The Woodthorpe conveyancing firm handling our Woodthorpe conveyancing has uncovered an inconsistency when comparing the surveyor’s assumptions in the valuation report and what is in the title deeds. My lawyer informs me that he needs to check that the lender is OK with this discrepancy and is content to go ahead. Is my conveyancer’s approach correct?

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.

How does conveyancing in Woodthorpe differ for newly converted properties?

Most buyers of new build property in Woodthorpe contact us having been asked by the builder to exchange contracts and commit to the purchase even before the residence is built. This is because developers in Woodthorpe 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 Woodthorpe or who has acted in the same development.

Yesterday I discovered that there is a flying freehold issue on a property I put an offer in last month in what should have been a quick, chain free conveyancing. Woodthorpe is the location of the property. Is there any advice you can give?

Flying freeholds in Woodthorpe are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Woodthorpe you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Woodthorpe may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.

I am tempted by the attractive purchase price for a two flats in Woodthorpe which have about 50 years unexpired on the leases. Will this present a problem?

A lease is a legal document that entitles you to use the property for a period of time. As the lease gets shorter the marketability of the lease deteriorates and results in it becoming more expensive to extend the lease. This is why it is advisable to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a protracted process. We advise that you get professional help from a solicitor and surveyor with experience in this area.

Woodthorpe Conveyancing for Leasehold Flats - Examples of Questions you should ask before Purchasing

How much is the maintenance charge and ground rent on the flat? Make sure you discover if the the lease includes any unreasonable restrictions in the lease. For example it is reasonably common in Woodthorpe leases that pets are not permitted in certain buildings in Woodthorpe. If you like the propertyin Woodthorpe yet your dog can’t make the move with you then you have a very hard choice.

My wife and I have chosen a Woodthorpe conveyancing solicitor for our home move (first time buyers) and have noticed in the engagement letter that they are not covered by the Financial Conduct Authority. Am I right to be worried or is that the norm with lawyer?

We can't see why they should be. Most conveyancer don't lend money. You should check that they are regulated by the SRA, who have strict rules in relation to funds sitting on client account.