My Lostwithiel conveyancer has uncovered a discrepancy between the information in the valuation survey and what is in the legal papers for the property. My solicitor says that he is obliged to check that the bank is happy with this discrepancy and is still content to lend. Is my conveyancer’s course or action right?
Your 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.
I am the sole recipient of my late mum's will with all property in now in my sole name, including the house in Lostwithiel. Conveyancing formalities meant that the Land Registry date was in January. I now wish to sell up. I do know about the Mortgage Lenders 6 month 'rule', which means that my property ownership may be considered the same way as though I had purchased the house in January. Do I have to wait half a year to sell?
The Council of Mortgage Lenders’ handbook mandates conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be impacted by that. many lenders would take a pragmatic view as this clause chiefly exists to identify subsales or the wholesaling and assigning of properties.
I currently have a mortgage with Barclays for my property in Lostwithiel. Conveyancing was finalised a year ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Barclays?
Barclays must be informed of your intention in advance of letting out your property as this is likely to be a breach of Barclays’s mortgage conditions. It may be that Barclays will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Barclays directly. It should not be necessary to do this via a Barclays conveyancing panel lawyer.
The formalities of my purchase has taken place for my property in Lostwithiel. Conveyancing was a necessary evil but I would like to complain about the lender. How do I make a complaint?
Most banks and building societies have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Services Department at head office. Ordinarily complaints to a lender are sorted out very quickly. If you feel the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR with full details of your complaint.
I have a 4 bedroom Edwardian house in Lostwithiel. Conveyancing solicitor represented me and The Royal Bank of Scotland. I did a free Land Registry search last week and I saw two entries: one for freehold, the second leasehold with the exact same address. If a house is not a freehold shouldn't I have been informed?
You need to read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Lostwithiel and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with purchasers. You can also check the position with the conveyancing lawyer who carried out the work.
How does conveyancing in Lostwithiel differ for newly converted properties?
Most buyers of new build residence in Lostwithiel approach us having been asked by the builder to exchange contracts and commit to the purchase even before the house is finished. This is because new home sellers in Lostwithiel tend to buy 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 used to new build conveyancing in Lostwithiel or who has acted in the same development.
I have just started marketing my basement flat in Lostwithiel. Conveyancing has not commenced, but I have recently received a half-yearly maintenance charge invoice – what should I do?
The sensible thing to do is discharge the service charge as normal given that all ground rent and service charges should be apportioned as part of the financial calculations for completion monies, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the next payment 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.
Leasehold Conveyancing in Lostwithiel - Sample of Questions you should ask before buying
Make sure you enquire if there are any onerous restrictions in the lease. For example some leases prohibit pets being permitted in in a block in Lostwithiel. If you love the apartmentin Lostwithiel yet your dog is not allowed to make the move with you then you will be faced difficult determination. This information is important as a) areas could result in problems in the building as the communal areas may begin to deteriorate where repairs are not paid for b) if the leaseholders have a dispute with the running of the building you will want to know about it Does this lease have more than 90 years unexpired?