The Wokingham conveyancing firm handling our Wokingham conveyancing has discovered a discrepancy between the assumptions in the valuation survey and what is revealed within the title deeds. My lawyer says that he must check that the bank is OK with this discrepancy and is content to go ahead. Is my lawyer’s course or action 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 both parties.
Why do I have to pay up front for conveyancing in Wokingham?
Where you are retaining lawyers for conveyancing in Wokingham your solicitor will request that you to provide them with monies to cover the the cost of the conveyancing searches. This will be the total of the cost of the Local Authority Search. When the down payment is as part of the total price then this will be asked for immediately in advance of exchange of contracts. The final balance that is needed should be sent to your lawyer a couple of days prior to the day of completion.
Can you clarify what the consequences are if my lawyer’s firm is expelled from the Nottingham Solicitor panel ahead of completing my conveyancing in Wokingham?
First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
I own a 4 bedroom Edwardian property in Wokingham. Conveyancing practitioner represented me and The Royal Bank of Scotland. I did a free Land Registry search last week and I saw two entries: the first freehold, the second leasehold under the exact same address. If a house is not a freehold shouldn't I have been informed?
You should assess the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Wokingham and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with lenders. You can also question the position with your conveyancing solicitor who conducted the work.
I've recently found out that there is a flying freehold element on a house I put an offer in two weeks back in what should have been a straight forward, chain free conveyancing. Wokingham is the location of the property. Is there any advice you can impart?
Flying freeholds in Wokingham are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Wokingham 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 Wokingham may ascertain 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.