My North Newbald lawyer has spotted an inconsistency when comparing the information in the valuation report and what is in the title deeds. My solicitor has advised that he is obliged to ensure that the bank is OK with this discrepancy and is content to go ahead. Is my solicitor’s approach correct?
Your conveyancer must comply with the UK Finance Lenders’ Handbook requirements 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.
My grandfather passed away 10 months ago and as sole heir and executor I was left the property in North Newbald. The house had a small mortgage left on it of around £8000. I want to transfer the title deeds into my name whilst I re-mortgage to Barclays, pay off the mortgage. Is this allowed?
Given you intend to refinance then Barclays will insist on your using a conveyancer on the Barclays conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Barclays conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Barclays mortgage is registered as a charge at the Land Registry.
My stepmother advised me that in buying a property in North Newbald there could be various restrictions prohibiting external changes to the property. Is this right?
We are aware of a number of properties in North Newbald which have some sort of restriction or requirement of consent to carry out external alterations. Part of the conveyancing in North Newbald should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
When it comes to mortgage companies such as Principality, do North Newbald property lawyers incur a fee to be on the list of approved solicitors?
We are not aware of any mortgage company fees to register on their panel, although some do charge an administration charge to deal with the processing of the conveyancing panel submission.
Having digested plenty of mortgage guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local North Newbald solicitor - who is on the RBS conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
RBS will need an independent valuation of the property. Your lawyer will not arrange this. Usually RBS will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your North Newbald postcode. As you are getting a mortgage with RBS, you could contact them to see if they have a list of approved surveyors in North Newbald.
How does conveyancing in North Newbald differ for newly converted properties?
Most buyers of new build premises in North Newbald approach us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is constructed. This is because new home sellers in North Newbald tend to acquire the land, 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 property lawyers 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 North Newbald or who has acted in the same development.
I need to find a conveyancing solicitor for remortgage conveyancing in North Newbald. I happened to chance upon a web site which seems to have the perfect answer If it is possible to get all this stuff completed via email that would be ideal. Should I be wary? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I only have Fifty years remaining on my flat in North Newbald. I now want to extend my lease but my landlord is can not be found. What options are available to me?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the Court. However, you will be required to prove that you or your lawyers have made all reasonable attempts to find the landlord. In some cases a specialist would be helpful to carry out a search and prepare a report which can be accepted by the court as evidence that the freeholder is indeed missing. It is wise to seek advice from a solicitor in relation to proving the landlord’s absence and the vesting order request to the County Court covering North Newbald.
I purchased a 1st floor flat in North Newbald, conveyancing was carried out 5 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in North Newbald with a long lease are worth £191,000. The ground rent is £55 invoiced every year. The lease ceases on 21st October 2078
You have 53 years remaining on your lease we estimate the premium for your lease extension to span between £27,600 and £31,800 as well as legals.
The figure above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and you obviously should 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.