My North Plymouth lawyer has uncovered a discrepancy when comparing the assumptions in the home valuation report and what is revealed within the conveyancing documents. My solicitor says that he must ensure that the lender is OK with this discrepancy and is content to go ahead. Is my solicitor’s course or action correct?
Your lawyer 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.
We're in North Plymouth, FTBs purchasing with a mortgage (lender is Bank of Ireland , and our lawyer is on the Bank of Ireland conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Bank of Ireland conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no property lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
We are close to exchanging contracts on the sale of our home in North Plymouth and the buyers lawyers are claiming that there is a possibility that the property was constructed land that was not decontaminated. Any local conveyancer would know that there is no such problem. It does beg the question why the buyers used an online conveyancing practice as opposed to a conveyancing solicitor in North Plymouth. Having lived in North Plymouth for many years we know that this is a non issue. Should we get in touch with our local Authority to seek clarification that the buyers are looking for.
It sounds as though you may have a conveyancing lawyer already. What do they say? You need to check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same illness)
Over the last few months I have been searching for a ground for flat up to £195,000 and found one near me in North Plymouth I like with a park and transport links nearby, however it only has 51 remaining years left on the lease. There is not much else in North Plymouth for this price, so just wondered if I would be making a grave error purchasing a short lease?
Should you need a mortgage the shortness of the lease will likely be problematic. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the premises for a minimum of twenty four months you may ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor about this.
If all goes to plan we aim to complete the disposal of our £425,000 garden flat in North Plymouth on Thursday in a week. The management company has quoted £348 for Landlord’s certificate, insurance certificate and previous years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in North Plymouth?
North Plymouth conveyancing on leasehold apartments more often than not involves the purchaser’s lawyer sending enquiries for the landlord to answer. Although the landlord is not legally bound to respond to such questions most will be content to assist. They are entitled to charge a reasonable charge for answering enquiries or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is £350, in some situations it is above £800. The management information fee levied by the landlord must be accompanied by a summary of rights and obligations in relation to administration fees, otherwise the invoice is technically not due. In reality you have little choice but to pay whatever is demanded if you want to exchange contracts with the buyer.
I acquired a split level flat in North Plymouth, conveyancing having been completed December 2007. How much will my lease extension cost? Comparable properties in North Plymouth with a long lease are worth £227,000. The ground rent is £50 invoiced every year. The lease ceases on 21st October 2090
With 71 years remaining on your lease we estimate the price of your lease extension to span between £9,500 and £11,000 plus professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure in the absence of comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.