What does a local search reveal regarding the property I am purchasing in Wool?

Wool conveyancing often starts with the ordering local authority searches directly from your local Authority or via a personal search company such as Xpress Legal The local search plays an important part in many a Wool conveyancing purchase; as long as you wish to avoid any nasty once you have moved into your new home. The search should reveal data on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen topic headings.

How does conveyancing in Wool differ for new build properties?

Most buyers of new build residence in Wool come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the premises is finished. This is because house builders in Wool 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 Wool or who has acted in the same development.

I opted to have a survey completed on a property in Wool ahead of instructing solicitors. I have been informed that there is a flying freehold element to the property. Our surveyor has said that some lenders tend not give a loan on a flying freehold property.

It depends who your proposed lender is. Santander has different requirements for example to Birmingham Midshires. Should you wish to call us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Wool. Conveyancing may be slightly more expensive based on your lender's requirements.

I've found a house that seems to be perfect, at a great figure which is making it all the more appealing. I have subsequently been informed that it's a leasehold rather than freehold. I would have thought that there are particular concerns purchasing a leasehold house in Wool. Conveyancing lawyers have are about to be appointed. Will my lawyers set out the implications of buying a leasehold house in Wool ?

The majority of houses in Wool are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are buying in Wool in which case you should be looking for a Wool conveyancing solicitor and check that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example requiring the freeholder’sconsent to conduct changes to the property. You may also be required to pay a maintenance charge towards the upkeep of the communal areas where the house is located on an estate. Your lawyer will advise you fully on all the issues.

I purchased a split level flat in Wool, conveyancing was carried out January 1999. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Wool with an extended lease are worth £197,000. The ground rent is £55 invoiced every year. The lease terminates on 21st October 2080

With just 55 years unexpired we estimate the premium for your lease extension to be between £31,400 and £36,200 plus legals.

The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There may be additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.

My folks are having problems in finding their Wool land registry title on the online search facility. They have a vague recollection 50 years ago when they acquired the bungalow there were complications regarding Wool not being recognised in some systems.

Almost all premises in Wool should be revealed. Have you tried a search to simply the postcode. Usually it will identify all the premises within that postcode. Assuming the property is registered it will be there with a title number. Where they bought back in the 70’s it's conceivable it may be not yet registered. The address might still be revealed but with the title number identified as 'na'. In this scenario you will need to locate the original title papers which may be with your parent’s mortgage company.