Our Wokingham lawyer has spotted an inconsistency between the assumptions in the home valuation report and what is in the legal papers for the property. My solicitor says that he must ensure that the bank is happy with this discrepancy and is still content to lend. Is my conveyancer’s stance right?
Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook provisions 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.
I own a freehold premises in Wokingham yet charged rent, why is this and what is this?
It’s unusual for properties in Wokingham and has limited impact for conveyancing in Wokingham but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back hundreds of years, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges post 1977.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 is to be dispensed with completely.
I am in the process of mortgaging my home in Wokingham, does my lawyer have to be on the Lloyds Solicitor panel?
There is nothing to stop you using your solicitor, but Lloyds will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
Despite weeks of looking the Title Certificate and documents to my home are lost. The conveyancers who handled the conveyancing in Wokingham 5 years ago are no longer around. What do I do?
You no longer need to have the physical deeds to establish that you are the owner of your registered land or property, given that the Land Registry hold details of all registered land or property electronically.
How does conveyancing in Wokingham differ for new build properties?
Most buyers of new build property in Wokingham approach us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is ready to move into. This is because builders in Wokingham tend to purchase the land, 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 used to new build conveyancing in Wokingham or who has acted in the same development.
I need to find a conveyancing solicitor for sale conveyancing in Wokingham. I happened to land on a site which looks to be the ideal answer If there is a chance to get all this stuff completed via web that would be preferable. Do I need to be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?