Our Water Orton conveyancer has identified a difference when comparing the information in the valuation report and what is revealed within the title deeds. My solicitor informs me that he is duty bound to ensure that the bank is happy with this discrepancy and is content to go ahead. Is my lawyer’s stance correct?
Your conveyancer 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.
I have 70 years left on my lease and need a lease extension for my apartment in Water Orton. Conveyancing solicitors on the Accord Mortgages panel can deal with such extensions right?
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are getting a mortgage then your lender may insist that the lease be extended before competition. Accord Mortgages have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 18/4/2024 the requirements read as follows :
Do I need to take out insurance to address the risk of chancel repairs when buying a house in Water Orton?
Unless a previous purchase of the house took place post 12 October 2013 you can take it that solicitors carrying out conveyancing in Water Orton to continue to suggest a chancel search and or chancel repair liability policy.
About to purchase a new build apartment in Water Orton. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below are examples of a few leasehold new build questions that you should expect your new-build leasehold conveyancing in Water Orton
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Please confirm the Lease plans are architect prepared. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Please supply a car parking plan. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier?
Given that I will soon spend £400,000 on 3 bedroom house in Water Orton I would like to have a conversation with the lawyer regarding theconveyancing in advance of giving the go ahead to the firm. Can this be arranged?
This is something that we recommend - we would be delighted to talk to you we do not take any clients on without you speaking to the lawyer due to be conducting your conveyancing in Water Orton.There is no ‘factory style conveyancing’ - every client is unique individual, not a file number. The law firms that we put you in touch with believe that the fees you are quoted for your conveyancing in Water Orton should be the amount on the final invoice that you end up paying.
Last November I purchased a leasehold flat in Water Orton. Am I liable to pay service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I purchased a 1st floor flat in Water Orton, conveyancing formalities finalised in 1997. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Water Orton with an extended lease are worth £260,000. The average or mid-range amount of ground rent is £45 per annum. The lease finishes on 21st October 2098
With only 74 years remaining on your lease the likely cost is going to span between £8,600 and £9,800 plus professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be additional issues 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 placing reliance on this information without first seeking the advice of a professional.