Our Wheatley lawyer has identified an inconsistency when comparing the information in the home valuation survey and what is in the legal papers for the property. My lawyer has advised that he is duty bound to ensure that the lender is OK with this discrepancy and is still content to lend. Is my conveyancer’s stance legitimate?
Your solicitor 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 both parties.
My partner and I are intent on selling our home in Wheatley and the buyers lawyers are claiming that there is a risk of it being built land that was not decontaminated. Any high street Wheatley conveyancer would know that there is no such problem. For the life of me I don't know why the purchasers are using a factory type conveyancing outfit as opposed to a conveyancing solicitor in Wheatley. We have lived in Wheatley for six years we know that this is a non issue. Is it a good idea to get in touch with our local Authority to seek clarification that there is no issue.
It would appear that you have a conveyancing solicitor currently acting for you. Are they able to advise? You need to enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same sickness)
I completed on my flat on 8 June and the transaction details are still not on the land registry website. Need I be worried? My conveyancing solicitor in Wheatley expressed confidence that it will be recorded in a couple of weeks. Are properties in Wheatley particularly slow to register?
As far as conveyancing in Wheatley registration is no quicker or slower than the rest of England and Wales. Rather than based on location, timescales can vary subject to the party submitting the application, whether there are errors and whether the Land registry communicate with any interested parties. At present roughly 80% of submission are fully dealt with in less than three weeks but occasionally there can be protracted delays. Registration occurs once the new owner is living at the property therefore an expedited registration is not always an essential issue yet if there is a degree of urgency associated with the registration then you or your lawyers can contact the land registry and explain the circumstances.
How does conveyancing in Wheatley differ for newly converted properties?
Most buyers of new build premises in Wheatley come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the property is completed. This is because house builders in Wheatley tend to acquire 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 Wheatley or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a property I put an offer in two weeks back in what was supposed to be a straight forward, chain free conveyancing. Wheatley is the location of the property. What do you suggest?
Flying freeholds in Wheatley are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Wheatley you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Wheatley 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 residence.
I am attracted to a two maisonettes in Wheatley both have in the region of fifty years remaining on the lease term. Will this present a problem?
A lease is a right to use the property for a period of time. As a lease shortens the value of the lease decreases and it becomes more costly to extend the lease. This is why it is generally wise to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on such properties. Lease enfranchisement can be a difficult process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this arena.
Leasehold Conveyancing in Wheatley - Sample of Queries before buying
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Please note if it is less than eighty years it will affect the salability of the flat. It is worth checking with your mortgage company that they are happy with residual term of the lease. Leases with fewer than 80 years remaining means that you will probably have to extend the lease at some point and you need to have some idea of how much this would cost. Remember, in most cases you would be be obliged to have been the owner of the residence for a couple of years before you are entitled to extend the lease. You will want to find out as much as possible regarding the company managing the building as they can either make your living at the property much easier or uncomfortable. Being a leasehold owner you are often in the clutches of the managing agents both financially and when it comes to practical issues like the upkeep of the common parts. Enquire of prospective neighbours what they think of them. On a final note, find out the dates that you are obliged pay the service charge to the appropriate party and specifically how they are spending that money. Are there any major works anticipated that could add a premium to the service costs?