The Histon conveyancing firm handling our Histon conveyancing has spotted an inconsistency when comparing the information in the valuation survey and what is in the title deeds. My lawyer informs me that he is duty bound to ensure that the bank is OK with this discrepancy and is still content to lend. Is my lawyer’s course or action correct?
Your conveyancer must comply with the UK Finance Lenders’ Handbook conditions 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.
At what point can the exchange of contracts happen for purchase conveyancing in Histon and do I need to attend the lawyers branch?
If you are round the corner to our conveyancing solicitors in Histon you are invited in to sign documents. However, the firms we work with supply a countrywide conveyancing service and provide as equally diligent and professional a job for you when dealing with you digitally. The signing of the contract is not the point of no return. A signed contract simply enables the firm to officially exchange at the suitable time, which is ordinarily shortly after signing. The exchange process is nowadays normally dealt with by telephone and can be very rapid, although where a long "chain" is involved, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Histon)to be in the office at the appropriate time.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Histon. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Here is a sample of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Histon
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If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Please supply a car parking plan. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Please confirm the Lease plans are surveyor prepared.
I've recently found out that there is a flying freehold element on a house I put an offer in a fortnight ago in what should have been a quick, no chain conveyancing. Histon is where the house is located. Can you shed any light on this issue?
Flying freeholds in Histon are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Histon you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Histon may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
What are the common problems that you see in leases for Histon properties?
There is nothing unique about leasehold conveyancing in Histon. Most leases are unique and legal mistakes in the legal wording can result in certain sections are missing. The following missing provisions could result in a defective lease:
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Repairing obligations to or maintain elements of the property
You could have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, Chelsea Building Society, and Barclays Direct all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, obliging the purchaser to pull out.
I inherited a 1 bedroom flat in Histon, conveyancing having been completed January 2008. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Histon with a long lease are worth £201,000. The ground rent is £45 per annum. The lease finishes on 21st October 2089
You have 65 years left to run we estimate the price of your lease extension to span between £13,300 and £15,400 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. You should not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward based on this information without first getting professional advice.
We have AIP from Barclays who suggested that they will loan up to £400k. When do I need to instruct a solicitor for conveyancing? Histon is where we plan to move to.
You can instruct a solicitor now so that the lawyer can open the ledger so they can commence the ID checks etc. Once you wish them to commence work you will be asked for a payment on account normally about £200. That would generally be once you have the loan offer from the bank and survey back, however should you want to expedite the process you can start the ball rolling sooner even though you may be risking some money.