The Nottingham conveyancing firm handling our Nottingham conveyancing has identified a discrepancy when comparing the information in the valuation survey and what is revealed within the title deeds. My solicitor informs me that he must check that the bank is happy with this discrepancy and is still content to lend. Is my lawyer’s course or action correct?
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.
I am helping my step-mother sell her flat in Nottingham. Does the solicitor commission the energy performance certificate or should I organise this?
After the demise of Home Information Packs, energy performance certificates was kept a mandatory element of selling a house. An energy assessment should be to hand in advance of the property being advertised. It is not as aspect of the sale process that lawyers ordinarily arrange. If you are instructing a Nottingham conveyancing practitioner they might be able to arrange EPC’s due to their relationships with reputable local assessors
Is it correct that all Nottingham CQS (Conveyancing Quality Scheme) solicitors are on the HSBC conveyancing list of approved firms?
It is true that some banks and building societies now make use of the accreditation scheme as the starting point for Panel approval such as HSBC and Santander. CQS accreditation however is no guarantee to lender panel acceptance. Nevertheless,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitor practices wishing to remain on their approved list of firms.
When it comes to lenders such as Nationwide, do Nottingham lawyers incur an annual charge to be on the conveyancing panel?
We are not aware of any bank fees to be on their panel, although some do levy an administration fee to deal with the processing of the conveyancing panel submission.
How does conveyancing in Nottingham differ for newly converted properties?
Most buyers of new build or newly converted property in Nottingham contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is completed. This is because builders in Nottingham usually purchase 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 conveyancers 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 used to new build conveyancing in Nottingham or who has acted in the same development.
I have been on the look out for a ground for flat up to £245,000 and found one near me in Nottingham I like with a park and transport links in the vicinity, however it only has 52 years unexpired on the lease. I can't really find anything else in Nottingham suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you require a mortgage that many years will be problematic. Discount the offer by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the property for a minimum of twenty four months you may request that they start the process of the extension and pass it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this.
In what way can the Landlord & Tenant Act 1954 affect my business premises in Nottingham and how can your lawyers assist?
The particular law that you refer to provides protection to business leaseholders, giving them the right to apply to court for a continuation of occupancy when the lease comes to an end. There are certain specified grounds where a landlord can refuse a lease renewal and the rules are complicated. Fees are different for commercial conveyancing. Nottingham is one of the hundreds of areas of the UK in which our lawyers have offices
I am hoping to exchange soon on a studio apartment in Nottingham. Conveyancing lawyers assured me 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 Nottingham should include some of the following:
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Who has the liability to repair and maintain the building. It is essential that you know who is liable for the repair and maintenance of every part of the building You would want to receive a copy of the lease Your conveyancers should enable you to have an understanding of the building insurance requirements It needs to be made clear to you if the lease permits you to alter or improve anything in the flat- you must be made aware as to whether any restrictions applies to all alterations or just structural alteration, and whether licences for alterations is required Are you allowed to have a pet in the flat?
Leasehold Conveyancing in Nottingham - A selection of Queries Prior to Purchasing
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The prefered form of lease structure is a share of the freehold. In this arrangement the lessees benefit from control and even though a managing agent is frequently employed where it is bigger than a house conversion, the managing agent acts for the leaseholders themselves. If a Nottingham lease has fewer than eighty years it will impact the marketability of the flat. Check with your bank that they are willing to lend given the lease term. A short lease means that you will probably need a lease extension sooner rather than later and you need to have some idea of what this will be. For most Nottinghamlease extensions you would need to own the premises for two years before you are entitled to exercise a lease extension. Make sure you find out if the the lease includes any unreasonable restrictions in the lease. For example it is very common in Nottingham leases that pets are not permitted in in a block in Nottingham. If you love the flatin Nottingham however your dog can’t live with you then you will be presented with a hard decision.