are are a mortgage free purchaser you are at free not to do searches although no lawyer would advise that you don't. Drawing on years of experience of conveyancing in Fenham the following are examples of what can crop up and adversely impact market value: Refused Planning Applications, Overdue Charges, Outstanding Grants, Unadopted Roads,...
How does conveyancing in Fenham differ for newly converted properties?
Most buyers of new build premises in Fenham come to us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is constructed. This is because new home sellers in Fenham tend to acquire 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 property lawyers 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 used to new build conveyancing in Fenham or who has acted in the same development.
There are only Seventy years unexpired on my flat in Fenham. I need to get lease extension but my landlord is absent. What are my options?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the magistrate. However, you will be required to demonstrate that you have made all reasonable attempts to track down the freeholder. In some cases a specialist should be useful to carry out a search and prepare an expert document to be accepted by the court as evidence that the landlord can not be located. It is wise to seek advice from a property lawyer both on investigating the landlord’s absence and the vesting order request to the County Court overseeing Fenham.
I own a 1 bedroom flat in Fenham, conveyancing having been completed half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Corresponding flats in Fenham with an extended lease are worth £265,000. The ground rent is £50 levied per year. The lease ceases on 21st October 2102
With 76 years unexpired the likely cost is going to range between £8,600 and £9,800 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide the actual costs without more detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.
How easy is it to change a solicitor as I need to find a Fenham based firm who is on the lender conveyancing panel. Is it advisable to appoint a new law firm?
In the event that you have not formally instructed a solicitor to start work and at this stage simply received an estimate as to costs, you're perfectly free to choose a different solicitor to carry out your work for you. The best way is to get recommendations from friends or family who have actually used the solicitor or conveyancer in Fenham that you're considering.