Our Newport conveyancer has identified an inconsistency between the information in the valuation survey and what is in the title deeds. My solicitor says that he is duty bound to ensure that the lender is OK with this discrepancy and is still content to lend. Is my lawyer’s approach appropriate?
Your lawyer 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 both parties.
When does exchange of contracts happen for purchase conveyancing in Newport and am I required to be at the conveyancers branch?
If you are local to one of the conveyancing solicitors in Newport you are welcome to attend to sign documents. That being said, the firms we recommend supply a national conveyancing service and provide just as detailed and professional a job for you when dealing with you digitally. The signing of the contract is not the important part. A signed contract simply enables the conveyancer to officially exchange at the appropriate time, which is ordinarily shortly after signing. The exchange process is is usually a five minute process, although where a lengthy "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Newport)to be in the office at the appropriate time.
I've recently found out that there is a flying freehold issue on a property I put an offer in last month in what should have been a simple, no chain conveyancing. Newport is where the house is located. Can you shed any light on this issue?
Flying freeholds in Newport are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Newport you would need to get your solicitor to go through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Newport may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
My partner has recommend that I use his lawyers for conveyancing in Newport. Should I find my own conveyancer?
Much as we are happy to recommend a Newport conveyancing lawyer it’s preferable to select a conveyancing solicitor is to have guidance from friends or relatives who have actually previously instructed the firm that you are are thinking of instructing.
What are your top tips when it comes to appointing a Newport conveyancing firm to deal with our lease extension?
If you are instructing a solicitor for your lease extension (regardless if they are a Newport conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We advise that you make enquires with several firms including non Newport conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. The following questions might be of use:
How familiar is the practice with lease extension legislation?
I inherited a 1 bedroom flat in Newport, conveyancing formalities finalised November 2011. How much will my lease extension cost? Corresponding properties in Newport with a long lease are worth £201,000. The average or mid-range amount of ground rent is £45 levied per year. The lease comes to an end on 21st October 2082
With only 64 years unexpired we estimate the premium for your lease extension to range between £14,300 and £16,400 plus professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.