Our Woolton lawyer has discovered a difference when comparing the assumptions in the valuation survey and what is in the title deeds. My lawyer has advised that he is duty bound to ensure that the bank is OK with this discrepancy and is still content to lend. Is my conveyancer’s course or action right?

Your property lawyer must comply with the UK Finance Lenders’ Handbook specifications 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.

I am considering applying for a Virgin Money mortgage for purchase of a newly converted (under development) in Woolton with 60% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Virgin Money ?

There is nothing to stop you using your solicitor, but Virgin Money will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.

I have been on the look out for a leasehold apartment up to £245,000 and identified one near me in Woolton I like with open areas and station nearby, however it only has 61 years on the lease. There is not much else in Woolton suitable, so just wondered if I would be making a mistake buying a lease with such few years left?

Should you need a home loan the shortness of the lease will be problematic. Discount the price by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the property for at least 2 years you may request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should consult your conveyancing lawyer concerning this.

In relation to leasehold conveyancing in Woolton what are the most common lease defects?

There is nothing unique about leasehold conveyancing in Woolton. Most leases are individual and legal mistakes in the legal wording can sometimes mean that certain provisions are wrong. The following missing provisions could result in a defective lease:

A provision to repair to or maintain parts of the building Clauses dealing with recovering service charges for expenditure on the building or common parts.

You may encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, The Royal Bank of Scotland, and Platform Home Loans Ltd all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, forcing the buyer to withdraw.

Woolton Conveyancing for Leasehold Flats - A selection of Questions you should ask Prior to buying

How is the lease structured? It would be wise to investigate if there are any onerous restrictions in the lease. For example it is very common in Woolton leases that pets are not allowed in in a block in Woolton. If you love the flatin Woolton but your cat can’t move with you then you will be presented with a hard determination. Please note that where the lease has no more than 80 years it will impact the salability of the flat. Check with your mortgage company that they are happy with remaining years on the lease. A short lease means that you will most likely have to extend the lease sooner rather than later and it is worth finding out how much this would cost. For most Wooltonlease extensions you will be required to have owned the property for two years before you are entitled to extend the lease.

I am short of a 10% deposit on my apartment purchase in Woolton , but I still want to go ahead. What can I do?

You can accept a lower deposit. Most sellers will accept a lesser deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.

You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last second