The Merton Park conveyancing firm handling our Merton Park conveyancing has identified an inconsistency when comparing the surveyor’s assumptions in the valuation report and what is in the conveyancing documents. My lawyer informs me that he is obliged to ensure that the bank is happy with this discrepancy and is still content to lend. Is my conveyancer’s course or action legitimate?
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 you.
Are there restrictive covenants that are commonly identified during conveyancing in Merton Park?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Merton Park. 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 Merton Park differ for new build properties?
Most buyers of new build premises in Merton Park contact us having been asked by the developer to sign contracts and commit to the purchase even before the house is ready to move into. This is because developers in Merton Park tend to 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 conveyancers 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 Merton Park or who has acted in the same development.
Expecting to sign contracts shortly on a leasehold property in Merton Park. Conveyancing lawyers have said that they report fully next week. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Merton Park should include some of the following:
Defining your rights in relation to the communal areas in the block.For instance, does the lease contain a right of way over an accessway or staircase? Does the lease prohibit wood flooring? You should be told what constitutes a Nuisance in the lease The landlord’s rights to access the premises. You should be made aware that your landlord has rights of access as well as be informed how much notice must be provided.
My wife and I have hit a brick wall in trying to purchase the freehold in Merton Park. Can this matter be resolved via the Leasehold Valuation Tribunal?
Most definitely. We are happy to put you in touch with a Merton Park conveyancing firm who can help.
An example of a Lease Extension decision for a Merton Park residence is 14 Nutwell Street in January 2014. The premium payable for the acquisition of a new lease of the subject premises was in the sum of £30,523 This case related to 1 flat. The remaining number of years on the lease was 62.94 years.
We are soon to complete buying a house in Merton Park but as a result of wreckage from the recent storms I have negotiated compensation from the vendor of £2k taking the form of a adjustment in the price. I had intended this to be dealt with as part of the conveyancing process however my lender will not permit this. Why were they informed?
The property lawyer being on a bank conveyancing panel is obliged to advise the mortgage company of any amendments to the sale price. If you did not allow your conveyancer to disclose the reduction to your mortgage company then they would have to refrain from representing you and the mortgage company.