Our Shirebrook solicitor has uncovered an inconsistency between the information in the home valuation survey and what is revealed within the conveyancing documents. My lawyer says that he is obliged to ensure that the bank is happy with this discrepancy and is still content to lend. Is my lawyer’s approach appropriate?
Your solicitor 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 both parties.
We are getting a further advance on our home loan from Principality as we intend to carry out alterations to our property in Shirebrook. Are we obliged to select a high street Shirebrook solicitor on the Principality conveyancing panel to deal with the paperwork?
Principality would not normally appoint a member of their approved list of lawyers to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Principality list.
I have paid off my mortgage with TSB. I assume I don't need a Shirebrook property lawyer on the TSB panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your TSB mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the TSB mortgage from the register. TSB, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where TSB has sent the Land Registry the discharge electronically, and
- TSB has instructed the Land Registry to do so
I have a mortgage with Coventry BS for my property in Shirebrook. Conveyancing was finalised a year ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Coventry BS?
Coventry BS must be informed of your intention in advance of renting your property as this is likely to be a breach of Coventry BS’s mortgage conditions. In many cases banks or building societies 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 Coventry BS directly. You need not do this via a Coventry BS conveyancing panel lawyer.
How does conveyancing in Shirebrook differ for new build properties?
Most buyers of new build property in Shirebrook approach us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is completed. This is because house builders in Shirebrook typically 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 Shirebrook or who has acted in the same development.
I am in need of some leasehold conveyancing in Shirebrook. Before diving in I would like to find out the number of years remaining on the lease.
If the lease is recorded at the land registry - and most are in Shirebrook - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I acquired a 1 bedroom flat in Shirebrook, conveyancing formalities finalised in 2007. How much will my lease extension cost? Corresponding properties in Shirebrook with a long lease are worth £175,000. The average or mid-range amount of ground rent is £65 yearly. The lease comes to an end on 21st October 2084
With 58 years remaining on your lease we estimate the premium for your lease extension to be between £23,800 and £27,400 as well as legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of comprehensive due diligence. 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 move forward based on this information before getting professional advice.
We have been informed by numerous family members to expect 6-8 weeks for Shirebrook conveyancing to complete.This was 3 ago. The property information was only sent from the vendors lawyer a few days ago so now does it countdown?
You should be pragmatic about timelines. Moving home in Shirebrook takes on average about two months. This timeframe is not due to conveyancing practitioner being slow and willfully delay matters. The amount of money involved in buying any property is so high, the purchaser's conveyancer needing to raise a wide range of queries, searches and supplemental checks to protect the purchaser and their mortgage company (if there is to be a home loan) from expensive, avoidable problems. Conveyancing in Shirebrook involves obtaining information from various third parties, including other solicitor, local councils, private companies, mortgage companies. Some of these are efficient. Others aren't. It is worth noting that, it doesn't matter how quickly your solicitor do their part, if the people you are purchasing from or are selling to aren't ready, nothing can move forward until they are up to speed.