My Locksbottom lawyer has discovered a difference between the assumptions in the valuation survey and what is in the legal papers for the property. My lawyer says that he is duty bound to check that the lender is happy with this discrepancy and is content to go ahead. Is my solicitor’s course or action correct?
Your conveyancing practitioner 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.
My bid for a property was accepted at auction in Locksbottom. Conveyancing is required. What happens now?
Having exchanged you should hire the services of a conveyancing lawyer as a matter of urgency as you are faced with a tight a fixed date to complete the transaction. All auction property will have an associated legal set of papers. This will include evidence of title and search results. In the case of leasehold property the legal pack may contain a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork pertinent to leasehold premises. You should pass this on to the conveyancer working for you ASAP. Do make sure that your finances are in order to complete on the date specified in the contract.
Is there a list of Clydesdale panel solicitors in Locksbottom on the Council of Mortgage Lender’s Website?
No. There is no such facility on the CML or Building Society Association websites. Very few lenders make their panel listings available on the web. If you are in need of a Locksbottom property lawyer on the Clydesdale please make the most of our tool.
Planning on purchasing a house in Locksbottom. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Nottingham conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Locksbottom solicitor is on the Nottingham conveyancing panel.
In what way can the Landlord & Tenant Act 1954 impact my business offices in Locksbottom and how can your lawyers assist?
The 1954 Act gives a safeguard to commercial leaseholders, granting the legal entitlement to make a request to court for a continuation of occupancy at the end of an expired lease. There are certain specified grounds that a landlord can refrain from granting a lease renewal and the rules are complex. Fees are different for commercial conveyancing. Locksbottom is one of our many areas of the UK in which the firms we work with are based
I am looking at a couple of apartments in Locksbottom both have about fifty years left on the leases. Will this present a problem?
There are no two ways about it. A leasehold flat in Locksbottom is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the value of the premises. For most buyers and mortgage companies, leases with less than 75 years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Locksbottom conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I have tried to negotiate informally with with my landlord for a lease extension without any joy. Can a leaseholder make an application to the Leasehold Valuation Tribunal? Can you recommend a Locksbottom conveyancing firm to represent me?
if there is a missing freeholder or if there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the LVT to decide the price.
An example of a Lease Extension case for a Locksbottom flat is 1 Southlands Court Southlands Road in September 2013. The Leasehold Valuation Tribunal determined that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 was £30,541 This case affected 1 flat. The unexpired lease term was 50.57 years.
How much experience do your Locksbottom conveyancing solicitors have with Help To Buy, Shared Equity and similar schemes?
Locksbottom conveyancing lawyers help thousands of people move home every year and assisted lots of clients through the Help To Buy scheme. The chances are that whatever makes your case unique Locksbottom conveyancers have worked on recent similar cases.