The Lunt conveyancing firm handling our Lunt conveyancing has identified a discrepancy when comparing the assumptions in the valuation survey and what is in the legal papers for the property. My lawyer says that he is obliged to check that the bank is OK with this discrepancy and is content to go ahead. Is my solicitor’s course or action appropriate?
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.
Completed the sale of my flat in Lunt last November yet the purchaser is SMS messaging daily to say his lawyer needs to hear from mine. What should my lawyer have done following completion?
Following your house sale your conveyancer should send the transfer documentation and all additional paperwork to the buyer’s solicitors. Depending on the transaction, your lawyer should also evidence that the home loan has been discharged to the buyers solicitors. There is unlikely to be post completion requirements peculiar conveyancing in Lunt.
My fiance and I wish to acquire a purpose built flat in Lunt with a loan from Accord Mortgages Ltd.We use our Lunt conveyancing practitioner but Accord Mortgages Ltd advised that he's not on their approved list of firms. It seems we are left with little choice but to instruct a Accord Mortgages Ltd panel solicitor or retain our high street solicitor and pay for a Accord Mortgages Ltd panel lawyer to represent them. We feel as though this is unjust; Can we not simply insist that Accord Mortgages Ltd use our lawyer?
No, not really. The loan offered to you is subject to its terms and conditions, one of which will be that conveyancers must be on the Accord Mortgages Ltd solicitor panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your lawyer to apply to be on the conveyancing panel for Accord Mortgages Ltd
Will my solicitor be making enquiries regarding flooding as part of the conveyancing in Lunt.
Flooding is a growing risk for conveyancers specialising in conveyancing in Lunt. Some people will acquire a house in Lunt, fully aware that at some time, it may suffer from flooding. However, leaving to one side the physical damage, where a house is at risk of flooding, it may be difficult to obtain a mortgage, suitable building insurance, or sell the premises. Steps can be carried out during the course of a property purchase to forewarn the purchaser.
Lawyers are not best placed to impart advice on flood risk, but there are a numerous checks that can be initiated by the buyer or on a buyer’s behalf which should give them a better appreciation of the risks in Lunt. The standard completed inquiry forms given to a buyer’s solicitor (where the Conveyancing Protocol is adopted) contains a usual inquiry of the vendor to find out whether the premises has suffered from flooding. If flooding has previously occurred which is not disclosed by the seller, then a purchaser may bring a compensation claim stemming from an inaccurate response. A buyer’s solicitors will also conduct an enviro search. This should indicate if there is a recorded flood risk. If so, more detailed investigations should be carried out.
Estate agents have just been given the go-ahead to market my 2 bed flat in Lunt. Conveyancing solicitors are to be appointed soon, but I have just received a quarterly service charge invoice – should I leave it to the buyer to sort out?
The sensible thing to do is pay the invoice as usual as all ground rent and service payments should be apportioned on completion, so you will be reimbursed by the purchaser for the period running from after the completion date to the subsequent invoice date. Most managing agents 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. Having a clear account will assist your cause and will leave you no worse off financially.
I bought a basement flat in Lunt, conveyancing was carried out in 2009. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Lunt with an extended lease are worth £227,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease expires on 21st October 2097
With just 72 years left to run we estimate the premium for your lease extension to be between £9,500 and £11,000 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to provide the actual costs without more comprehensive investigations. Do not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information without first seeking the advice of a professional.
Is it necessary during the course of the conveyancing process to attend the offices of the bank conveyancing panel solicitor to execute the mortgage deed? If so, I will instruct a firm who offer conveyancing in Lunt so that I can attend their offices if required.
Whereas this was necessary ten years ago, most lenders no longer require their conveyancing panel solicitor to witness the borrowers signature. You will still be obliged to provide ID Documents and there are still distinct advantages to using a local solicitor, in your case a conveyancing solicitor in Lunt.