The Witney conveyancing firm handling our Witney conveyancing has spotted a discrepancy when comparing the assumptions in the home valuation survey and what is in the legal papers for the property. My lawyer has advised that he needs to check that the lender is OK with this discrepancy and is content to go ahead. Is my solicitor’s course or action legitimate?
Your conveyancer 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.
What does my ID and proof of funds have anything to do with my conveyancing in Witney? Is this really necessary?
Anti-terror and anti-money-laundering rules require solicitors and licensed conveyancers to verify the identity of the person or body they are dealing with prior to agreeing to accepting their conveyancing business. The Terms and Conditions that you need to sign should confirm this. Your lender will also require certain documents to be checked. Where you refuse to hand over ID verification documents, your conveyancer would not be able to act for you.
My uncle informed me that in buying a property in Witney there may be various restrictions preventing external changes to the property. Is this right?
There are a number of properties in Witney which have some sort of restriction or requirement of consent to external variations. Part of the conveyancing in Witney should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I happen to be the single beneficiary of my late father’s will and I have everything in my name now, including the my former home in Witney. The Witney property was put into my name in August. I want to move. I understand that there is a CML 6 month 'rule', which means that my proprietorship may be treated the same way as though I had purchased the property in August. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook obliges conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you could be caught by that. many banks would take a pragmatic view as this clause chiefly exists to identify the purchase and immediately sell or the wholesaling and assigning of property.
Completion of my purchase has taken place for my property in Witney. Conveyancing was satisfactory but I feel I should register my dissatisfaction about the lender. How do I make a complaint?
All banks and building societies have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Services Department at head office. We understand that complaints to a lender are resolved effectively and efficiently. If you feel the matter is not resolved you can write to Financial Ombudsman Service who will take matters further.
How does conveyancing in Witney differ for newly converted properties?
Most buyers of new build or newly converted property in Witney come to us having been asked by the builder to sign contracts and commit to the purchase even before the residence is finished. This is because developers in Witney typically purchase 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 Witney or who has acted in the same development.
Should I go with a Witney conveyancing solicitor based in the vicinity that I am purchasing? An old friend can conduct the legal work but they are based 300miles away.
The primary upside of using a high street Witney conveyancing practice is that you can visit the firm to execute paperwork, hand in your identification documents and pester them where appropriate. They will also have local intelligence which is a plus. However it's more important to get someone that will pull out all the stops for you. If you know people who used your friend and in the main were content that should trump using an unfamiliar Witney conveyancing solicitor just because they are based in the area.
I work for a busy estate agent office in Witney where we see a few leasehold sales jeopardised due to short leases. I have been given inconsistent advice from local Witney conveyancing firms. Can you clarify whether the owner of a flat can initiate the lease extension process for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I own a 1 bedroom flat in Witney, conveyancing was carried out in 2006. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Witney with an extended lease are worth £186,000. The ground rent is £55 per annum. The lease ceases on 21st October 2079
You have 53 years unexpired we estimate the price of your lease extension to span between £27,600 and £31,800 plus 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 detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.