My Woodbridge solicitor has uncovered a difference when comparing the surveyor’s assumptions in the home valuation survey and what is revealed within the conveyancing documents. My lawyer informs me that he is duty bound to check that the bank is OK with this discrepancy and is content to go ahead. Is my solicitor’s stance appropriate?
Your lawyer must comply with the UK Finance Lenders’ Handbook provisions 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 purchased a freehold residence in Woodbridge yet invoiced for rent, why is this and what is this?
It is rare for properties in Woodbridge and has limited impact for conveyancing in Woodbridge but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for hundreds of years, but the Rent Charge Act 1977 barred the creation of fresh rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.
We expect to receive a DIP from UBS this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do UBS recommend any Woodbridge solicitors on the UBS conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Woodbridge solicitors independently although you'll need to choose one on the UBS conveyancing panel. The solicitor represents both you and UBS through the process.
I am currently in the process of buying my council flat in Woodbridge. I have a mortgage agreed with Skipton. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Skipton, you will need to appoint a solicitor on the Skipton conveyancing panel.
I have a mortgage with HSBC for my property in Woodbridge. Conveyancing has been completed a year ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform HSBC?
You must advise HSBC prior to letting out your property as this is likely to be a breach of HSBC’s mortgage conditions. It may be that HSBC will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact HSBC directly. It should not be necessary to do this via a HSBC conveyancing panel firm.
What does commercial conveyancing in Woodbridge cover?
Non domestic conveyancing in Woodbridge incorporates a wide range of advice, supplied by regulated solicitors, relating to business property. For instance, this area of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the transfer of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of tenancies.
My brother has suggested that I appoint his lawyers for conveyancing in Woodbridge. Should I choose my own conveyancer?
Much as we are happy to recommend a Woodbridge conveyancing lawyer the best way to choose a conveyancing solicitor is to have guidance from friends or relatives who have actually used the firm you're considering.
Do you have any advice for leasehold conveyancing in Woodbridge with the aim of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Woodbridge can be reduced where you appoint lawyers the minute your agents start marketing the property and ask them to collate the leasehold information needed by the buyers’ conveyancers. If you hold a share in a the Management Company, you should ensure that you hold the original share document. Arranging a replacement share certificate is often a time consuming process and delays many a Woodbridge home move. If a duplicate share is necessary, you should approach the company director and secretary or managing agents (if applicable) for this as soon as possible. Some Woodbridge leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. The bank reference will need to confirm that the buyers are financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their solicitors. You may think that you are aware of the number of years remaining on your lease but you should verify this by asking your lawyers. A purchaser's lawyer will be unlikely to recommend their client to where the remaining number of years is below 80 years. In the circumstances it is important at an as soon as possible that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale. If there is a history of any disputes with your landlord or managing agents it is essential that these are resolved prior to the flat being marketed. The purchasers and their solicitors will be nervous about purchasing a flat where a dispute is unsettled. You may need to swallow your pride and pay any arrears of service charge or settle the dispute prior to the buyers completing the purchase. 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 particulars of the dispute to the buyers, but it is better to present the dispute as over as opposed to unsettled.
I am the registered owner of a garden flat in Woodbridge, conveyancing formalities finalised July 2011. How much will my lease extension cost? Comparable properties in Woodbridge with over 90 years remaining are worth £180,000. The ground rent is £65 levied per year. The lease runs out on 21st October 2084
With just 59 years left to run the likely cost is going to be between £20,900 and £24,200 as well as costs.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.