My Southport solicitor has spotted a discrepancy when comparing the information in the home valuation survey and what is in the legal papers for the property. My solicitor has advised that he needs to ensure that the lender is happy with this discrepancy and is content to go ahead. Is my conveyancer’s approach 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 you.
A relative pointed out to me me that in buying a property in Southport there may be various restrictions preventing external alterations to a property. Is this right?
There are anumerous of properties in Southport which have some sort of restriction or requirement of consent to carry out external changes. Part of the conveyancing in Southport should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
Is it correct that all Southport CQS (Conveyancing Quality Scheme) solicitors are on the Kent Reliance conveyancing panel?
Some major lenders now use CQS as the kick off point for Panel membership such as HSBC and Santander. The Law Society’s CQS accreditation however gives no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitor practices wishing to join their approved list of conveyancing solicitors.
The formalities of my purchase has taken place for my property in Southport. Conveyancing was a necessary evil but I would like to complain about the lender. How do I make a complaint?
All lenders have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Care Team at head office. In most cases complaints to a lender are sorted out very quickly. If you feel the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR with full details of your complaint.
I am looking into buying my first house which is in Southport and I am already nervous. I couldn't find anything specific about Southport. Conveyancing will be needed in due course but do you know about the Southport area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Southport. In the meantime here are some basic statistics that we found
I am 18 days into a freehold purchase having been directed to conveyancers by the high street agent to do our conveyancing in Southport. I am am very disappointed with the quality of service. Can you help me find new solicitors?
A solicitor would have to be very bad to suggest replacing them. Has your loan offer been issued? If so you need to inform them of the replacement conveyancer and have the offer are issued to the new lawyers. Your new solicitor ideally should be on the mortgage company approved list to avoid supplemental costs and frustration. So that should be your starting point. Our find a solicitor tool should assist you in finding a bank approved solicitor for your conveyancing in Southport
I am attracted to a couple of flats in Southport which have approximately 50 years unexpired on the lease term. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold apartment in Southport is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the salability of the property. For most purchasers and lenders, leases with under 75 years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Southport conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I invested in buying a 1st floor flat in Southport, conveyancing having been completed in 1998. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar flats in Southport with over 90 years remaining are worth £202,000. The ground rent is £60 levied per year. The lease finishes on 21st October 2078
With only 57 years unexpired we estimate the price of your lease extension to be between £28,500 and £33,000 plus costs.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before seeking the advice of a professional.
Can a conveyancer remove a name from the title of my property in Southport ?
Removing or adding someone to the title of your property is relatively straightforward. You’ll need to appoint a property lawyer to discuss your legal rights before you can proceed with a transfer of property. Contact us to book a free consultation with one a conveyancing practitioner