The Stockwood conveyancing firm handling our Stockwood conveyancing has discovered a discrepancy when comparing the information in the home valuation survey and what is revealed within the legal papers for the property. My lawyer has advised that he needs to check that the bank is OK with this discrepancy and is still content to lend. Is my conveyancer’s course or action appropriate?
Your conveyancing practitioner 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.
I am told that my conveyancing solicitors will need to check that the building insurance for my purchase of a house in Stockwood. My lender is Tesco Bank
Tesco Bank have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 27/9/2022, the requirements read as follows :
I have been on the look out for a flat up to £195,000 and found one close by in Stockwood I like with open areas and transport links nearby, the downside is that it's only got 52 years unexpired on the lease. There is not much else in Stockwood suitable, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you need a home loan the shortness of the lease will likely be a potential deal breaker. Discount the offer by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the property for a minimum of twenty four months you may ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing lawyer regarding this matter.
My brother has urged me to instruct his conveyancing solicitors in Stockwood. Do I follow his advice?
There are no two ways about it the best way to find a conveyancing practitioner is to seek feedback from friends or family who have previously instructed the firm you're considering.
I would like to let out my leasehold flat in Stockwood. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for permission?
Some leases for properties in Stockwood do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord cannot unreasonably refuse but, in such cases, they would need to review references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.
I inherited a 1 bedroom flat in Stockwood, conveyancing having been completed in 2007. Can you work out an approximate cost of a lease extension? Comparable flats in Stockwood with over 90 years remaining are worth £185,000. The ground rent is £65 invoiced every year. The lease ends on 21st October 2082
With 60 years unexpired the likely cost is going to range between £20,000 and £23,000 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more detailed investigations. Do not use this information in tribunal or court proceedings. There may be additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.
New build sellers have recommended to me a property lawyer and I've received a quote from them. They are almost £300 less expensive than my own Stockwood solicitor. Should I use them?
Housebuilders often have panels of conveyancing practitioners who expedite matters and who know the developer’s documentation and lawyer. As many developers offer an incentive to use their approved conveyancer for this reason, any increased fees can be avoided and a builder won't recommend a conveyancing factory and run the risk of having the transaction delayed when they need an exchange within a tight deadline. The argument for not agreeing to use the suggested conveyancer is that they may be hesitant to 'push' your interests for fear of alienating the housebuilder. Where you have concerns that this may be the case you should remain with your local Stockwood solicitor.