The Winchcombe conveyancing firm handling our Winchcombe conveyancing has uncovered a difference between the information in the valuation survey and what is in the conveyancing documents. My lawyer informs me that he is duty bound to check that the lender is OK with this discrepancy and is still content to lend. Is my conveyancer’s approach right?
Your lawyer must comply with the UK Finance Lenders’ Handbook conditions 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.
I had intended to instruct a conveyancing solicitor in Winchcombe for our home move. Our financial adviser has since notified us that our bank Chelsea Building Society won't deal with them. Surely this is unfair competition?
Before the recession most mortgage companies had an appetite for risk which was higher than today. Almost all Winchcombe conveyancing firms would have been on many bank panels. The FSA in 2010 conducted a thematic review into mortgage fraud which come to the conclusion: know the conveyancing solicitors dealt with. Consequently, lenders have regularly sought more data from law firms concerning their operations and their employees as well as establishing certain criteria such a completing on a minimum volume of transactions. Many Winchcombe conveyancing firms that have been excluded from lender panels have Unblemished track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Winchcombe is one of the hundreds of areas where the conveyancers showing on our search results are on the panel for Chelsea Building Society.
It has been five months since my purchase conveyancing in Winchcombe completed. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £170,000. 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 property 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.
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in two weeks back in what should have been a straight forward, no chain conveyancing. Winchcombe is the location of the property. What do you suggest?
Flying freeholds in Winchcombe are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Winchcombe you must be sure that your lawyer goes through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Winchcombe 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.
Can you provide any top tips for leasehold conveyancing in Winchcombe from the perspective of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Winchcombe can be bypassed where you instruct lawyers the minute your agents start marketing the property and request that they start to put together the leasehold documentation which will be required by the purchasers’ solicitors. Many freeholders or managing agents in Winchcombe levy fees for supplying management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Winchcombe. You may think that you are aware of the number of years remaining on your lease but you should verify this by asking your conveyancers. A buyer’s conveyancer will be unlikely to recommend their client to where the lease term is below 75 years. In the circumstances it is essential at an as soon as possible that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale. If there is a history of any disputes with your freeholder or managing agents it is essential that these are resolved prior to the flat being put on the market. The purchasers and their solicitors will be reluctant to purchase a flat where a dispute is ongoing. You may need to swallow your pride and discharge any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is clearly preferable to reveal the dispute as over rather than unresolved. If you hold a share in a the freehold, you should ensure that you hold the original share document. Arranging a duplicate share certificate can be a time consuming formality and frustrates many a Winchcombe home move. If a new share is needed, you should approach the company director and secretary or managing agents (where applicable) for this as soon as possible.
I inherited a basement flat in Winchcombe, conveyancing having been completed August 2008. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Winchcombe with over 90 years remaining are worth £165,000. The ground rent is £50 charged once a year. The lease runs out on 21st October 2103
With 77 years unexpired the likely cost is going to be between £7,600 and £8,800 plus legals.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.
We are in the process of buying a house in Winchcombe. Can our conveyancer have the amount we are are buying for a secret from the likes of Zoopla. what can I do to make sure this is not revealed?
HMLR by statute are obliged to note price paid data on a register of the title for residential properties countrywide which includes properties in Winchcombe. The register of title is a public document, so HM Land Registry would be breaking the law if they did not grant access to the register.
In essence you can ask HMLR to withhold the amount paid data yet the response would be a No.