My Botley solicitor has discovered a difference when comparing the assumptions in the home valuation report and what is in the legal papers for the property. My lawyer says that he needs to check that the bank is happy with this discrepancy and is content to go ahead. Is my solicitor’s stance right?
Your property lawyer must comply with the UK Finance Lenders’ Handbook requirements 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.
Should our lawyer be raising enquiries concerning flooding during the conveyancing in Botley.
The risk of flooding is if increasing concern for solicitors carrying out conveyancing in Botley. Some people will buy a property in Botley, fully expectant that at some time, it may be flooded. However, leaving to one side the physical damage, where a property is at risk of flooding, it may be difficult to get a mortgage, suitable building insurance, or sell the property. There are steps that can be taken during the course of a property purchase to forewarn the purchaser.
Lawyers are not qualified to offer advice on flood risk, however there are a various checks that may be initiated by the buyer or on a buyer’s behalf which can figure out the risks in Botley. The conventional set of property information forms sent to a purchaser’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a usual inquiry of the owner to find out whether the premises has suffered from flooding. In the event that flooding has previously occurred and is not notified by the vendor, then a purchaser could issue a claim for damages resulting from an inaccurate reply. The buyer’s solicitors should also order an enviro report. This should indicate if there is a recorded flood risk. If so, additional investigations will need to be initiated.
It has been three months following my purchase conveyancing in Botley took place. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
In what way can the Landlord & Tenant Act 1954 affect my business offices in Botley and how can you help?
The particular law that you refer to affords a safeguard to commercial leaseholders, granting the dueness to apply to court for a renewal tenancy and continue in occupation at the end of the lease term. There are certain specified grounds where a landlord can refuse a lease renewal and the rules are complicated. Fees are different for commercial conveyancing. Botley is one of our many locations in which the firms we work with are located
I've recently bought a leasehold flat in Botley. Am I liable to pay service charges relating to a period prior to my ownership?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I purchased a split level flat in Botley, conveyancing formalities finalised in 1997. Can you please calculate a probable premium for a statutory lease extension? Corresponding properties in Botley with over 90 years remaining are worth £216,000. The ground rent is £50 charged once a year. The lease expires on 21st October 2095
With just 69 years unexpired we estimate the premium for your lease extension to span between £9,500 and £11,000 plus costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. Do not use the figures in tribunal or court proceedings. There may be other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.
I'm selling a bungalow in Botley. I have found my conveyancer's company on the CLC list, but I can't see my conveyancer's name as listed on the regulator's website. Should I be concerned?
Not every individual in the law firm must be listed by the regulator. Provided there is a manager qualified to 'oversee' the conveyancing, the actual day-to-day activity can be conducted by unqualified staff.