Our Summerhill solicitor has identified a difference between the information in the home valuation report and what is revealed within the title deeds. My solicitor informs me that he must ensure that the bank is happy with this discrepancy and is still content to lend. Is my solicitor’s stance correct?
Your conveyancing practitioner 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.
My Solicitor in Summerhill has never been on on the Leeds Building Society Conveyancing Panel. Is it possible for me to continue with my family solicitor notwithstanding that they are excluded from the Leeds Building Society panel of approved conveyancing solicitors?
The limited options available to you here include:
- Carry on with your preferred Summerhill solicitors but Leeds Building Society will need to instruct a solicitor on their panel. This will result in additional total legal fees as well as cause delays.
- Find an alternative practitioner to act in the conveyancing, not forgetting to check they are Leeds Building Society approved.
- Persuade your Leeds Building Society solicitor to seek to join the Leeds Building Society panel
Do I choose a Licenced Conveyancer or Solicitor for conveyancing in Summerhill?
There are many registered licenced Conveyancers in Summerhill and Solicitor firms in Summerhill to choose from It is important to make clear that both are regulated professionals specialising in the legal aspects of transferring property. They may both also handle associated property related work such as remortgage conveyancing, enfranchisement and transfer of equity conveyancing.
Please help - my lawyer advises that breach of easement insurance is necessary on my purchase. What is the level of cover for Summerhill conveyancing?
The right level of breach of easement indemnity insurance should be dictated by who your lender. It would differ for example between HSBC Bank and Bank of Scotland. Conveyancing solicitors as opposed to borrowers take out such insurances.
My offer on a property in Summerhill has been accepted, but there is a chain. The sellers have put an offer on on an apartment, however it’s not been accepted yet, and are looking at other properties booked. I have instructed a local conveyancing solicitor in Summerhill. What do I do now? When do I get the mortgage application with Barclays started?
It is understandable to have apprehensions where there is a chain as you are unlikely to want to incur expenses too early (mortgage application is in the region of one thousand pounds, then survey, Summerhill conveyancing search fees, etc). The first course of action is to check that your property lawyer is on the Barclays approved list. As to the next stages this very much depends on the uniqueness of your transaction, motivation for the property and on the state of the market. In a buoyant market the majority of buyers will apply for the mortgage with Barclays and arrange for the valuation and only if it comes back ok would they pay their solicitor to proceed with the conveyancing in Summerhill.
How does conveyancing in Summerhill differ for new build properties?
Most buyers of new build or newly converted property in Summerhill approach us having been asked by the developer to sign contracts and commit to the purchase even before the house is finished. This is because builders in Summerhill tend to purchase 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 property lawyers 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 used to new build conveyancing in Summerhill or who has acted in the same development.
I am on look out for some leasehold conveyancing in Summerhill. Before diving in I require certainty as to the number of years remaining on the lease.
If the lease is registered - and 99.9% are in Summerhill - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I am the registered owner of a split level flat in Summerhill, conveyancing was carried out August 2002. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Summerhill with over 90 years remaining are worth £181,000. The ground rent is £55 invoiced annually. The lease finishes on 21st October 2076
With 51 years unexpired we estimate the premium for your lease extension to be between £30,400 and £35,200 as well as costs.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more detailed due diligence. You should not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first getting professional advice.
What can I do where I am not happy with the conveyancer who did our conveyancing in Summerhill?
Occasionally the level of service you receive is not as you expect, and is is a fact of life that every so often things do go wrong. Nevertheless there is recourse where you were not happy with your conveyancing in Summerhill. This varies from trying to resolve matters directly with them, through to reporting a conveyancer to their governing body. If things still aren’t resolved you may consider enlisting the help of the Legal Ombudsman.