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Recently asked questions about conveyancing in Wolviston

I am the registered owner of a freehold residence in Wolviston but still invoiced for rent, why is this and what is this?

It is rare for properties in Wolviston and has limited impact for conveyancing in Wolviston but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.

Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back hundreds of years, but the Rent Charge Act 1977 barred the creation of fresh rentcharges from 1977 onwards.

Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 is to be dispensed with completely.

How does conveyancing in Wolviston differ for newly converted properties?

Most buyers of new build premises in Wolviston contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is ready to move into. This is because new home sellers in Wolviston 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 conveyancers 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 used to new build conveyancing in Wolviston or who has acted in the same development.

I opted to have a survey done on a property in Wolviston before appointing solicitors. I have been told that there is a flying freehold overhang to the house. The surveyor has said that some mortgage companies tend refuse to give a loan on this type of premises.

It depends who your proposed lender is. HSBC has different requirements from Nationwide. If you contact us we can investigate further with the appropriate bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Wolviston. Conveyancing may be slightly more expensive based on your lender's requirements.

Last February I purchased a leasehold flat in Wolviston. Do I have any liability for service charges for periods before completion of my purchase?

In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

Leasehold Conveyancing in Wolviston - Sample of Queries before Purchasing

    Who is in charge of the block? How is the lease structured? Are any of leasehold owners in arrears of their service charge liability?

The solicitors undertaking our conveyancing in Wolviston has sent documents to review that state the land is unregistered with epitome documents. Is it not the case that all properties in Wolviston should be registered?

Whilst the vast majorities of properties in Wolviston are now registered with the Land Registry there are still some that are unregistered. Any property in Wolviston that has been remortgaged since the late 1980’s will have been registered at the HMLR under the compulsory ‘first registration’ scheme. However, if a Wolviston property has not changed hands in that time then it’s likely the old fashioned title deeds will be the only evidence of ownership.Many Wolviston conveyancing solicitors will be capable of dealing with this type of conveyancing but in the event that uncertainty exists the usual proposition presently seems to be for the current owners to register the title first and thereafter deal with the sale conveyance - this this chain of events will cause a protracted transaction.

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Find out more about how flying freehold can affect your the value of a property.