The Thorpe Hesley conveyancing firm handling our Thorpe Hesley conveyancing has identified a discrepancy between the assumptions in the valuation survey and what is in the title deeds. My lawyer informs me that he is duty bound to check that the lender is happy with this discrepancy and is content to go ahead. Is my lawyer’s stance right?
Your lawyer 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 you.
Can you explain why leasehold purchase conveyancing in Thorpe Hesley costs more?
Thorpe Hesley leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
Various online forums that I have visited warn that are the main reason for obstruction in Thorpe Hesley conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) published determinations of research by MoveWithUs that conveyancing searches do not feature within the top 10 causes of delays in the conveyancing process. Searches are unlikely to be the root cause of holding up conveyancing in Thorpe Hesley.
I'm converting the mortgage on my primary property to a BTL mortgage with Norwich and Peterborough Building Society and I will use the rest of the raised equity towards a second property. The area we are talking about is Thorpe Hesley. Will your lawyers be able to act for both sets of mortgage companies and link together the conveyances?
Do use our search tool on this site to be sure that the solicitors are approved by both banks. Having checked that they are the lawyer will be able to connect the two conveyancing matters but you should have a chat with you conveyancer and specify your desired outcome and requirements.
I am employed by a busy estate agent office in Thorpe Hesley where we have experienced a few leasehold sales derailed as a result of leases having less than 80 years remaining. I have been given conflicting advice from local Thorpe Hesley conveyancing solicitors. Can you confirm whether the seller of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I purchased a 1 bedroom flat in Thorpe Hesley, conveyancing was carried out 4 years ago. How much will my lease extension cost? Equivalent flats in Thorpe Hesley with a long lease are worth £179,000. The ground rent is £65 invoiced annually. The lease ceases on 21st October 2083
With just 57 years unexpired we estimate the premium for your lease extension to span between £26,600 and £30,800 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. Do 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. Neither should you take any other action placing reliance on this information before seeking the advice of a professional.
My conveyancers in Thorpe Hesley have advised me that they can not locate my conveyancing file. At the time of my purchase I took out a mortgage with the bank. Is it case that being on the bank conveyancing panel they need to have retained the file for a prescribed period?
Different lenders have different requirements but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the bank Conveyancing Panel Terms. It might be worth you contacting the bank directly.