My Wells solicitor has identified a difference between the surveyor’s assumptions in the valuation report and what is revealed within the legal papers for the property. My solicitor has advised that he is obliged to ensure that the bank is happy with this discrepancy and is content to go ahead. Is my conveyancer’s approach right?
Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook specifications 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 have Fifty Six years unexpired on my lease and need a lease extension for my apartment in Wells. Conveyancing solicitors on the Virgin panel can deal with such extensions right?
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are getting a mortgage then your lender may insist that the lease be extended before competition. Virgin have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 4/7/2025 the requirements read as follows :
Do I choose a Licenced Conveyancer or Solicitor for conveyancing in Wells?
There are many recorded licenced Conveyancers in Wells and Solicitor practices in Wells who provide Conveyancing services It is important to make clear that the two are regulated professionals specialising in the legal aspects of transferring property. Both can handle associated property related work such as remortgage conveyancing, enfranchisement and transfer of equity conveyancing.
is it true that all Wells conveyancing solicitors on the Coventry BS conveyancing panel are regulated by the SRA?
As a firm of solicitors, in order to be on the Coventry BS conveyancing panel they would need to be regulated by the SRA. Many banks do list licenced conveyancers on their panel in which case such firms would be governed by the CLC.
Intending to buy a maisonette in Wells. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Co-operative conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Wells conveyancing practitioner is on the Co-operative conveyancing panel.
I have been on the look out for a leasehold apartment up to £195,000 and found one near me in Wells I like with amenity areas and railway links in the vicinity, however it's only got 61 years on the lease. There is not much else in Wells in this price bracket, so just wondered if I would be making a grave error purchasing a short lease?
If you require a home loan the shortness of the lease will be a potential deal breaker. Discount the price by the expected lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of twenty four months you could ask them to start the process of the extension and pass it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this.
My husband and I are 17 days into a freehold purchase having been referred to conveyancers by the high street agent to carry out the conveyancing in Wells. We are not happy. Can you help me find new lawyers?
A lawyer would have to be really bad in order to consider replacing them. Has the loan offer been sent? In the event that it has you need to inform them of the new conveyancer and have the offer are re-issued. The conveyancer needs to be on the lenders panel to avoid added expenses and complications. So that should be your starting point. Our find a solicitor tool should assist you in finding a bank approved lawyer for your home move in Wells
I today plan to offer on a house that appears to meet my requirements, at a great figure which is making it more attractive. I have just discovered that the title is leasehold rather than freehold. I would have thought that there are particular concerns purchasing a leasehold house in Wells. Conveyancing advisers have are soon to be appointed. Will they explain the issues?
Most houses in Wells are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. It is clear that you are buying in Wells in which case you should be looking for a Wells conveyancing solicitor and be sure that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. As a lessee you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example requiring the freeholder’sconsent to carry out alterations. You may also be required to pay a contribution towards the upkeep of the estate where the house is located on an estate. Your lawyer will advise you fully on all the issues.
Wells Leasehold Conveyancing - Sample of Queries before buying
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Please inform me if there are any major works in the planning that could increase the maintenance costs? Best to be warned if a new roof is being put on or some other significant cost is coming up to be shared between the leasehold owners and will materially increase the the maintenance charges or require a one time payment.