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Recently asked questions about conveyancing in Wendover

My solicitor has uncovered a a legal deficiency with the lease for the apartment we are purchasing in Wendover. The seller’s lawyers have put forward defective title insurance as a workaround. We are content with insurance and will cover the costs. Our conveyancer has advised that he must be satisfied that the mortgage company is happy with this solution. Are we the client or is the mortgage company ?

The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the bank are the client. Your property lawyer must comply with the UK Finance Lenders’ Handbook specifications. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the mortgage company can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your conveyancing practitioner will have no choice but to discontinue acting for you.

A relative advised me that where I am purchasing in Wendover I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?

This is a search is occasionally included in the estimate for your Wendover conveyancing searches. It is a large report of about 40 pages, listing and setting out important information about Wendover around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Wendover Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Wendover Education with maps and statistics, Local Amenities and other useful information about Wendover.

How does conveyancing in Wendover differ for newly converted properties?

Most buyers of new build property in Wendover come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the house is completed. This is because new home sellers in Wendover typically 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 property lawyers 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 Wendover or who has acted in the same development.

Are there common deficiencies that you encounter in leases for Wendover properties?

Leasehold conveyancing in Wendover is not unique. All leases are drafted differently and drafting errors can sometimes mean that certain clauses are erroneous. For example, if your lease is missing any of the following, it could be defective:

    Maintenance charge proportions which don’t add up to the correct percentage A provision to repair to or maintain elements of the premises

A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, The Mortgage Works, and Platform Home Loans Ltd all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, forcing the purchaser to withdraw.

I purchased a studio flat in Wendover, conveyancing formalities finalised 9 years ago. How much will my lease extension cost? Similar properties in Wendover with over 90 years remaining are worth £190,000. The average or mid-range amount of ground rent is £65 levied per year. The lease runs out on 21st October 2085

You have 61 years remaining on your lease the likely cost is going to be between £19,000 and £22,000 as well as plus your own and the landlord's "reasonable" professional fees.

The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.

My partner is buying a basement flat in Wendover. He has received an estimate by the property lawyer suggested by the selling agents totaling £1156 . It was fifteen years ago I sold and bought a property and the bill was £440. Have fees really gone up that much?

What does the conveyancing estimate include? Is it just for the legal fees, or what you will be paying in total (for instance Wendover searches, land registry fees, etc)

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