The Hemel Hempstead conveyancing firm handling our Hemel Hempstead conveyancing has discovered a discrepancy between the information in the valuation report and what is in the legal papers for the property. My lawyer has advised that he needs to check that the lender is happy with this discrepancy and is still content to lend. Is my lawyer’s stance appropriate?
Your solicitor must comply with the UK Finance Lenders’ Handbook requirements 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.
Can you explain why leasehold purchase conveyancing in Hemel Hempstead costs more?
Hemel Hempstead leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving applicable notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
It has been 3 months following my purchase conveyancing in Hemel Hempstead completed. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £180,000. 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.
How does conveyancing in Hemel Hempstead differ for newly converted properties?
Most buyers of new build residence in Hemel Hempstead contact us having been asked by the developer to sign contracts and commit to the purchase even before the house is built. This is because house builders in Hemel Hempstead usually acquire the land, 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 conveyancers 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 Hemel Hempstead or who has acted in the same development.
I opted to have a survey carried out on a house in Hemel Hempstead prior to retaining lawyers. I have been informed that there is a flying freehold element to the house. The surveyor advised that some banks may refuse to give a mortgage on a flying freehold home.
It varies from the lender to lender. Santander has different requirements for example to Nationwide. If you e-mail us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Hemel Hempstead. Conveyancing may be slightly more expensive based on your lender's requirements.
Jane (my partner) and I may need to rent out our Hemel Hempstead ground floor flat temporarily due to a new job. We used a Hemel Hempstead conveyancing practice in 2002 but they have since shut and we did not think at the time seek any advice as to whether the lease allows us to sublet. How do we find out?
Some leases for properties in Hemel Hempstead do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord cannot unreasonably withhold but, in such cases, they would need to review references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.
Hemel Hempstead Conveyancing for Leasehold Flats - Sample of Questions you should ask before Purchasing
Does this lease have in excess of 85 years left? Who takes responsibility for maintaining and repairing the block? It would be prudent to find out as much as possible about the managing agents as they will affect your use and enjoyment of the property. Being a leasehold owner you are often in the clutches of the managing agents from a financial perspective and when it comes to every day matters such as the tidiness of the common parts. Ask prospective neighbours if they are happy with them. On a final note, investigate as to the dates that the maintenance charges are due to the relevant party and precisely what it includes.