Me and my partner are purchasing a property in Woodstock. It might be a silly question but how we can trust a solicitor? At some point we will need to put funds into their account. What protection do we have from them run away with our money?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
If you had a top tip for selecting a conveyancing solicitor in Woodstock what would it be?
We would encourage you not to go for the cheapest Woodstock conveyancing quote. You really do get what you’re paying for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
I have instructed a Woodstock conveyancing practitioner having checked that they are on the Nationwide conveyancing panel. Does my lawyer arrange the survey of the property?
Nationwide will need an independent valuation of the property. Your lawyer will not arrange this. Usually Nationwide will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Woodstock surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
How does conveyancing in Woodstock differ for newly converted properties?
Most buyers of new build residence in Woodstock approach us having been asked by the developer to exchange contracts and commit to the purchase even before the property is ready to move into. This is because builders in Woodstock typically acquire 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 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 Woodstock or who has acted in the same development.
Due to the input of my in-laws I had a survey completed on a house in Woodstock in advance of appointing lawyers. I have been informed that there is a flying freehold overhang to the house. Our surveyor advised that some lenders may refuse to give a loan on a flying freehold premises.
It depends who your proposed lender is. Lloyds has different requirements for example to Halifax. If you contact us we can check via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Woodstock. Conveyancing will be smoother if you use a solicitor in Woodstock especially if they regularly deal with such properties in Woodstock.
Is it simple use your search facility to locate a conveyancing practitioner in Woodstock on the panel for my bank?
Step one is to select a bank such as National Westminster Bank, Leeds Building Society or Barclays Direct then type in your preferred area a common one being Woodstock. Conveyancing organisations in Woodstock and nationally will then be identified.
I am intending to rent out my leasehold flat in Woodstock. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for their consent?
A small minority of properties in Woodstock do contain a provision to say that subletting is only allowed with permission. The landlord cannot unreasonably refuse but, in such cases, they would need to review references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.
I am the registered owner of a basement flat in Woodstock, conveyancing formalities finalised half a dozen years ago. How much will my lease extension cost? Comparable properties in Woodstock with an extended lease are worth £191,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease comes to an end on 21st October 2078
With just 54 years remaining on your lease we estimate the price of your lease extension to range between £31,400 and £36,200 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 are not able to advice on a more accurate figure in the absence of comprehensive investigations. Do not use this information in tribunal or court proceedings. There may be other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.
What is the reason for new build conveyancing in Woodstock being more expensive?
Purchasing a new build premises is significantly different from the normal house buying conveyancing in Woodstock. Firstly developers ordinarily require contracts to exchange inside a short timeframe, so there is a a great deal of pressure on your conveyancer to ensure all is in order. In addition new build premises often involve examination of adoption of highways, drains, planning considerations, building warranties or architects certificates. Lenders requirements are also more demanding. Given the complex nature of the process for these types of properties, the conveyancing new build fees are higher than normal.