My Mitcheldean conveyancer has uncovered a difference when comparing the assumptions in the valuation survey and what is revealed within the legal papers for the property. My lawyer says that he is duty bound to check that the lender is OK with this discrepancy and is content to go ahead. Is my solicitor’s approach legitimate?
Your conveyancer must comply with the UK Finance Lenders’ Handbook specifications 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 about to put a bid on a leasehold property in Mitcheldean. The property agents advise that it is usual for flats in Mitcheldean to have less than 75 years unexpired on the lease. I am getting a mortgage with Platform. Will the property be mortgageable given that the lease has 72 years remaining.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are securing a mortgage then your lender may insist that the lease be extended before competition. Platform have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 12/4/2024 the requirements read as follows :
I need some quick conveyancing in Mitcheldean as I have a deadline to complete within one month. A home loan is not required. Can I avoid the conveyancing searches to save money and time?
As you are are a mortgage free buyer you are at liberty not to have searches conducted although no law firm would suggest that you don't. With plenty of history conveyancing in Mitcheldean the following are instances of what can show up and therefore affect future mortgageability: Enforcement Notices, Outstanding Fees, Overdue Grants, Road Schemes,...
How does conveyancing in Mitcheldean differ for newly converted properties?
Most buyers of new build property in Mitcheldean contact us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is constructed. This is because builders in Mitcheldean usually buy the land, 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 property lawyers 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 Mitcheldean or who has acted in the same development.
I own a leasehold house in Mitcheldean. Conveyancing and The Mortgage Works mortgage went though with no issue. I have received a letter from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1993. The conveyancing solicitor in Mitcheldean who acted for me is not around. What should I do?
The first thing you should do is contact the Land Registry to make sure that this person is indeed the new freeholder. You do not need to instruct a Mitcheldean conveyancing practitioner to do this as you can do this on the Land Registry website for £3. Rest assured that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I own a 1st floor flat in Mitcheldean, conveyancing having been completed half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Corresponding properties in Mitcheldean with an extended lease are worth £197,000. The average or mid-range amount of ground rent is £55 yearly. The lease comes to an end on 21st October 2080
With only 56 years unexpired we estimate the price of your lease extension to range between £29,500 and £34,000 plus legals.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.