Our Knebworth lawyer has spotted a discrepancy between the information in the valuation survey and what is in the legal papers for the property. My lawyer says that he is duty bound to check that the bank is happy with this discrepancy and is still content to lend. Is my conveyancer’s approach right?
Your property lawyer 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 you.
Why do I have to pay up front for conveyancing in Knebworth?
Where you are retaining lawyers for conveyancing in Knebworth your lawyer will ask you place them with funds to cover the search fees. This will be the total of the cost of the Local Authority Search. When the deposit is payable against the purchase price then this will be required shortly before contracts are exchanged. Any further balance that is needed should be transferred a couple of days ahead of the completion date.
I have been told that property searches are the main reason for stalling in Knebworth conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the findings of a review by MoveWithUs that conveyancing searches do not feature within the most frequent causes of hindrances during the legal transfer of property. Local searches are unlikely to be the root cause of delay in conveyancing in Knebworth.
Are there restrictive covenants that are commonly identified during conveyancing in Knebworth?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Knebworth. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in Knebworth differ for new build properties?
Most buyers of new build or newly converted property in Knebworth come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the house is ready to move into. This is because builders in Knebworth typically purchase 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 conveyancing solicitors 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 Knebworth or who has acted in the same development.
I own a leasehold house in Knebworth. Conveyancing and Yorkshire Building Society mortgage are in place. A letter has just been received from someone claiming to own the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1993. The conveyancing solicitor in Knebworth who acted for me is not around. Any advice?
The first thing you should do is make enquiries of the Land Registry to be sure that this person is indeed the new freeholder. It is not necessary to incur the fees of a Knebworth conveyancing practitioner to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
Leasehold Conveyancing in Knebworth - Examples of Queries Prior to Purchasing
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Who are the managing agents? What restrictions are there in the Knebworth Lease? Are there any major works anticipated that could increase the service fees?