Can you clarify what the consequences are if my solicitor is expelled from the UBS Solicitor panel ahead of completing my conveyancing in Woodbury?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
A friend recommended that where I am buying in Woodbury I should ask my conveyancer to execute a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is occasionally included in the estimate for your Woodbury conveyancing searches. It is a large document of more than thirty pages, listing and setting out important information about Woodbury around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Local Education with maps and statistics, Local Amenities and other useful information regarding Woodbury.
I've recently found out that there is a flying freehold issue on a property I put an offer in a fortnight ago in what was supposed to be a simple, no chain conveyancing. Woodbury is the location of the property. Can you shed any light on this issue?
Flying freeholds in Woodbury are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Woodbury you would need to get your solicitor to go through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Woodbury may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
My husband and I are FTB’s - had an offer accepted, yet the selling agent informed us that the vendor will only proceed if we appoint the agent's chosen solicitors as they are insisting on a ‘quick sale’. My instinct tells me that we should use a high street solicitor who is accustomed to conveyancing in Woodbury
We suspect that the seller is not behind this demand. If they desire ‘a quick sale', alienating a motivated purchaser is going to damage their objectives. Speak to the owners direct and explain that (a)you are keen to buy (b)you are excited to move forward, with finances in place © you are chain free (d) you wish to move quickly (e)however you will continue to appoint your preferred Woodbury conveyancing lawyers - not the ones that will provide the negotiator at the agency a commission or achieve conveyancing thresholds demanded by HQ.
What makes a Woodbury lease unacceptable for security purposes?
Leasehold conveyancing in Woodbury is not unique. Most leases are drafted differently and legal mistakes in the legal wording can sometimes mean that certain clauses are missing. For example, if your lease is missing any of the following, it could be defective:
-
Repairing obligations to or maintain parts of the building A duty to insure the building
A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Birmingham Midshires, Leeds Building Society, and TSB all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, obliging the buyer to pull out.
I am the registered owner of a leasehold flat in Woodbury, conveyancing was carried out in 1998. Can you work out an approximate cost of a lease extension? Equivalent properties in Woodbury with a long lease are worth £260,000. The average or mid-range amount of ground rent is £45 levied per year. The lease runs out on 21st October 2100
With 74 years unexpired we estimate the premium for your lease extension to span between £8,600 and £9,800 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 cannot give you a more accurate figure in the absence of detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.
Why am I unable to complete my conveyancing in Woodbury on Good Friday?
Because on completion the money will be transferred electronically between the banks of the purchaser and seller's conveyancing practitioner and currently this can only take place on a working day. So you can't complete on a saturday or sunday either.