Our Gainsborough solicitor has uncovered a discrepancy between the assumptions in the valuation survey and what is in the title deeds. My solicitor has advised that he is duty bound to check that the bank is happy with this discrepancy and is content to go ahead. Is my solicitor’s stance legitimate?
Your lawyer must comply with the UK Finance Lenders’ Handbook specifications 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.
We see that you have a search directory identifying firms on the Skipton conveyancing panel. Do companies pay you a referral fee if I instruct them for our own conveyancing in Gainsborough?
We are a listing service only for law firms wishing to communicate if they are on the Skipton conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Gainsborough.
Various internet forums that I have come across warn that are the number one reason for delay in Gainsborough house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) released determinations of a review by MoveWithUs that conveyancing searches do not feature within the top 10 causes of delays in the conveyancing process. Local searches are unlikely to feature in any holding up conveyancing in Gainsborough.
I have just appointed agents to market my basement flat in Gainsborough. Conveyancing is yet to be initiated, but I have recently received a half-yearly maintenance charge demand – what should I do?
Your conveyancing lawyer is likely to suggest that you should pay the maintenance contribution as usual as all ground rent and service payments should be apportioned as part of the financial calculations for completion monies, so you should recover the relevant percentage by the buyer for the period running from after the completion date to the subsequent invoice date. Most managing agents will not acknowledge the buyer unless 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. This will smooth the conveyancing process.
I am the registered owner of a 2 bed flat in Gainsborough, conveyancing was carried out March 2006. Can you work out an approximate cost of a lease extension? Equivalent flats in Gainsborough with an extended lease are worth £211,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease finishes on 21st October 2086
With only 68 years remaining on your lease we estimate the price of your lease extension to range between £9,500 and £11,000 as well as costs.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more comprehensive investigations. Do not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first getting professional advice.
I have appointed a Gainsborough conveyancing solicitor for our home move (first time buyers) and have spotted in the engagement letter that they are not regulated by the FCA. Am I right to be worried or is that standard with solicitor?
We can't see why they should be. Most conveyancer don't lend money. They will be governed by the SRA, who have stringent stipulations in relation to amounts deposited by them.