The Potswood conveyancing firm handling our Potswood conveyancing has discovered an inconsistency when comparing the information in the home valuation report and what is in the conveyancing documents. My lawyer informs me that he is obliged to check that the lender is happy with this discrepancy and is still content to lend. Is my lawyer’s course or action legitimate?
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.
I happen to be the single recipient of my late mum's will with all property in now in my sole name, including the my former home in Potswood. Conveyancing formalities meant that the Land Registry date was in December. I want to move. I understand that there is a Mortgage Lenders 6 month 'rule', which means that my proprietorship will be considered the same way as though I had purchased the property in December. Do I have to wait 6 months to sell?
The Council of Mortgage Lenders’ handbook requires solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be affected by that. Most lenders would take a practical view as this provision is chiefly there to capture subsales or the quick reselling of property.
I was told two weeks ago that my mortgage has been agreed to by Skipton. Is it usual for Skipton to only issue the offer once my solicitor in Potswood is approved on their conveyancing panel? Skipton have asked my solicitor to see a copy of their PI Insurance.
Mortgage companies tend not to not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Skipton to deal with your lawyer's application to be on the Skipton conveyancing panel. There's no guarantee that your solicitor will be accepted.
Lloyds have agreed my mortgage in principle, my offer on a house in Potswood has been accepted, what happens next?
The property agent will need to know who your solicitors are (ensure that the property lawyers are on the lender’s approved list). Telephone Lloyds or your broker and complete any outstanding forms. Lloyds will sellect a valuer who will get in contact with the selling agent or vendor to arrange an appointment. Once carried out (assuming no problems) it takes approximately a week to get a mortgage offer. Lloyds will send the offer to you and your solicitors. The transaction will then take it’s course according the nature and complexity of the conveyancing in Potswood.
About to purchase a new build apartment in Potswood. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Here is a sample of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Potswood
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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? The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Please confirm the Lease plans are architect prepared. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore.
Over the last few months I have been searching for a leasehold apartment up to £305k and found one round the corner in Potswood I like with a park and transport links in the vicinity, the downside is that it only has 51 years unexpired on the lease. There is not much else in Potswood in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you require a mortgage the remaining unexpired lease term will be an issue. Reduce the offer by the expected lease extension will cost if not already taken into account. If the current owner has owned the property for at least 2 years you may ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this matter.
Taking into account that I am about to part with hundreds of thousands of pounds on 3 bedroom house in Potswood I would like to talk to a conveyancer concerning thehome move in advance of instructing the firm. Is this something that you can arrange?
We could not agree more - we would be delighted to talk to you we do not take any clients on without you liaising with the conveyancer due to be carrying out your property ownership legalities in Potswood.There is no ‘factory style conveyancing’ - each client is an important individual, not a file number. The law firms that we put you in touch with believe that the fees you are calculated and presented to you for residential conveyancing in Potswood should be the figure that you end up paying.
My wife and I purchased a leasehold flat in Potswood. Conveyancing and Godiva Mortgages Ltd mortgage are in place. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1995. The conveyancing solicitor in Potswood who acted for me is not around. What should I do?
The first thing you should do is make enquiries of HMLR to be sure that this person is in fact the registered owner of the freehold reversion. There is no need to instruct a Potswood conveyancing lawyer to do this as you can do this on the Land Registry website for less than a fiver. You should note that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am the registered owner of a studio flat in Potswood, conveyancing having been completed April 2009. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Potswood with over 90 years remaining are worth £180,000. The ground rent is £65 yearly. The lease runs out on 21st October 2085
With only 59 years left to run we estimate the price of your lease extension to range between £20,900 and £24,200 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.