Our Niton solicitor has uncovered a discrepancy between the assumptions in the valuation report and what is revealed within the legal papers for the property. My solicitor says that he is obliged to ensure that the lender is happy with this discrepancy and is still content to lend. Is my lawyer’s stance appropriate?

Your solicitor 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.

Why do I have to pay up front when it comes to conveyancing in Niton?

If you are buying a property in Niton your lawyer will ask you to provide them with funds to cover the search fees. Normally this is requested to cover the fees of the conveyancing searches. If any deposit is payable against the total price then this will be required shortly prior to exchange of contracts. The final balance that is due should be transferred a couple of days ahead of the day of completion.

I am the single beneficiary of my late grandmother’s will with all property in now in my sole name, including the my former home in Niton. The Niton property was put into my name in August. I plan to dispose of the property. I understand that there is a Mortgage Lenders 6 month 'rule', meaning my property ownership could be considered the same way as if I'd bought the house in August. Do I have to wait half a year to sell?

The CML handbook requires solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be caught by that. Most lenders would take a sensible view as this obligation is principally there to capture subsales or the flipping of property.

I'm spending time looking at flats in Niton and I am about to put in an offer. Is it sensible to have my conveyancing practitioner on ‘stand by’? I will be getting a mortgage with Bank of Ireland.

You should start obtaining conveyancing quotes from solicitors ASAP. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their details on to the selling agent. As you are seeking a mortgage with Bank of Ireland, make sure you remember to check that your lawyer is on the Bank of Ireland conveyancing panel.

Completion of my purchase has taken place for my property in Niton. Conveyancing was of an acceptable standard but I feel I should register my dissatisfaction about the lender. How do I make a complaint?

Most banks and building societies have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Care Team at head office. Ordinarily complaints to a lender are sorted out effectively and efficiently. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service with full details of your complaint.

Hoping to buy a property located in Niton and I am already nervous. I couldn't find anything specific about Niton. Conveyancing will be needed in due course but do you know about the Niton area? or perhaps some other tips you can share?

Rather than looking online forget looking online you should go and have a look at Niton. In the meantime here are some basic statistics that we found

I am tempted by the attractive purchase price for a couple of flats in Niton which have in the region of forty five years left on the leases. Do I need to be concerned?

A lease is a legal document that entitles you to use the property for a prescribed time frame. As the lease shortens the marketability of the lease deteriorates and it becomes more expensive to extend the lease. For this reason it is often a good idea to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease as mortgage companies may be unwilling to lend money on such properties. Lease enfranchisement can be a difficult process. We recommend you seek professional help from a conveyancer and surveyor with experience in this field.

Leasehold Conveyancing in Niton - Examples of Questions you should consider before Purchasing

How much is the annual service fee and ground rent? You should want to discover as much as possible concerning the managing agents as they will either make your life much simpler or problematic. As the owner of a leasehold property you are often at the mercy of the managing agents both financially and when it comes to practical issues such as the upkeep of the common parts. Ask other people what they think of them. Finally, be sure you know the dates that the maintenance charges are due to the managing agents and precisely what you get for your money. You should be aware that where the lease has fewer than eighty years it will affect the marketability of the apartment. It is worth checking with your lender that they are content with the length of the lease. Leases with fewer than 80 years remaining means that you will probably need a lease extension at some point and it is worth discovering what this will be. Remember, in most cases you would be be obliged to have owned the premises for a couple of years before you are legally able to extend the lease.