Our Martlesham lawyer has discovered an inconsistency between the assumptions in the valuation survey and what is revealed within the legal papers for the property. My lawyer informs me that he is obliged to check that the bank is happy with this discrepancy and is still content to lend. Is my solicitor’s stance legitimate?
Your conveyancing practitioner 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.
It is a dozen years since I bought my home in Martlesham. Conveyancing lawyers have just been instructed on the sale but I can't find the title documents. Is this a problem?
Don’t worry too much. Firstly there is a chance that the deeds will be with your lender or they may be in the possession of the conveyancers who oversaw your purchase. Secondly in all probability the property will be recorded at the land registry and you will be able to establish that you own the property by your conveyancing lawyers obtaining current official copies of the land registers. Nearly all conveyancing in Martlesham relates to registered property but in the unlikely event that your property is not registered it adds to the complexity but is not insurmountable.
Our bank has suggested solicitors on their panel based in Martlesham but I would rather choose a conveyancing lawyer in Martlesham local to me. Can you assist?
It is by no means the case that all Martlesham conveyancing firms are listed all banks conveyancing panel. Do make use of our search tool to find a Martlesham conveyancing conveyancer on the on the bank panel.
What can a local search inform me regarding the house I am purchasing in Martlesham?
Martlesham conveyancing often commences with the ordering local authority searches directly from your local Authority or via a personal search company for example Xpress Legal The local search plays an important part in many a Martlesham conveyancing purchase; as long as you don’t want any nasty once you have moved into your property. The search will provide information on, amongst other things, details on planning applications applicable to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen subject areas.
As co-executor for the estate of my uncle I am selling a residence in Monmouth but I am based in Martlesham. My lawyer (based 235 miles from meneeds me to sign a statutory declaration prior to the transaction finalising. Could you suggest a conveyancing practitioner in Martlesham who can witness and place their company stamp on the document?
Technically speaking you are unlikely to need to have the documents witnessed by a conveyancing solicitor. Normally any notary public or solicitor will suffice regardless of whether they are Martlesham based
I am tempted by the attractive purchase price for a couple of maisonettes in Martlesham both have in the region of 50 years remaining on the lease term. Should I regard a short lease as a deal breaker?
A lease is a legal document that entitles you to use the property for a prescribed time frame. As a lease gets shorter the marketability of the lease deteriorates and it becomes more costly to acquire a lease extension. For this reason it is advisable to increase the term of the lease. It is often difficult to sell a property with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this arena.
I invested in buying a 1st floor flat in Martlesham, conveyancing was carried out in 1999. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Martlesham with over 90 years remaining are worth £265,000. The ground rent is £50 invoiced annually. The lease expires on 21st October 2101
With just 76 years left to run we estimate the premium for your lease extension to span between £8,600 and £9,800 plus professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more comprehensive investigations. You should not use this information in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.