My Woodford lawyer has uncovered a difference when comparing the information in the valuation survey and what is revealed within the conveyancing documents. My lawyer has advised that he is obliged to check that the lender is happy with this discrepancy and is still content to lend. Is my solicitor’s stance appropriate?
Your property lawyer 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 you.
What is the first thing I need to know concerning purchase conveyancing in Woodford?
You may not hear this from too many lawyers but conveyancing in Woodford and elsewhere in North East London is often a confrontational experience. In other words, when it comes to conveyancing there exists an abundance of opportunity for conflict between you and others involved in the transaction. For instance, the vendor, estate agent and even potentially your bank. Selecting a law firm for your conveyancing in Woodford should not be taken lightly as your conveyancer is your adviser, and is the SOLE person in the transaction whose responsibility is to protect your best interests and to protect you.
There is a worrying creep of a "blame" culture- someone has to be at fault for the process being so protracted. You should always trust your solicitor above all other players when it comes to the legal transfer of property.
My aunt passed away 10 months ago and as sole heir and executor I was left the property in Woodford. The house had a small mortgage remaining of approximately £5k. I want to have the title changed into my name whilst I re-mortgage to Barclays, pay off the mortgage. Is this possible?
If you intend to refinance then Barclays will require that you use a conveyancer on the Barclays conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Barclays conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Barclays mortgage is registered as a charge at the Land Registry.
Should my conveyancer be raising enquiries about flooding as part of the conveyancing in Woodford.
The risk of flooding is if increasing concern for conveyancers carrying out conveyancing in Woodford. There are those who acquire a house in Woodford, completely aware that at some time, it may suffer from flooding. However, leaving to one side the physical damage, where a house is at risk of flooding, it may be difficult to get a mortgage, adequate insurance cover, or dispose of the property. Steps can be carried out during the course of a property purchase to forewarn the purchaser.
Solicitors are not best placed to offer advice on flood risk, however there are a number of searches that can be undertaken by the purchaser or on a buyer’s behalf which will figure out the risks in Woodford. The conventional set of property information forms given to a buyer’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a standard inquiry of the owner to discover if the premises has ever been flooded. If flooding has previously occurred which is not revealed by the owner, then a purchaser may issue a legal claim for losses as a result of such an incorrect response. The buyer’s lawyers may also commission an environmental report. This should higlight if there is a recorded flood risk. If so, more detailed investigations should be made.
Are there restrictive covenants that are commonly identified as part of conveyancing in Woodford?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Woodford. 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…’