Our Buntingford conveyancer has uncovered an inconsistency between the surveyor’s assumptions in the home valuation survey and what is in the legal papers for the property. My solicitor has advised that he is obliged to check that the bank is happy with this discrepancy and is still content to lend. Is my solicitor’s course or action correct?
Your conveyancing practitioner 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.
What does a local search inform me about the house my wife and I purchasing in Buntingford?
Buntingford conveyancing often starts with the ordering local authority searches directly from your local Authority or through a personal search company for example Xpress Legal The local search plays an important role in most Buntingford conveyancing purchase; as long as you don’t want any nasty once you have moved into your new home. The search will provide data on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen topic sections.
How does conveyancing in Buntingford differ for new build properties?
Most buyers of new build residence in Buntingford come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the premises is completed. This is because house builders in Buntingford tend to buy the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Buntingford or who has acted in the same development.
I decided to have a survey done on a property in Buntingford before retaining lawyers. I have been advised that there is a flying freehold aspect to the house. The surveyor advised that some lenders may not give a loan on such a home.
It depends who your proposed lender is. Bank of Scotland has different requirements from Birmingham Midshires. Should you wish to call us we can check via the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Buntingford. Conveyancing may be slightly more expensive based on your lender's requirements.
I have recently realised that I have Seventy years remaining on my flat in Buntingford. I now wish to extend my lease but my landlord is missing. What should I do?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be lengthened by the Court. However, you will be required to demonstrate that you have used your best endeavours to find the freeholder. On the whole an enquiry agent would be useful to carry out a search and prepare a report which can be accepted by the court as evidence that the landlord is indeed missing. It is advisable to get professional help from a conveyancer both on devolving into the landlord’s disappearance and the application to the County Court overseeing Buntingford.
Leasehold Conveyancing in Buntingford - Examples of Queries Prior to Purchasing
Many Buntingford leasehold flats will incur a service bill for the upkeep of the block invoiced by the management company. Should you purchase the property you will have to meet this liability, normally quarterly throughout the year. This could be anything from a few hundred pounds to thousands of pounds for blocks with lifts and large communal grounds. In all probability there will be a rentcharge to be met yearly, this is usually not a significant sum, say around £50-£100 but you need to check it because on occasion it can be prohibitively expensive. Is there a share of the freehold?