Our Hanley solicitor has spotted a discrepancy between the assumptions in the valuation survey and what is in the conveyancing documents. My solicitor has advised that he is obliged to ensure that the lender is OK with this discrepancy and is still content to lend. Is my solicitor’s course or action correct?
Your conveyancer 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 aunt passed away six months ago and as sole heir and executor I was left the property in Hanley. The house had a small mortgage remaining of approximately £4500. I want to have the title changed into my name whilst I re-mortgage to Skipton, pay off the mortgage. Is this allowed?
Where you intend to refinance then Skipton will insist on your using a conveyancer on the Skipton conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Skipton conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Skipton mortgage is registered as a charge at the Land Registry.
Due to the guidance of my in-laws I had a survey completed on a house in Hanley before appointing solicitors. I have been advised that there is a flying freehold element to the house. Our surveyor has said that some mortgage companies may refuse to grant a loan on this type of house.
It varies from the lender to lender. Santander has different requirements for example to Birmingham Midshires. If you contact us we can check with the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Hanley. Conveyancing may be slightly more expensive based on your lender's requirements.
I am looking into buying my first house which is in Hanley and I am already nervous. I couldn't find anything specific about Hanley. Conveyancing will be needed in due course but do you know about the Hanley area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Hanley. In the meantime here are some basic statistics that we found
What makes a Hanley lease unacceptable for security purposes?
There is nothing unique about leasehold conveyancing in Hanley. Most leases are individual and drafting errors can sometimes mean that certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:
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A provision for the recovery of money spent for the benefit of another party. A provision to repair to or maintain elements of the property
You will encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Yorkshire Building Society, Leeds Building Society, and Britannia all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, forcing the buyer to withdraw.
I acquired a studio flat in Hanley, conveyancing formalities finalised in 1997. Can you please calculate a probable premium for a statutory lease extension? Equivalent properties in Hanley with a long lease are worth £202,000. The ground rent is £60 levied per year. The lease ends on 21st October 2080
You have 56 years remaining on your lease we estimate the premium for your lease extension to be between £29,500 and £34,000 as well as professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.
I have just appointed agents to market my basement flat in Hanley.Conveyancing is yet to be initiated however I have recently had a quarterly service charge demand – should I leave it to the buyer to sort out?
The sensible thing to do is discharge the maintenance contribution as you normally would as all rents and service invoices will be apportionedas part of the financial calculations for completion monies, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process