My Selsdon lawyer has discovered an inconsistency when comparing the surveyor’s assumptions in the home valuation report and what is revealed within the title deeds. My solicitor has advised that he must check that the lender is happy with this discrepancy and is content to go ahead. Is my solicitor’s approach appropriate?
Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook specifications 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.
What is the difference between a licensed conveyancer and conveyancing solicitor in Selsdon
There are many recorded licenced Conveyancers in Selsdon and Solicitor partnerships in Selsdon who can help with your conveyancing It is important to make clear that the two are regulated professionals specialising in the legal aspects of the home buying process. They may both also handle associated property related work such as remortgage conveyancing, enfranchisement and transfer of equity conveyancing.
is it true that all Selsdon solicitor practices on the Kent Reliance conveyancing panel are overseen by the SRA?
As a firm of solicitors, in order to be on the Kent Reliance conveyancing panel they would need to be governed by the SRA. Many mortgage companies do permit licenced conveyancers on their panel and in such a situation the practice would be overseen by the CLC.
I can not fathom if my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Selsdon bank branch on a couple of occasions and was told it does not affect the mortgage offer and they will lend. My Selsdon conveyancing solicitor - who is on the mortgage company conveyancing panel- called to say that they will not lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
Your conveyancing practitioner must comply with the Council of Mortgage Lenders’ Handbook section two requirements for your bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Should my conveyancer be raising enquiries concerning flooding during the conveyancing in Selsdon.
The risk of flooding is if increasing concern for conveyancers carrying out conveyancing in Selsdon. Some people will buy a house in Selsdon, fully aware that at some time, it may suffer from flooding. However, aside from the physical damage, where a property is at risk of flooding, it may be difficult to get a mortgage, satisfactory building insurance, or dispose of the property. There are steps that can be taken during the course of a property purchase to forewarn the buyer.
Lawyers are not best placed to give advice on flood risk, however there are a various checks that may be initiated by the buyer or by their solicitors which will figure out the risks in Selsdon. The conventional set of information sent to a buyer’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a standard question of the owner to discover whether the premises has historically flooded. In the event that flooding has previously occurred which is not revealed by the owner, then a buyer may issue a claim for damages resulting from an incorrect response. A buyer’s solicitors will also order an environmental report. This should higlight whether there is any known flood risk. If so, more detailed inquiries should be made.
I am purchasing a new build house in Selsdon benefiting from help to buy. The developers refused to move on the amount so I negotiated five thousand pounds worth of extras instead. The estate agent advised me not to tell my solicitor about this extras as it will impact my mortgage with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I am tempted by the attractive purchase price for a couple of apartments in Selsdon both have about forty five years left on the leases. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold flat in Selsdon is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the marketability of the property. For most buyers and lenders, leases with under eighty years become less and less attractive. 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 property 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 residence 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 Selsdon conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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.
Having spent years of dialogue we are unable to agree with our landlord on how much the lease extension should cost for our flat in Selsdon. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
You certainly can. We can put you in touch with a Selsdon conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Selsdon flat is The Woodlands 95 Purley Park Road in April 2009. The Tribunals own valuation produced the figure of £37,912. This case affected 6 flats. The remaining number of years on the lease was 78.32 years.