The Penzance conveyancing firm handling our Penzance conveyancing has identified a discrepancy between the assumptions in the valuation survey and what is revealed within the conveyancing documents. My solicitor informs me that he is obliged to check that the lender is OK with this discrepancy and is still content to lend. Is my solicitor’s course or action legitimate?
Your solicitor 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.
We previously instructed conveyancing lawyers with offices in Penzance on the Lloyds solicitor panel. They are now charging me an additional fee for handling the Lloyds mortgage. Is this an additional conveyancing fee set by Lloyds?
Unfortunately, so long as it is in their Terms and Conditions or Quote then yes your conveyancing practitioner is entitled to levy a fee for this. The charge is not set by Lloyds but by your Penzance solicitor. Plenty of firms on the Lloyds panel will charge an ‘acting for lender’ fee and others do not.
Two weeks ago we had a mortgage agreed in principle with Bank of Ireland. Penzance conveyancing solicitors are appointed. How long does it take for Bank of Ireland to issue the offer to the conveyancer?
There is no definitive answer here. Have Bank of Ireland completed the survey? Have you advised Bank of Ireland as to your lawyers' details and checked that your lawyers are on the Bank of Ireland conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I am expecting a AIP from Principality this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Principality recommend any Penzance solicitors on the Principality conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Penzance solicitors independently although you'll need to choose one on the Principality conveyancing panel. The solicitor represents both you and Principality through the process.
Just had an offer accepted on a new build apartment in Penzance. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below is a sample of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Penzance
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Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose?
I opted to have a survey done on a house in Penzance prior to instructing conveyancers. I have been informed that there is a flying freehold overhang to the property. The surveyor advised that some mortgage companies may not issue a loan on this type of house.
It depends who your proposed lender is. HSBC has different requirements for example to Halifax. Should you wish to call us we can check via the appropriate lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Penzance. Conveyancing may be slightly more expensive based on your lender's requirements.
As co-executor for the will of my grandfather I am selling a house in Swansea but I am based in Penzance. My conveyancer (who is 260 kilometers from merequires that I sign a statutory declaration prior to the transaction finalising. Can you recommend a conveyancing practitioner in Penzance to attest this legal document for me?
Technically speaking you are not likely to be required to have the documents attested by a conveyancing solicitor. Normally or notary public or solicitor will be fine regardless of whether they are located in Penzance
What makes a Penzance lease unacceptable for security purposes?
There is nothing unique about leasehold conveyancing in Penzance. Most leases are individual and legal mistakes in the legal wording can sometimes mean that certain clauses are wrong. For example, if your lease is missing any of the following, it could be defective:
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Maintenance charge proportions which don’t add up to the correct percentage
A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, Coventry Building Society, and Alliance & Leicester all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, obliging the buyer to pull out.
Penzance Leasehold Conveyancing - A selection of Questions you should ask before buying
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You will want to discover as much as you can concerning the company managing the block as they can either make your living at the property much easier or uncomfortable. Being a leasehold owner you are often in the clutches of the managing agents both financially and when it comes to day to day issues like the upkeep of the communal areas. Don't be afraid to ask other people what they think of their service. On a final note, be sure you understand the dates that you are obliged pay the service charge to the relevant party and specifically what you get for your money. How long is the Lease? Is the freehold owned jointly by the leaseholders?