Our Parsons Green conveyancer has spotted an inconsistency between the assumptions in the home valuation report and what is in the title deeds. My lawyer has advised that he is duty bound to ensure that the lender is happy with this discrepancy and is content to go ahead. Is my conveyancer’s course or action correct?
Your 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.
I have been told that property searches are a common cause of hinderance in Parsons Green conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released determinations of a review by MoveWithUs that conveyancing searches do not feature amongst the most frequent causes of hindrances in the conveyancing process. Local searches are not likely to feature in any delay in conveyancing in Parsons Green.
How does conveyancing in Parsons Green differ for newly converted properties?
Most buyers of new build residence in Parsons Green come to us having been asked by the builder to exchange contracts and commit to the purchase even before the property is constructed. This is because house builders in Parsons Green usually acquire the site, 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 conveyancing solicitors 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 accustomed to new build conveyancing in Parsons Green or who has acted in the same development.
I am looking for a leasehold apartment up to £245,000 and found one near me in Parsons Green I like with open areas and transport links nearby, however it only has 52 years on the lease. I can't really find anything else in Parsons Green for this price, so just wondered if I would be making a mistake acquiring a short lease?
Should you need a mortgage the shortness of the lease will be problematic. Discount the offer by the expected lease extension will cost if not already taken into account. If the existing owner has owned the premises for at least twenty four months you could request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should consult your conveyancing lawyer regarding this matter.
I own a studio flat in Parsons Green, conveyancing formalities finalised 3 years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent properties in Parsons Green with over 90 years remaining are worth £165,000. The ground rent is £45 yearly. The lease terminates on 21st October 50
With 50 years remaining on your lease the likely cost is going to be between £36,100 and £41,800 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before seeking the advice of a professional.