Our Chapeltown conveyancer has uncovered a discrepancy between the information in the valuation survey and what is revealed within the legal papers for the property. My solicitor says that he needs to check that the bank is happy with this discrepancy and is content to go ahead. Is my solicitor’s stance correct?
Your solicitor 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 both parties.
It is 10 years ago since I purchased my home in Chapeltown. Conveyancing solicitors have just been retained on the sale but I am unable to locate the title documents. Is this a major issue?
You need not be too concerned. First the deeds may be retained by your lender or they may be in the possession of the lawyers who oversaw your purchase. Secondly in most cases the title will be registered at the land registry and you will be able to prove you own the property by your conveyancing lawyers obtaining current official copies of the land registers. Most conveyancing in Chapeltown involves registered property but in the unlikely event that your property is unregistered it adds to the complexity but is resolvable.
My property lawyer in Chapeltown is not listed on the Alliance & Leicester Approved Panel. Is it possible for me to continue with my family solicitor even though they are excluded from the Alliance & Leicester panel?
Your options are as follows:
- Complete the purchase with your existing Chapeltown solicitors but Alliance & Leicester will need to retain a conveyancer on their panel. This will inevitably rack up the total conveyancing fees as well as result in frustration.
- Find an alternative solicitor to act in the conveyancing, obviously checking they are on the Alliance & Leicester panel
How simple is it to use the search app to select a conveyancing practitioner in Chapeltown on the authorised to act for my mortgage?
1st select a mortgage company such as Santander, Bank of Scotland or Platform Home Loans Ltd then type in your preferred area for example Chapeltown. Conveyancing practices in Chapeltown and beyond should be identified.
Do you have any advice for leasehold conveyancing in Chapeltown with the aim of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Chapeltown can be reduced where you appoint lawyers as soon as your agents start marketing the property and ask them to put together the leasehold documentation needed by the purchasers’ representatives. Many landlords or managing agents in Chapeltown charge for providing management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. The management pack sought as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Chapeltown. A minority of Chapeltown leases require Licence to Assign from the landlord. If this is the case, you should place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. Any bank reference will need to confirm that the buyers are able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their solicitors. If you have had any disputes with your landlord or managing agents it is essential that these are settled prior to the flat being marketed. The buyers and their solicitors will be reluctant to purchase a property where there is a current dispute. You may have to bite the bullet and discharge any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is clearly preferable to present the dispute as historic as opposed to ongoing.
I invested in buying a 1 bedroom flat in Chapeltown, conveyancing having been completed in 2012. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Chapeltown with an extended lease are worth £180,000. The ground rent is £65 per annum. The lease expires on 21st October 2083
With only 59 years left to run the likely cost is going to be between £20,900 and £24,200 as well as costs.
The figure that we have given is a general guide to costs for renewing 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 clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.