Our Thetford solicitor has identified a difference when comparing the surveyor’s assumptions in the home valuation report and what is revealed within the conveyancing documents. My solicitor has advised that he needs to ensure that the bank is happy with this discrepancy and is still content to lend. Is my conveyancer’s approach right?
Your solicitor must comply with the UK Finance Lenders’ Handbook requirements 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.
What is the first thing I need to know regarding purchase conveyancing in Thetford?
You may not hear this from too many lawyers but conveyancing in Thetford and elsewhere in Norfolk is an adversarial process. In other words, when it comes to conveyancing there is lots of opportunity for conflict between you and others involved in the home moving process. For instance, the seller, property agent and on occasion a bank. Choosing a lawyer for your conveyancing in Thetford should not be taken lightly as your conveyancer is your adviser, and is the ONLY party in the transaction whose responsibility is to protect your legal interests and to protect you.
Every so often a third party with a vested interest will attempt to convince you that you should follow their advice. For example, the property agent may claim to be helping by claiming that your conveyancer is wrong. Or your financial adviser may advise you to do something that is contrary to your conveyancers recommendation. You should always trust your lawyer above all other parties in the home moving process.
We're in Thetford, First timers buying with a mortgage (lender is Nationwide , and our solicitor is on the Nationwide conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Nationwide conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no solicitor should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
A friend suggested that where I am purchasing in Thetford I should ask my conveyancer to carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is usually included in the estimate for your Thetford conveyancing searches. It is not a small report of about 40 pages, listing and setting out important information about Thetford around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Local Education with maps and statistics, Local Amenities and other useful information regarding Thetford.
I have todaybeen informed that Stirling Law have closed. They conducted my conveyancing in Thetford for a purchase of a leasehold flat 10 months ago. How can I establish that the property is registered correctly in the name of the previous owner?
The quickest way to check if the property is registered to you, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Thetford conveyancing specialists.
Can you provide any advice for leasehold conveyancing in Thetford with the aim of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Thetford can be reduced if you get in touch lawyers the minute your agents start advertising the property and ask them to put together the leasehold information needed by the purchasers’ conveyancers. If you have carried out any alterations to the residence would they have required Landlord’s permission? In particular have you installed wooden flooring? Most leases in Thetford state that internal structural changes or installing wooden flooring calls for a licence from the Landlord consenting to such works. If you dont have the paperwork to hand do not contact the landlord without contacting your lawyer in the first instance. If there is a history of conflict with your landlord or managing agents it is very important that these are resolved prior to the flat being marketed. The purchasers and their solicitors will be reluctant to purchase a property where there is an ongoing dispute. You may need to swallow your pride and pay any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the buyers, but it is better to present the dispute as over as opposed to unresolved. You believe that you know the number of years remaining on your lease but it would be advisable verify this via your solicitors. A buyer’s lawyer will not be happy to advise their client to to exchange contracts if the remaining number of years is less than 75 years. In the circumstances it is essential at an as soon as possible that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.
I invested in buying a 1st floor flat in Thetford, conveyancing formalities finalised half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Thetford with a long lease are worth £216,000. The ground rent is £50 invoiced annually. The lease terminates on 21st October 2094
You have 69 years unexpired the likely cost is going to range between £9,500 and £11,000 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more comprehensive investigations. You should not use the figures 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 want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.