The Houghton Le Spring conveyancing firm handling our Houghton Le Spring conveyancing has discovered a discrepancy between the assumptions in the home valuation report and what is in the legal papers for the property. My lawyer says that he is duty bound to ensure that the lender is happy with this discrepancy and is still content to lend. Is my conveyancer’s stance right?

Your solicitor 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.

I have been told that property searches are the primary reason for stalling in Houghton Le Spring conveyancing transactions. Is this right?

The Council of Property Search Organisations (CoPSO) published findings of a review by MoveWithUs that conveyancing searches do not figure within the top 10 causes of hindrances during the legal transfer of property. Searches are unlikely to be the root cause of delay in conveyancing in Houghton Le Spring.

Are there restrictive covenants that are commonly picked up as part of conveyancing in Houghton Le Spring?

Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Houghton Le Spring. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’

How does conveyancing in Houghton Le Spring differ for newly converted properties?

Most buyers of new build or newly converted property in Houghton Le Spring contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the residence is ready to move into. This is because builders in Houghton Le Spring usually purchase the real estate, 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 accustomed to new build conveyancing in Houghton Le Spring or who has acted in the same development.

What are the common problems that you see in leases for Houghton Le Spring properties?

There is nothing unique about leasehold conveyancing in Houghton Le Spring. All leases are individual and drafting errors can result in certain provisions are wrong. The following missing provisions could result in a defective lease:

Repairing obligations to or maintain parts of the property Maintenance charge proportions which don’t add up to the correct percentage

A defective lease will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. HSBC Bank, Chelsea Building Society, and Barclays Direct all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, obliging the buyer to withdraw.

I bought a garden flat in Houghton Le Spring, conveyancing having been completed 6 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent flats in Houghton Le Spring with an extended lease are worth £179,000. The ground rent is £65 invoiced every year. The lease expires on 21st October 2082

With just 57 years left to run the likely cost is going to range between £26,600 and £30,800 plus costs.

The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. Do not use this information in tribunal or court proceedings. There may be additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first getting professional advice.