My Paulton conveyancer has uncovered an inconsistency between the assumptions in the valuation survey and what is revealed within the conveyancing documents. My solicitor says that he is duty bound to check that the lender is OK with this discrepancy and is still content to lend. Is my solicitor’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 both parties.

What is the first thing I need to know regarding purchase conveyancing in Paulton?

Not many law firms or advisers will tell you this but conveyancing in Paulton and elsewhere in North Somerset is often a confrontational experience. Put another way, when it comes to conveyancing there is plenty of opportunity for conflict between you and others involved in the ownership transfer. For instance, the seller, estate agent and even potentially a bank. Choosing a law firm for your conveyancing in Paulton should not be taken lightly as your conveyancer is your adviser, and is the SOLE person in the process whose interest is to protect your best interests and to protect you.

Sometimes a potential adversary will try and sway you that it is in your interests to do things their way. For instance, the property agent may claim to be helping by suggesting your solicitor is dragging his heels. Or your mortgage broker may advise you to do something that is contrary to your lawyers advice. You should always trust your lawyer above all other parties in the home moving process.

Will my solicitor be raising enquiries about flooding as part of the conveyancing in Paulton.

The risk of flooding is if increasing concern for solicitors specialising in conveyancing in Paulton. Plenty of people will purchase a house in Paulton, fully aware that at some time, it may be flooded. However, leaving to one side the physical damage, if a property is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory insurance cover, or dispose of the premises. Steps can be carried out during the course of a property purchase to forewarn the buyer.

Lawyers are not best placed to impart advice on flood risk, however there are a number of searches that may be carried out by the buyer or by their lawyers which should figure out the risks in Paulton. The standard property information forms given to a buyer’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a usual question of the vendor to find out if the premises has suffered from flooding. If the premises has been flooded in past and is not notified by the seller, then a buyer may commence a compensation claim as a result of such an incorrect reply. A buyer’s conveyancers should also order an environmental report. This will disclose whether there is a recorded flood risk. If so, further inquiries will need to be initiated.

It has been five months since my purchase conveyancing in Paulton completed. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £215,000. Why the discrepancy?

The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.

Do you have any top tips for leasehold conveyancing in Paulton from the point of view of saving time on the sale process?

• Much of the frustration in leasehold conveyancing in Paulton can be bypassed if you get in touch lawyers as soon as you market your property and request that they start to collate the leasehold information which will be required by the purchasers’ representatives.
You believe that you know the number of years remaining on your lease but you should double-check via your lawyers. A purchaser's conveyancer will not be happy to advise their client to to exchange contracts if the lease term is under 80 years. It is therefore essential at an as soon as possible that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale. Some Paulton leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. The bank reference will need to confirm that the buyers are able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their solicitors. If you hold a share in a the freehold, you should make sure that you are holding the original share document. Arranging a duplicate share certificate is often a time consuming process and delays many a Paulton conveyancing transaction. If a reissued share certificate is necessary, you should approach the company officers or managing agents (if applicable) for this sooner rather than later. If you have carried out any alterations to the residence would they have required Landlord’s permission? Have you, for example installed wooden flooring? Most leases in Paulton state that internal structural alterations or installing wooden flooring necessitate a licence from the Landlord approving such works. Should you dont have the consents to hand do not contact the landlord without contacting your lawyer in advance.

Paulton Leasehold Conveyancing - Examples of Queries Prior to Purchasing

Can you tell me if there are any major works anticipated that will add a premium to the maintenance costs? The best form of lease arrangement is where the freehold title is owned by the leaseholders. In this situation the lessees have control and although a managing agent is often employed if it is larger than a house conversion, the managing agent retained by the leaseholders. If a Paulton lease has less than 80 years it will impact the value of the apartment. Check with your lender that they are happy with remaining years on the lease. Leases with less than 80 years remaining means that you will almost definitely need a lease extension at some point and you need to have some idea of what this would cost. For most Paultonlease extensions you would need to own the property for 24 months before you are eligible to extend the lease.