The Stotfold conveyancing firm handling our Stotfold conveyancing has discovered a discrepancy when comparing the information in the valuation report and what is revealed within the legal papers for the property. My lawyer informs me that he needs to ensure that the lender is OK with this discrepancy and is still content to lend. Is my lawyer’s stance legitimate?
Your conveyancer 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.
We are downsizing from our house in Stotfold and according to the buyers it appears that there is a possibility that the property was constructed land that was not decontaminated. A local conveyancer would know this is not the case. For the life of me I don't know why the buyers used a nationwide conveyancing firm as opposed to a conveyancing solicitor in Stotfold. Having lived in Stotfold for 4 years we know that this is a non issue. Should we get in touch with our local Authority to seek clarification need.
It would appear that you have a conveyancing solicitor currently acting for you. Are they able to advise? You need to enquire of 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 health insurance to cover that same illness)
I moved into my home on 16 September and my personal details are still not registered. Any reason for this? My conveyancing solicitor in Stotfold expressed confidence that it would be concluded in less than a month. Are properties in Stotfold particularly slow to register?
As far as conveyancing in Stotfold registration is no faster or slower than the rest of England and Wales. Rather than based on location, timeframes can differ subject to the party submitting the application, whether it is in order and whether the Land registry communicate with any 3rd parties. As of today in the region of 80% of such applications are completed in less than three weeks but some can be subject to extensive hold-ups. Registration occurs after the new owner has moved in to the property so post completion formalities is not always top priority yet where there is a degree of urgency associated with the registration then you or your solicitor should communicate with the Registry to express the reasoning for the application to be prioritised.
I am using a search engine for the phrase on line conveyancing in Stotfold it reveals numerous solicitorsin the area. With so much choice what is the best way to find the right conveyancing solicitor for the sale of my house?
The ideal way of finding the right conveyancer is through a trusted testimonial, so enquire of colleagues and those you trust who have purchased a property in Stotfold or the respected estate agent or financial adviser. Fees for conveyancing in Stotfold vary, so it's advisable to secure at least four costs illustrations from varying types of companies. Be sure to secure confirmation that the charges are guaranteed not to to be inflated.
I am looking at a couple of flats in Stotfold which have in the region of forty five years remaining on the lease term. Will this present a problem?
There are no two ways about it. A leasehold flat in Stotfold is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the marketability of the premises. For most buyers and lenders, leases with less than 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Stotfold conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I invested in buying a 1 bedroom flat in Stotfold, conveyancing having been completed in 1996. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in Stotfold with an extended lease are worth £211,000. The average or mid-range amount of ground rent is £45 levied per year. The lease runs out on 21st October 2088
You have 68 years remaining on your lease we estimate the premium for your lease extension to range between £9,500 and £11,000 plus costs.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more detailed 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 should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.