My Carlton conveyancer has spotted a discrepancy when comparing the information in the valuation survey and what is in the title deeds. My lawyer says that he is duty bound to check that the lender is happy with this discrepancy and is still content to lend. Is my solicitor’s approach appropriate?
Your lawyer must comply with the UK Finance Lenders’ Handbook conditions 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.
We note that you have a search directory identifying law firms on the Nationwide conveyancing panel. Do companies pay you a referral fee if I appoint them for our conveyancing in Carlton?
We are a listing service only for law firms wishing to communicate if they are on the Nationwide conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Carlton.
Forgive me if this question is silly but I am wet behind the ears as a 1st time purchaser of a two bedroom flat in Carlton. Do I receive the keys to the premises on the completion date from my conveyancer? If this is the case, I will use a High Street conveyancing solicitor in Carlton?
On the day of completion you do not need to attend the conveyancers office in Carlton. Your solicitors will transfer the purchase money to the vendor’s solicitors, and once they have received this, you will be invited to collect the keys from the selling Agents and move into your new home. This tends to happen between 1 and 3pm.
My fiancee and I are spending time viewing houses in Carlton and I am about to put in an offer. Is it advisable to have a conveyancing practitioner on ‘stand by’? I am planning to take a mortgage with Nottingham.
You should start requesting conveyancing quotes from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their details on to the selling agent. Given that you are getting a mortgage with Nottingham, ask your prospective lawyers if they are on the Nottingham conveyancing panel otherwise they can't do the mortgage legal work.
The mortgage over my property is with Bank of Ireland for my property in Carlton. Conveyancing was finalised a year ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Bank of Ireland?
You must advise Bank of Ireland in advance of letting out your property as this is likely to be a breach of Bank of Ireland’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Bank of Ireland directly. It should not be necessary to do this via a Bank of Ireland conveyancing panel lawyer.
Should I choose a Carlton conveyancing lawyer based in the vicinity that I am hoping to buy? An old friend can execute the legal formalities but his firm is located 300kilometers drive away.
The primary upside of using a local Carlton conveyancing practice is that you can pop in to execute documents, hand in your identification documents and apply pressure on them if necessary. Having local Carlton know how is a benefit. However it's more important to get someone that will pull out all the stops for you. If other friends have instructed your friend and in the main were impressed that should outweigh using an unfamiliar Carlton conveyancing lawyer just because they are based in the area.
Last July I purchased a leasehold flat in Carlton. Am I liable to pay service charges for periods before completion of my purchase?
In a situation 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 ground floor flat in Carlton, conveyancing having been completed 7 years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Carlton with a long lease are worth £211,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease comes to an end on 21st October 2092
With only 67 years left to run we estimate the price of your lease extension to be between £10,500 and £12,000 plus legals.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more comprehensive investigations. Do not use this information in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first getting professional advice.