Our Kingsbridge solicitor has identified an inconsistency between the surveyor’s assumptions in the home valuation report and what is revealed within the title deeds. My solicitor informs me that he is duty bound to check that the bank is OK with this discrepancy and is still content to lend. Is my solicitor’s approach correct?
Your property lawyer 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.
The deeds to my house are lost. The conveyancers who conducted the conveyancing in Kingsbridge 5 years ago have long since closed. Will I be able to sell the house?
In today’s world there are duplicates made of almost everything, and your lawyer will be aware exactly where to look for all the appropriate documentation so you can buy or dispose of your house without any difficulty. If copies can’t be located, your lawyer can put in place insurance or indemnities against future claims on your premises.
How does conveyancing in Kingsbridge differ for newly converted properties?
Most buyers of new build residence in Kingsbridge come to us having been asked by the seller to exchange contracts and commit to the purchase even before the premises is finished. This is because new home sellers in Kingsbridge usually 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 accustomed to new build conveyancing in Kingsbridge or who has acted in the same development.
Is it best to use a Kingsbridge conveyancing practitioner who is local to the property I am purchasing? I have an old university friend who can handle the legal work however his firm is located a couple of hundredmiles drive away.
The primary upside of using a local Kingsbridge conveyancing firm is that you can drop in to execute paperwork, present your ID and apply pressure on them where appropriate. Having local Kingsbridge know how is a bonus. That being said nothing is more important than finding someone that will do a good and efficient job. If if people you trust used your friend and they were content that must surpass using an unfamiliar Kingsbridge conveyancing lawyer just because they are Kingsbridge based.
I am employed by a reputable estate agency in Kingsbridge where we have witnessed a number of leasehold sales derailed due to leases having less than 80 years remaining. I have been given inconsistent advice from local Kingsbridge conveyancing firms. Please can you confirm whether the vendor of a flat can initiate the lease extension formalities for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I invested in buying a leasehold flat in Kingsbridge, conveyancing having been completed 10 years ago. How much will my lease extension cost? Corresponding properties in Kingsbridge with an extended lease are worth £176,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease expires on 21st October 2104
With just 80 years remaining on your lease we estimate the price of your lease extension to span between £8,600 and £9,800 plus legals.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information before seeking the advice of a professional.