The Bude conveyancing firm handling our Bude conveyancing has discovered a discrepancy between the surveyor’s assumptions in the home valuation report and what is revealed within the legal papers for the property. My solicitor informs me that he needs to ensure that the bank is happy with this discrepancy and is content to go ahead. Is my solicitor’s course or action correct?
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.
After reading online forums for an online lawyer in Bude, most comment that I should use a CQS kitemarked solicitor. Can you explain what CQS is?
The Law Society's Conveyancing Quality Scheme is the recognised kitemark for legal experts in buying or selling property, trusted by some of the UK's biggest banks. Four years ago the Conveyancing Quality Scheme was officially recognised by the Building Societies Association (BSA). CQS is not a scheme offered by the Society for Licensed Conveyancers. Bude is one of the many areas of the UK where there are Accredited lawyers.
My stepmother pointed out to me me that in buying a property in Bude there may be a number of restrictions as to what one can do in terms of external alterations to a property. Is this right?
We are aware of a number of properties in Bude which have some sort of restriction or requirement of consent to carry out external variations. Part of the conveyancing in Bude should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I can not fathom if my bank requires a lease extension. I have called my Bude bank branch on numerous occasions and was told they are content with the situation and they would lend. My Bude conveyancing solicitor - who is on the lender conveyancing panel- called and was told they would not lend in accordance with their specific requirements. Who do I believe?
As long as the solicitor is on the mortgage company approved list, they must adhere to the CML Handbook specifications for the lender. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
My offer on a house in Bude has been agreed to, the sellers do nevertheless have a tied purchase. The owners have placed an offer on a property, but it’s not been accepted yet, and are looking at other properties in the pipeline. I have selected a local conveyancing solicitor in Bude. What should be my next step? At what stage should I apply for the mortgage with Santander?
It is normal to have apprehensions where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is in the region of £1k, then survey, Bude conveyancing search costs, etc). The first thing to do is ensure that your conveyancing practitioner is on the Santander approved list. Regarding the next steps this very much dictated by the uniqueness of your case, motivation for this property and on the state of the market. During a rising market some buyers would apply for the mortgage with Santander and arrange for the valuation and only if it was satisfactory would they request their conveyancer to move forward with the conveyancing in Bude.
I have recentlybeen informed that Arc property Solicitors have closed. They carried out my conveyancing in Bude for a purchase of a freehold house 10 months ago. How can I establish that the property is registered correctly in the name of the previous owner?
The quickest method to check if the property is registered to you, you can carry out 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 Bude conveyancing specialists.
I have just started marketing my garden flat in Bude. Conveyancing is yet to be initiated, however I have recently had a half-yearly service charge demand – should I leave it to the buyer to sort out?
The sensible thing to do is pay the maintenance contribution as you normally would as all rents and service charges should be allotted on completion, so you will be reimbursed by the purchaser for the period running from after the completion date to the subsequent invoice date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I invested in buying a leasehold flat in Bude, conveyancing was carried out in 1999. Can you work out an approximate cost of a lease extension? Comparable properties in Bude with an extended lease are worth £181,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease terminates on 21st October 2073
With just 50 years left to run we estimate the premium for your lease extension to range between £32,300 and £37,400 as well as 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 in the absence of detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.