Our Sherston lawyer has uncovered a difference when comparing the surveyor’s assumptions in the home valuation report and what is in the title deeds. My lawyer says that he is obliged to check that the bank is happy with this discrepancy and is content to go ahead. Is my solicitor’s approach right?
Your conveyancer 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 you.
Can you explain why leasehold purchase conveyancing in Sherston costs more?
The conveyancing fees on a leasehold property in Sherston is inevitably greater than on a freehold property. This is because there is an amount of supplemental investigations necessary in corresponding with the freeholder and management company to obtain evidence about whether the rent and maintenance charges have been discharged and whether there are any large sums expected to be spent in the foreseeable future on repairs or maintenance of the building.
When scouring mumsnet.com for an online lawyer in Sherston, most say that I must use a CQS assured solicitor. Can you explain what CQS is?
The Law Society's Conveyancing Quality Scheme is the recognised quality mark for legal experts in the legal transfer of properties, trusted by some of the UK's biggest lenders. Four years ago the Conveyancing Quality Scheme was officially recognised by the Legal Ombudsman. CQS is not a scheme offered by the Council of Licensed Conveyancing. Sherston is one of the numerous areas of the UK where there are Accredited lawyers.
Over the last few months I have been searching for a flat up to £195,000 and found one close by in Sherston I like with open areas and station nearby, however it's only got 51 remaining years left on the lease. I can't really find anything else in Sherston in this price bracket, so just wondered if I would be making a grave error purchasing a short lease?
Should you require a mortgage that many years may be problematic. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for a minimum of 2 years you could request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should consult your conveyancing lawyer concerning this matter.
My wife and I purchased a leasehold house in Sherston. Conveyancing and Accord Mortgages Ltd mortgage went though with no issue. I have received a letter from someone claiming to own the freehold. It included a demand for arrears of ground rent dating back to 1997. The conveyancing practitioner in Sherston who acted for me is not around. Do I pay?
The first thing you should do is make enquiries of HMLR to make sure that this person is indeed the registered owner of the freehold reversion. You do not need to incur the fees of a Sherston conveyancing lawyer to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I purchased a 1 bedroom flat in Sherston, conveyancing formalities finalised in 2001. How much will my lease extension cost? Comparable properties in Sherston with a long lease are worth £206,000. The average or mid-range amount of ground rent is £45 levied per year. The lease finishes on 21st October 2091
With 66 years unexpired we estimate the price of your lease extension to be between £12,400 and £14,200 plus costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first seeking the advice of a professional.
The lawyers handling our conveyancing in Sherston has sent papers to review that indicate that the land is unregistered with epitome documents. Is it not the case that all houses in Sherston should be registered?
It is unusual for property in Sherston to be unregistered. An 'epitome' is basically a dossier of photocopies of documents affecting an unregistered title. Many Sherston conveyancing lawyers will be familiar with this type of conveyancing but where uncertainty prevails the standard guidance these days seems to be for the seller’s conveyancer to undertake the registration formalities first and thereafter sell - this undoubtedly result in a significant delay.