The Sneyd Park conveyancing firm handling our Sneyd Park conveyancing has spotted a discrepancy between the information in the valuation report and what is revealed within the legal papers for the property. My solicitor has advised that he needs to check that the lender is OK with this discrepancy and is content to go ahead. Is my conveyancer’s course or action right?
Your solicitor must comply with the UK Finance Lenders’ Handbook provisions 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.
Is there a reason why leasehold purchase conveyancing in Sneyd Park costs more?
The conveyancing costs for a leasehold premises in Sneyd Park is frequently greater than on a freehold property. This is due to the additional time required in communicating with the landlord and managing agents to collate the evidence about whether the rent and service fee have been cleared and whether there are any major works due in the near future on repairs or maintenance of the building.
How does conveyancing in Sneyd Park differ for new build properties?
Most buyers of new build residence in Sneyd Park come to us having been asked by the developer to sign contracts and commit to the purchase even before the premises is built. This is because house builders in Sneyd Park typically acquire 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 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 Sneyd Park or who has acted in the same development.
Should I be concerned that 3rd parties that I am dealing with are encouraging me to use an internet conveyancing firm rather than a local Sneyd Park conveyancing practice?
As with many professional services, often referrals from family and friends can be most helpful. But there are numerous players in a conveyancing deal; estate agents, financial adviser and lenders may recommend conveyancers to choose. On occasion these solicitors might be known to one of the organisations as one of the best in their field, but occasionally there exists a financial incentive behind the recommendation. You have the discretion to appoint your preferred lawyer. However, bear in mind that some banks specify a panel list of law firms you must use for the mortgage aspect of your conveyancing.
Back In 2003, I bought a leasehold house in Sneyd Park. Conveyancing and Platform Home Loans Ltd mortgage are in place. A letter has just been received from someone saying they have taken over the freehold. Attached was a ground rent demand for rent dating back to 1992. The conveyancing practitioner in Sneyd Park who previously acted has now retired. What should I do?
The first thing you should do is make enquiries of HMLR to be sure that this person is in fact the new freeholder. There is no need to instruct a Sneyd Park conveyancing solicitor to do this as you can do this on the Land Registry website for less than a fiver. You should note that in any event, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
Leasehold Conveyancing in Sneyd Park - A selection of Queries Prior to buying
What is the annual service fee and ground rent? The majority of Sneyd Park leasehold flats will incur a service charge for maintenance of the building invoiced by the landlord. Should you acquire the property you will have to meet this contribution, usually in instalments throughout the year. This can vary from several hundred pounds to thousands of pounds for buildings with lifts and large common areas. In all probability there will be a ground rent to be met yearly, this is usually not a significant sum, say about £25-£75 but you should to enquire as on occasion it can be many hundreds of pounds. Be sure to discover if there are any onerous restrictions in the lease. By way of example plenty of leases prohibit pets being permitted in certain buildings in Sneyd Park. If you love the flatin Sneyd Park however your cat is not allowed to move with you then you will be faced difficult determination.