My Leicestershire lawyer has uncovered a discrepancy between the surveyor’s assumptions in the home valuation report and what is revealed within the title deeds. My solicitor has advised that he must ensure that the lender is happy with this discrepancy and is still content to lend. Is my lawyer’s stance correct?
Your solicitor must comply with the UK Finance Lenders’ Handbook specifications 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.
I own a freehold residence in Leicestershire but still charged rent, why is this and what is this?
It’s unusual for properties in Leicestershire and has limited impact for conveyancing in Leicestershire but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back many centuries, but the Rent Charge Act 1977 barred the creation of fresh rentcharges from 1977 onwards.
Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 will be extinguished.
I have been told that property searches are the number one reason for stalling in Leicestershire conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) released determinations of a review by MoveWithUs that conveyancing searches do not figure within the common causes of hindrances during the legal transfer of property. Searches are not likely to be the root cause of delay in conveyancing in Leicestershire.
Just had an offer accepted on a new build flat in Leicestershire. Conveyancing is a frightening process 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 are examples of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Leicestershire
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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. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. 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?
Taking into account that I will soon part with over three hundred thousand on a property in Leicestershire I would like to have a conversation with the conveyancer about mytransaction prior to instructing the firm. Is this something that you can arrange?
Absolutely - we would be pleased to talk to you we do not take any clients on without you speaking to the solicitor who will be doing your conveyancing in Leicestershire.There is no ‘factory style conveyancing’ - every client is an important individual, not a file number. The solicitors that we put you in touch with believe that the fees you are provided with for your conveyancing in Leicestershire should be the figure that you end up paying.
Due to exchange soon on a basement flat in Leicestershire. Conveyancing lawyers have said that they report fully on Monday. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Leicestershire should include some of the following:
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Will you be prohibited or prevented from having pets in the property? if lease has a provision for a sinking fund? Repair and maintenance of the property Who has the liability for repairing the window frames Responsibility to repair and maintain the block. It is important for you to know who is liable for the repair and maintenance of every part of the building
I own a 1st floor flat in Leicestershire, conveyancing formalities finalised in 1997. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Leicestershire with an extended lease are worth £171,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease comes to an end on 21st October 2104
With only 79 years remaining on your lease we estimate the premium for your lease extension to range between £8,600 and £9,800 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.