The Woburn conveyancing firm handling our Woburn conveyancing has identified a discrepancy when comparing the information in the home valuation report and what is in the conveyancing documents. My solicitor has advised that he needs to ensure that the lender is OK with this discrepancy and is still content to lend. Is my lawyer’s approach appropriate?
Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook requirements 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.
Having sold my house in Woburn last September yet the purchaser is SMS messaging me to say their lawyer needs to hear from mine. What should my lawyer have done following completion?
Following your disposal your lawyer is duty bound to deliver the transfer documentation and all supplemental paperwork to the purchaser's solicitors. If applicable, your lawyer must also send confirmation that the legal charge in favour of the lender has been redeemed to the buyers lawyers. There is unlikely to be post completion procedures specific conveyancing in Woburn.
I am buying a house and require a conveyancing solicitor in Woburn who is on the The Mortgage Works solicitor. Could you point me in the right direction as regards a conveyancing firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for The Mortgage Works in certain locations such as Woburn. We dont recommend any particular firm.
How does conveyancing in Woburn differ for newly converted properties?
Most buyers of new build property in Woburn contact us having been asked by the seller to sign contracts and commit to the purchase even before the residence is ready to move into. This is because house builders in Woburn usually acquire the site, 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 conveyancing solicitors 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 Woburn or who has acted in the same development.
I own a leasehold flat in Woburn. Conveyancing was completed in last year. I have read on numerous advice forums that I mustn’t let the the remaining lease term to fall too low. What is the reasoning?
Woburn domestic long term leases are for a prescribed period - often 99 years when they commenced. However many flats in Woburn were constructed or converted in the 70’s80’s and so such leases now have fewer than eighty years left to run. This may seem like plenty of time however Banks, Building Societies and other mortgage lenders on the whole require leases to have at least seventy five years left to adequate security. Accordingly when you come to sell the property you will need to extend the term of your lease if you are nearing eighty years. To optimize your property value you should be considering whether to extend your lease long before you come to sell it. There are also significant benefits to taking action before the lease hits eighty years as when the lease is below 80 years the premium to be paid to extend starts to escalate.