Our Binstead lawyer has spotted a difference between the information in the valuation report and what is revealed within the title deeds. My lawyer informs me that he is obliged to ensure that the bank is OK with this discrepancy and is still content to lend. Is my lawyer’s approach correct?
Your property lawyer must comply with the UK Finance Lenders’ Handbook provisions 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 wife and I are buying a property in Binstead. I might seem paranoid but how we can trust a lawyer? On completion day we will need to send money into their account. What is the protection we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
I am helping my aunt sell her flat in Binstead. Will the solicitor commission the energy performance certificate or do I organise this?
After the demise of HIPs, energy assessments was maintained a required component of selling a property. An EPC must be to hand before the property is put on the market. This is not as aspect of the sale process that law firms normally organise. Where you are using a Binstead conveyancing solicitor they might be willing to arrange energy performance certificates given their contacts with long established local assessors
Last month we had a mortgage agreed in principle with Leeds Building Society. Binstead conveyancing practitioners were chosen. What is the average time that one could expect to receive a mortgage offer from Leeds Building Society?
Some lenders take longer than others. Have Leeds Building Society conducted the valuation? Have you informed Leeds Building Society as to your lawyers' details and checked that your lawyers are on the Leeds Building Society conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
Over the last few months I have been searching for a flat up to £305k and identified one close by in Binstead I like with amenity areas and transport links nearby, the downside is that it only has 61 years on the lease. I can't really find anything else in Binstead for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you require a home loan the remaining unexpired lease term may be problematic. Discount the offer by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the property for at least 2 years you could request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this matter.
Are there any apps to assist me to search for a Binstead law firm on the Yorkshire Building Society conveyancing panel? I have a car and am willing to travel upto 20kilometers to meet the solicitor.
You can use the tool on this page. Please select a mortgage company and your location and you will see a number of Binstead conveyancing lawyers locally. We have detailed some Binstead conveyancing firms at the bottom of this page and you can ring them to see if they are on the Yorkshire Building Society approved list
Can you offer any advice when it comes to finding a Binstead conveyancing practice to deal with our lease extension?
When appointing a property lawyer for your lease extension (regardless if they are a Binstead conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We suggest that you speak with several firms including non Binstead conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions could be of use:
What are the legal fees for lease extension conveyancing? If the firm is not ALEP accredited then what is the reason?
I acquired a leasehold flat in Binstead, conveyancing having been completed half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Binstead with over 90 years remaining are worth £265,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease terminates on 21st October 2095
With just 76 years left to run the likely cost is going to span between £8,600 and £9,800 plus legals.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on the actual costs 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 issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.