Our Wide Open solicitor has uncovered a difference between the assumptions in the valuation report and what is revealed within the legal papers for the property. My solicitor has advised that he is duty bound to ensure that the lender is happy with this discrepancy and is still content to lend. Is my solicitor’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.

A friend recommended that where I am buying in Wide Open I should ask my conveyancer to carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?

A search of this type is sometimes quoted for as part of the standard Wide Open conveyancing searches. It is not a small document of about 40 pages, listing and setting out significant information about Wide Open around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Wide Open Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Local Education with plans and statistics, Local Amenities and other useful data concerning Wide Open.

Are there restrictive covenants that are commonly identified during conveyancing in Wide Open?

Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Wide Open. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’

I'm converting the mortgage on my existing home to a buy to let mortgage with Yorkshire Building Society and intend to use the remaining equity as a deposit on further house. The neighborhood we are looking at is Wide Open. Will your lawyers be able to act for the two lenders and link together the two deals?

Make use of our comparison tool on this page to ensure that the lawyers are on the relevant lender panels. Having checked that they are the solicitor will be able to tie up the two deals but you should have a chat with you conveyancer and communicate your desired outcome and needs.

What makes a Wide Open lease unacceptable for security purposes?

There is nothing unique about leasehold conveyancing in Wide Open. Most leases are drafted differently and drafting errors can result in certain clauses are wrong. The following missing provisions could result in a defective lease:

Maintenance charge proportions which don’t add up to the correct percentage

A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Norwich and Peterborough Building Society, and Bank of Ireland all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, forcing the buyer to withdraw.

Wide Open Conveyancing for Leasehold Flats - Examples of Queries before buying

Where a Wide Open lease has no more than eighty years it will affect the value of the property. Check with your lender that they are happy with the length of the lease. A short lease means that you will almost definitely have to extend the lease sooner rather than later and it is worth finding out how much this will be. For most Wide Openlease extensions you would need to own the premises for 24 months in order to be legally able to extend the lease. Does the lease include onerous restrictions?