My Petts Wood solicitor has spotted a discrepancy between the information in the home valuation survey and what is revealed within the conveyancing documents. My lawyer has advised that he must ensure that the bank is happy with this discrepancy and is content to go ahead. Is my conveyancer’s approach right?
Your solicitor 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 you.
In looking at moneysavingexpert.com for a high-quality lawyer in Petts Wood, most post that I must look for a CQS accredited solicitor. Can you explain what CQS is?
The Law Society's Conveyancing Quality Scheme is the recognised kitemark for legal experts in home ownership transfers, trusted by some of the UK's biggest lenders. In 2011-12 the Conveyancing Quality Scheme was officially recognised by the Association of British Insurers (ABI). The scheme does not cover licenced conveyancers. Petts Wood is one of the numerous areas of the UK where there are Accredited solicitors.
I require quick conveyancing in Petts Wood as I am faced with a deadline to sign on the dotted line in less than one month. Thankfully I do not need a mortgage. Can I decline from having conveyancing searches to save money and time?
If.Given you are are a cash purchaser you are at liberty not to have searches conducted although no conveyancer would suggest that you don't. Drawing on our experience of conveyancing in Petts Wood the following are examples of issues that can appear and adversely affect future mortgageability: Enforcement Notices, Outstanding Charges, Overdue Grants, Unadopted Roads,...
How does conveyancing in Petts Wood differ for newly converted properties?
Most buyers of new build or newly converted property in Petts Wood contact us having been asked by the developer to exchange contracts and commit to the purchase even before the house is constructed. This is because builders in Petts Wood tend to acquire the real estate, 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 conveyancing solicitors 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 Petts Wood or who has acted in the same development.
My father has encouraged me to instruct his lawyers for conveyancing in Petts Wood. Do I take his guidance?
No doubt the ideal way to select a conveyancing solicitor is to get referrals from friends or family who have previously instructed the solicitor that you are considering.
I work for a busy estate agent office in Petts Wood where we have experienced a few flat sales jeopardised as a result of short leases. I have received conflicting advice from local Petts Wood conveyancing solicitors. Please can you clarify whether the seller of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence 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 wait 2 years for a lease extension. 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 disposal of the property.
An alternative approach is to agree the lease extension with the freeholder 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.
After years of dialogue we simply can't agree with our landlord on how much the lease extension should cost for our flat in Petts Wood. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
if there is a absentee landlord or where 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 judgment on the price.
An example of a Lease Extension matter before the tribunal for a Petts Wood flat is 1 Southlands Court Southlands Road in September 2013. The Leasehold Valuation Tribunal determined that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 was £30,541 This case affected 1 flat. The unexpired residue of the current lease was 50.57 years.