Last June we completed a house move in Wallingford. We have noticed several problems with the house which we believe were missed in the conveyancing searches. Do we have any recourse? What searches should? have been carried out for conveyancing in Wallingford?
It is not clear from the question as what problems have arisen and if they are relate to conveyancing in Wallingford. Conveyancing searches and investigations initiated during the legal transfer of property are supposed to help avoid problems. As part of the legal transfer of property, a property owner fills in a questionnaire referred to as a Seller’s Property Information Form. If the information turns out to be incorrect, you may have a misrepresentation claim against the vendor for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in Wallingford.
My Conveyancer in Wallingford is not listed on the Platform Home Loans Ltd Conveyancing Panel. Is it possible for me to use my family solicitor even though they are excluded from the Platform Home Loans Ltd list of approved lawyers?
The limited options open to you here include:
- Complete the purchase with your preferred Wallingford lawyers but Platform Home Loans Ltd will need to instruct a lawyer on their list of acceptable firms. This will inevitably rack up the total conveyancing charges as well as result in delays.
- Choose an alternative solicitor to act in the purchase, obviously checking they are on the Platform Home Loans Ltd panel
I currently have a mortgage with Clydesdale for my property in Wallingford. Conveyancing has been completed some time ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Clydesdale?
Your original mortgage agreement with Clydesdale will provide that you need their approval in advance of letting out your property as this is likely to be a breach of Clydesdale’s mortgage conditions. It may be that Clydesdale will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Clydesdale directly. You need not do this via a Clydesdale conveyancing panel firm.
Completion of my remortgage has taken place for my property in Wallingford. Conveyancing was satisfactory but I feel I should register my dissatisfaction about the lender. How does one go about formally complaining?
All lenders have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Services Department at head office. Ordinarily complaints to a lender are resolved effectively and efficiently. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service with full details of your complaint.
I can not work out if my bank requires a lease extension. I have called into my local Wallingford building society branch on a couple of occasions and was informed it wasn't a problem and they will lend. My Wallingford conveyancing solicitor - who is on the bank conveyancing panel- called to say that they refuse to lend in accordance with their specific requirements. I have no idea who is right.
Your conveyancing practitioner has to follow the CML Handbook section two requirements for your lender. Unless your lawyer obtains specific confirmation in writing that the bank 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 lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
How does conveyancing in Wallingford differ for newly converted properties?
Most buyers of new build premises in Wallingford approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the house is built. This is because house builders in Wallingford usually purchase 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 property lawyers 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 used to new build conveyancing in Wallingford or who has acted in the same development.
I am downsizing from my home. My previous conveyancers closed down. I would be grateful for any recommendation of a conveyancing firm. I happen to live in Wallingford if that affects matters.
Please use our search tool to help you choose a solicitor for your conveyancing in Wallingford. We have connected thousands of home buyers and sellers with regulated solicitors to ensure that the legalities of their house move runs with a minimum of fuss.
I am attracted to a couple of maisonettes in Wallingford which have about forty five years left on the lease term. should I be concerned?
There are no two ways about it. A leasehold apartment in Wallingford is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the salability of the premises. The majority of purchasers and mortgage companies, leases with less than 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises 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 Wallingford conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed 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.
I am the registered owner of a leasehold flat in Wallingford, conveyancing having been completed 4 years ago. How much will my lease extension cost? Equivalent properties in Wallingford with an extended lease are worth £197,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease finishes on 21st October 2080
With only 55 years unexpired the likely cost is going to range between £31,400 and £36,200 plus professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information before seeking the advice of a professional.