The Waltham conveyancing firm handling our Waltham conveyancing has spotted an inconsistency when comparing the assumptions in the home valuation survey and what is revealed within the title deeds. My lawyer has advised that he is obliged to ensure that the lender is OK with this discrepancy and is still content to lend. Is my lawyer’s course or action appropriate?
Your conveyancer 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 you.
Is there a reason why leasehold purchase conveyancing in Waltham is more expensive?
Waltham leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
What does a local search reveal regarding the house my wife and I purchasing in Waltham?
Waltham conveyancing often commences with the ordering local authority searches directly from your local Authority or through a personal search company for instance Xpress Legal The local search is essential in every Waltham conveyancing purchase; that is if you don’t want any unpleasant once you have moved into your property. The search should supply information on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 subject areas.
My wife and I purchased a leasehold flat in Waltham. Conveyancing and Bank of Scotland mortgage went though with no issue. A letter has just been received from someone claiming to own the freehold. It included a ground rent demand for rent dating back to 1993. The conveyancing solicitor in Waltham who acted for me is not around. Any advice?
The first thing you should do is make enquiries of the Land Registry to make sure that the individual claiming to own the freehold is indeed the registered owner of the freehold reversion. You do not need to incur the fees of a Waltham conveyancing firm to do this as it can be done on-line for less than a fiver. You should note that regardless, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
Waltham Conveyancing for Leasehold Flats - Examples of Queries before Purchasing
On the whole the outlay for major works tend not to be included within maintenance charges, albeit that a few managing agents in Waltham require leasehold owners to pay into a reserve fund and this is used to offset against larger repairs or maintenance. Please note that where the lease has no more than eighty years it will have adverse implications on the marketability of the apartment. It is worth checking with your mortgage company that they are content with residual term of the lease. A short lease means that you will probably have to extend the lease at some point and it is worth discovering how much this would cost. Remember, in most cases you will be be obliged to have owned the residence for 24 months before you are eligible to carry out a lease extension.
My solicitors in Waltham have advised me that no longer have my conveyancing file. To assist with my purchase I took out a mortgage with the bank. Is it case that being on the lender conveyancing panel they need to have retained the file for a prescribed period?
It very much depends from lender to lender but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the mortgage company Conveyancing Panel Terms. It might be worth you contacting the mortgage company directly.