My Woburn conveyancer has identified a discrepancy when comparing the information in the home valuation survey and what is in the conveyancing documents. My solicitor says that he must check that the bank is happy with this discrepancy and is content to go ahead. Is my lawyer’s course or action legitimate?
Your conveyancing practitioner 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.
Can you clarify what the consequences are if my solicitor is removed from the Leeds Building Society Solicitor panel ahead of completing my conveyancing in Woburn?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
I'm converting the mortgage on my primary home to a buy to let mortgage with Alliance & Leicester and I will use the ballance of the raised equity as a down payment on another house. The location we are talking about is Woburn. 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 site to be sure that the conveyancers are on the appropriate lender panels. Assuming that they are your solicitor will be able to connect the two conveyancing matters but you should talk with you conveyancer and specify your expectations and requirements.
My husband and I are new on the property ladder - agreed a price, but the estate agent advised that the vendor will only issue a contract if we use the agent's recommended conveyancers as they need an ‘expedited deal’. Our preferred option is to instruct a family solicitor who is familiar with conveyancing in Woburn
We suspect that the seller is unaware of this demand. If they desire ‘a quick sale', taking such a hostile approach to a serious buyer is not the way to achieve this. Bypass the agents and go straight to the sellers and make the point that (a)you are motivated purchasers (b)you are ready to go, with mortgage lined up © you have nothing to sell (d) you intend to proceed fast (e)but you will continue to use your own,trusted Woburn conveyancing lawyers - rather thanthe ones that will give the estate agent a introducer fee or hit his conveyancing figures set by senior management.
I am on look out for some leasehold conveyancing in Woburn. Before I get started I would like to find out the unexpired term of the lease.
If the lease is registered - and most are in Woburn - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I bought a basement flat in Woburn, conveyancing was carried out in 1998. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in Woburn with an extended lease are worth £180,000. The average or mid-range amount of ground rent is £65 levied per year. The lease runs out on 21st October 2078
With only 59 years unexpired we estimate the price of your lease extension to be between £20,900 and £24,200 as well as costs.
The figure above a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of detailed investigations. Do not use the figures in tribunal or court proceedings. There may be other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.