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Recently asked questions about conveyancing in Woodbury

My wife and I are due to complete buying a property in Woodbury but as a consequence of damage from some water damage at the property I have managed to agree recompense from the owner of six thousand pounds by way of a deduction in the price. This was going to be addressed as part of amending the contract but Skipton will not permit this. Why were they involved?

The lawyer being on a Skipton conveyancing panel is duty bound to advise Skipton of any changes to the purchase price. If you prohibit your property lawyer to notify the reduction to Skipton then they would have to discontinue acting for you. In addition, Skipton and you would have to appoint a new conveyancer for your conveyancing in Woodbury.

It has been 4 months following my purchase conveyancing in Woodbury completed. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £215,000. 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 residence 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.

How does conveyancing in Woodbury differ for newly converted properties?

Most buyers of new build residence in Woodbury come to us having been asked by the seller to sign contracts and commit to the purchase even before the premises is completed. This is because developers in Woodbury 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 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 accustomed to new build conveyancing in Woodbury or who has acted in the same development.

Am I better off to go with a Woodbury conveyancing practitioner who is local to the property I am buying? We have a good friend who can conduct the legal formalities but they are based a couple of hundredkilometers away.

The primary upside of using a local Woodbury conveyancing firm is that you can attend the office to execute paperwork, hand in your ID and pester them if necessary. They will also have local intelligence which is a benefit. However nothing is more important than finding someone that will pull out all the stops for you. If other friends have used your friend and on the whole were impressed that must outweigh using an unfamiliar Woodbury conveyancing lawyer just because they are round the corner.

Can you provide any advice for leasehold conveyancing in Woodbury with the aim of saving time on the sale process?

  • Much of the delay in leasehold conveyancing in Woodbury can be bypassed where you appoint lawyers the minute you market your property and request that they start to put together the leasehold information which will be required by the buyers’ lawyers.
  • You believe that you know the number of years left on your lease but it would be advisable verify this via your solicitors. A buyer’s lawyer will not be happy to advise their client to to exchange contracts if the lease term is under 80 years. In the circumstances it is essential at an early stage that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale. Some Woodbury leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference should make it clear that the buyer is able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their solicitors. Many landlords or Management Companies in Woodbury levy fees for providing management packs for a leasehold home. You or your lawyers should find out the fee that they propose to charge. The management pack can be applied for as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Woodbury. If you have had any disputes with your landlord or managing agents it is very important that these are settled prior to the flat being put on the market. The buyers and their solicitors will be reluctant to purchase a property where there is a current dispute. You will have to accept that you will have to pay any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is clearly preferable to present the dispute as historic rather than ongoing.

Woodbury Conveyancing for Leasehold Flats - Examples of Questions you should ask Prior to buying

    Best to be warned if fixing the lift or some other major work is anticipated that will be shared between the tenants and will dramatically impact the level of the service fees or require a one off payment. How is the lease structured? What is the name of the managing agents?

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