My Mottingham conveyancer has uncovered a difference when comparing the assumptions in the valuation report and what is revealed within the legal papers for the property. My solicitor says that he must ensure that the bank is happy with this discrepancy and is still content to lend. Is my lawyer’s approach legitimate?
Your lawyer 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 both parties.
It is a dozen years since I acquired my house in Mottingham. Conveyancing solicitors have recently been retained on the sale but I am unable to locate my title deeds. Will this cause complications?
You need not be too concerned. First there is a possibility that the deeds will be kept by the mortgage company or they may be in the possession of the conveyancers who oversaw your purchase. Secondly in most cases the property will be recorded at the land registry and you will be able to establish that you own the property by your conveyancing solicitors obtaining current official copies of the land registers. The vast majority of conveyancing in Mottingham involves registered property but in the rare situation where your home is unregistered it is more of a problem but is resolvable.
I am told that my conveyancing solicitors will need to check that the building insurance when buying a house in Mottingham. My lender is Chelsea Building Society
Chelsea Building Society have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 19/9/2019, the requirements read as follows :
My relative recommended that where I am purchasing in Mottingham I should ask my conveyancer to carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is sometimes quoted for as part of the standard Mottingham conveyancing searches. It is a large report of more than thirty pages, listing and setting out important information about Mottingham around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Mottingham Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Local Education with maps and statistics, Local Amenities and other useful data regarding Mottingham.
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At this site receive an accurate quote from a Solicitor or Licensed Conveyancer that appreciates the issues of your conveyancing in Mottingham. As opposed to estate agents and brokerage sites we are not in the business of charging firms a commission if you choose them for your property ownership legalities in Mottingham
I am tempted by the attractive purchase price for a two maisonettes in Mottingham both have about fifty years left on the lease term. Will this present a problem?
There are no two ways about it. A leasehold apartment in Mottingham is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the value of the premises. The majority of purchasers and lenders, leases with less than 75 years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Mottingham conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
We have reached the end of our tether in trying to purchase the freehold in Mottingham. Can this matter be resolved via the Leasehold Valuation Tribunal?
Where there is a absentee freeholder or if there is dispute about the premium for a lease extension, under the relevant legislation you can apply to the First-tier Tribunal (Property Chamber) to assess the price.
An example of a Lease Extension matter before the tribunal for a Mottingham property is 49 Woodstock Court Burnt Ash Hill in May 2012. the payment of £64,116 by the leaseholder was the premium which the Tribunal found due for the lease extension in this case. This case was in relation to 1 flat. The remaining number of years on the lease was 23.26 years.