My Penrith conveyancer has discovered an inconsistency when comparing the surveyor’s assumptions in the valuation survey and what is revealed within the legal papers for the property. My lawyer informs me that he needs to ensure that the lender is happy with this discrepancy and is content to go ahead. Is my solicitor’s stance right?
Your conveyancer must comply with the UK Finance Lenders’ Handbook provisions 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.
Please explain the implications if my lawyer’s firm is removed from the Principality Solicitor panel ahead of completing my conveyancing in Penrith?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
I opted to have a survey completed on a house in Penrith in advance of appointing solicitors. I have been told that there is a flying freehold aspect to the property. My surveyor advised that some banks may not give a mortgage on a flying freehold house.
It depends who your proposed lender is. HSBC has different requirements from Birmingham Midshires. If you contact us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Penrith. Conveyancing may be slightly more expensive based on your lender's requirements.
My partner has urged me to appoint his conveyancers in Penrith. Should I choose my own solicitor?
There are no two ways about it the ideal way to select a conveyancing lawyer is to get recommendations from friends or relatives who have actually previously instructed the conveyancer that you are contemplating using.
I work for a busy estate agent office in Penrith where we see a number of leasehold sales jeopardised due to leases having less than 80 years remaining. I have received conflicting advice from local Penrith conveyancing firms. Please can you confirm whether the owner of a flat can instigate the lease extension process for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Penrith Conveyancing for Leasehold Flats - Examples of Queries Prior to buying
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You will want to find out as much as possible regarding the company managing the block as they will impact your use and enjoyment of the property. As the owner of a leasehold property you will be in the clutches of the managing agents from a financial perspective and when it comes to practical matters like the upkeep of the communal areas. Don't be shy to ask prospective neighbours what they think of their management. In conclusion, find out the dates that you are obliged pay the service charge to the appropriate party and precisely what it includes. Be sure to discover if there are any onerous prohibitions in the lease. By way of example it is fairly common in Penrith leases that pets are not permitted in in a block in Penrith. If you like the flatin Penrith however your dog is not allowed to make the move with you then you will be presented with a hard choice. How many of the leaseholders are in arrears for their service charge payments?
How do I discover who is the owner of a house in Penrith?
Assuming that the premises is registered with the Land Registry, and you have requisite details of the address of the premises, you should be able to see results from the the Land Registry of the registered owner for a fee.