I have just been advised by my mortgage adviser that my Benson lawyer is not on the mortgage company Solicitor panel. How can I be sure that this is correct?
You need to contact your Benson lawyer directly. You lawyer should notify you what has happened. If they are not on the panel they could put your in touch with solicitors on the approved list of lawyers for your bank.
Our Benson solicitor has identified a difference when comparing the surveyor’s assumptions in the home valuation survey and what is in the conveyancing documents. My lawyer has advised that he is obliged to check that the lender is happy with this discrepancy and is still content to lend. Is my solicitor’s stance appropriate?
Your conveyancer 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 both parties.
My friend recommended that where I am purchasing in Benson I should 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 Benson conveyancing searches. It is a large report of about 40 pages, listing and detailing significant information about Benson around the property and the people living there. It incorporates 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 Property Price, Crime details, Local Education with maps and statistics, Local Amenities and other useful data concerning Benson.
I opted to have a survey completed on a property in Benson ahead of retaining conveyancers. I have been advised that there is a flying freehold overhang to the house. My surveyor has said that some mortgage companies may refuse to grant a loan on a flying freehold premises.
It depends who your proposed lender is. Lloyds has different instructions from Birmingham Midshires. If you call us we can look into this further with the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Benson. Conveyancing will be smoother if you use a solicitor in Benson especially if they regularly deal with such properties in Benson.
Can you offer any advice when it comes to appointing a Benson conveyancing firm to deal with our lease extension?
If you are instructing a conveyancer for your lease extension (regardless if they are a Benson conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of work. We recommend that you talk with two or three firms including non Benson conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions might be useful:
If they are not ALEP accredited then what is the reason? How many lease extensions have they completed in Benson in the last 12 months?
I invested in buying a studio flat in Benson, conveyancing having been completed half a dozen years ago. How much will my lease extension cost? Equivalent properties in Benson with an extended lease are worth £180,000. The ground rent is £65 invoiced every year. The lease ceases on 21st October 2079
With 58 years remaining on your lease we estimate the premium for your lease extension to be between £22,800 and £26,400 plus legals.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs without more comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information without first getting professional advice.