Our solicitor has identified a a problem with the lease for the property we are buying in Wolverton. The seller’s lawyers have suggested title insurance as a workaround. We are happy with insurance and will pay for it. Our conveyancing practitioner has advised that he must ensure that the lender is willing to move forward with this solution. Are we the client or is the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the mortgage company are the client. Your solicitor must comply with the UK Finance Lenders’ Handbook conditions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank 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 property lawyer will have no choice but to discontinue acting for you.
Our lender has recommended solicitors on their panel based in Wolverton but I would rather instruct a conveyancing lawyer in Wolverton local to me. Are you able to assist?
It is by no means the case that all Wolverton conveyancing practitioners are approved and listed on all banks conveyancing panel. Use our search tool to find a Wolverton conveyancing solicitor on the on the lender panel.
3 months have gone by following my purchase conveyancing in Wolverton completed. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I have been on the look out for a leasehold apartment up to £245,000 and found one close by in Wolverton I like with open areas and railway links in the vicinity, the downside is that it's only got 51 years on the lease. There is not much else in Wolverton in this price bracket, so just wondered if I would be making a grave error acquiring a short lease?
Should you require a home loan the remaining unexpired lease term will likely be problematic. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least 2 years you could ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing solicitor regarding this.
Is it possible to change firm as I need to instruct one who is on the Britannia conveyancing list. I instructed a local conveyancing solicitor in Wolverton round the corner but she is not accepted by Britannia
We will our best to assist in finding you a conveyancing solicitor in Wolverton on the Britannia panel. Please note that the conveyancers that we work with do not pay us a referral fee if you instruct them and are regulated by the SRA who oversee all conveyancing solicitors in Wolverton. Using search facility on this site, you can compare and instruct different solicitors and conveyancers both nationally and in Wolverton.