Our Truro lawyer has spotted a discrepancy when comparing the assumptions in the home valuation survey and what is revealed within the title deeds. My solicitor informs me that he is obliged to check that the lender is OK with this discrepancy and is still content to lend. Is my conveyancer’s course or action appropriate?
Your property 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.
I have been told by my solicitor that missing deeds insurance is needed on my purchase. What is the level of cover for Truro conveyancing?
The right level of missing deeds indemnity insurance should be dictated by who who your lender is. It would differ for example between Barclays and Chelsea Building Society. Conveyancing solicitors as opposed to borrowers take out such insurances.
When it comes to lenders such as HSBC, do Truro lawyers face an annual charge to be on the list of approved solicitors?
We are not aware of any bank fees to register on their panel, although some do levy an administration fee to deal with the processing of the conveyancing panel submission.
I have paid off my mortgage with Skipton. I assume I don't need a Truro lawyer on the Skipton panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Skipton 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 Skipton mortgage from the register. Skipton, 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 Skipton has sent the Land Registry the discharge electronically, and
- Skipton has instructed the Land Registry to do so
I am looking into buying my first house which is in Truro and I am already nervous. I couldn't find anything specific about Truro. Conveyancing will be needed in due course but do you know about the Truro area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Truro. In the meantime here are some basic statistics that we found
I am in need of some leasehold conveyancing in Truro. Before I get started I require certainty as to the unexpired term of the lease.
Assuming the lease is registered - and almost all are in Truro - then the leasehold title will always include the short particulars 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 own a 1 bedroom flat in Truro, conveyancing was carried out 6 years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Truro with a long lease are worth £185,000. The ground rent is £65 invoiced annually. The lease expires on 21st October 2079
With just 60 years unexpired the likely cost is going to span between £20,000 and £23,000 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed due diligence. You should not use this information in tribunal or court proceedings. There may be additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.
We own a leasehold flat in Truro. Conveyancing was finalised in 2010. I have been told that I should not allow the lease length fall too short. Why is that a problem?
Truro leasehold properties are for a set term - often 99 years when they commenced. However a significant appartments in Truro were constructed or converted 20 or more years ago and so these leases now have less than eighty years remaining. This may sound like plenty of time but Banks, Building Societies and other mortgage lenders on the whole require leases to have a minimum of 75 years left to adequate security. Accordingly when you come to sell the property you will need a lease extension if you are getting close to 75 years. To enhance the saleability of your property you should be thinking about whether to extend your lease long before you come to sell it. You should note that there are significant benefits to doing so before the lease hits 80 years as when the lease falls below eighty years the amount to be paid to extend starts to increase.