The Wootton conveyancing firm handling our Wootton conveyancing has spotted a difference when comparing the surveyor’s assumptions in the valuation survey and what is in the title deeds. My lawyer informs me that he is duty bound to check that the bank is happy with this discrepancy and is still content to lend. Is my lawyer’s course or action correct?
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 both parties.
Finally the sale completed on my house in Wootton last September yet the purchaser is calling daily to say their solicitor needs to hear from mylawyer. What should my lawyer have done following completion?
After completion of your sale your conveyancer should forward the transfer deeds and all of the paperwork to the buyer’s solicitors. If applicable, your lawyer must also confirm that the home loan has been repaid to the purchasers solicitors. There are no post completion requirements specific conveyancing in Wootton.
The Wootton conveyancing firm that I recently instructed on my purchase in Wootton have without warning closed. I only went with them because I needed a firm on the Kent Reliance conveyancing panel and my family Wootton lawyer was not. I gave my credit card details for them to take one hundred and fifty pounds for searches. What are my options?
If you have an estate agent involved then let them know straight away so that they can let the sellers know that there may be a slight delay due to the problems encountered. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Kent Reliance conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors should be in a position to help.
Do commercial conveyancing searches reveal impending roadworks that could impact a commercial site in Wootton?
Many commercial conveyancing solicitors in Wootton will carry out a SiteSolutions Highways report as it dramatically cuts the time that conveyancers spend in sourcing accurate data on highways that impact buildings and development assets in Wootton. The report sets out definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Wootton.
For every commercial conveyancing transaction in Wootton it is crucial to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been addressed adequately could result in delays to Wootton commercial conveyancing deals as well as present a risk to future intentions for the site. These searches are not ordered for domestic conveyancing in Wootton.
How does conveyancing in Wootton differ for newly converted properties?
Most buyers of new build residence in Wootton contact us having been asked by the seller to exchange contracts and commit to the purchase even before the property is completed. This is because developers in Wootton typically buy 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 accustomed to new build conveyancing in Wootton or who has acted in the same development.
I am employed by a long established estate agent office in Wootton where we see a few leasehold sales put at risk due to short leases. I have been given conflicting advice from local Wootton conveyancing solicitors. Could you shed some light as to whether the vendor of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
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 for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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 bought a split level flat in Wootton, conveyancing having been completed 9 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable flats in Wootton with over 90 years remaining are worth £185,000. The ground rent is £65 levied per year. The lease runs out on 21st October 2085
With 60 years unexpired the likely cost is going to be between £20,000 and £23,000 as well as legals.
The suggested premium range 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 without more detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.