The Woodley conveyancing firm handling our Woodley conveyancing has uncovered a difference when comparing the surveyor’s assumptions in the home valuation report and what is revealed within the legal papers for the property. My lawyer says that he must check that the bank is happy with this discrepancy and is content to go ahead. Is my conveyancer’s stance legitimate?
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 you.
It is is a decade since I bought my property in Woodley. Conveyancing lawyers have just been instructed on the sale but I am unable to find my deeds. Will this jeopardise the sale?
You need not be too concerned. Firstly there is a chance that the deeds will be retained by your lender or they could still be with the solicitor who oversaw the purchase. Secondly in most cases the land will be recorded at the land registry and you will be able to prove you own the property by your conveyancing solicitors obtaining current official copies of the land registers. Nearly all conveyancing in Woodley relates to registered property but in the rare situation where your home is unregistered it adds to the complexity but is resolvable.
It has been 3 months following my purchase conveyancing in Woodley took place. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £180,000. 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 asset 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.
How does conveyancing in Woodley differ for newly converted properties?
Most buyers of new build or newly converted property in Woodley come to us having been asked by the builder to sign contracts and commit to the purchase even before the residence is constructed. This is because developers in Woodley tend to buy the real estate, 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 Woodley or who has acted in the same development.
Yesterday I discovered that there is a flying freehold element on a property I have offered on last month in what was supposed to be a simple, chain free conveyancing. Woodley is where the house is located. Can you offer any assistance?
Flying freeholds in Woodley are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Woodley 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 Woodley may decide 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.
Harry (my fiance) and I may need to let out our Woodley basement flat for a while due to a career opportunity. We instructed a Woodley conveyancing firm in 2003 but they have closed and we did not have the foresight to seek any advice as to whether the lease prohibits the subletting of the flat. How do we find out?
Notwithstanding that your last Woodley conveyancing lawyer is no longer available you can review your lease to check if you are permitted to let out the property. The accepted inference is that if the deeds are silent, subletting is allowed. There may be a precondition that you need to seek consent via your landlord or other appropriate person in advance of subletting. The net result is you not allowed to sublet in the absence of prior consent. Such consent must not not be unreasonably turned down. If the lease does not allow you to sublet you will need to ask your landlord for their consent.
Woodley Conveyancing for Leasehold Flats - Examples of Queries before Purchasing
-
You should be aware if it is fewer than 80 years it will have adverse implications on the value of the property. Check with your lender that they are content with residual term of the lease. Leases with fewer than 80 years remaining means that you will almost definitely need a lease extension sooner rather than later and it is worth discovering how much this will be. For most Woodleylease extensions you would need to own the premises for a couple of years in order to be legally able to extend the lease. How is the lease structured? Best to be warned if changing the roof or some other significant cost is pending that will be shared by the tenants and could well dramatically increase the the service costs or result in a one time payment.