My wife and I are purchasing a brand new apartment in Woodbridge and my lawyer is informing me that she has to the lender to disclose incentives from the seller. I am nearing the developer’s deadline to exchange contracts and I have no desire to delay matters. Is my lawyer right?

You should not exchange unless you have been advised to do so by your conveyancer. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook specifications. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.

Do I choose a Licenced Conveyancer or Solicitor for conveyancing in Woodbridge?

There are two types of lawyers who can do conveyancing in Woodbridge namely licenced conveyancers or solicitors. Both professionals provide conveyancing services that you need to complete the sale or acquisition of property. They are both duty bound to carry out Woodbridge conveyancing to the same quality and guidelines so you can be safe in the knowledge that your conveyancing will be properly carried out and that all requisite steps will be correctly followed.

When it comes to lenders such as Nationwide, do Woodbridge lawyers have to pay an annual charge to be on the conveyancing panel?

We are not aware of any bank fees to be on their list of approved firms, although some do charge an administration charge to deal with the processing of the conveyancing panel application.

We have a mortgage agreed in principle with UBS. Woodbridge conveyancing lawyers have been selected. How long does it take for UBS to forward the offer to the property lawyer?

There is no definitive answer here. Have UBS done the survey? Have you informed UBS as to your lawyers' details and checked that your lawyers are on the UBS conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.

Despite weeks of looking the Title Certificate and documents to my home are lost. The conveyancers who conducted the conveyancing in Woodbridge 5 years ago are no longer around. Will I be able to sell the house?

These day there are copies made of almost everything, and your conveyancer will be aware exactly where to locate all the relevant documentation so you may buy or sell your house without a hitch. Where duplicates can’t be located, your lawyer can put in place insurance or indemnities protecting you against future claims on the property.

Last August I purchased a leasehold flat in Woodbridge. Am I liable to pay service charges for periods before my ownership?

Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

Leasehold Conveyancing in Woodbridge - Sample of Queries Prior to Purchasing

Please note that where the lease has fewer than eighty years it will affect the value of the flat. It is worth checking with your bank that they are happy with the length of the lease. Leases with less than 80 years remaining means that you will most likely have to extend the lease sooner rather than later and it is worth finding out how much this will be. Remember, in most cases you will need to own the property for 24 months before you are legally able to extend the lease. It is important to be aware whether changing the roof or some other major work is due shortly to be shared by the leasehold owners and will materially increase the the service charges or result in a one time invoice. Who manages the building?

What is the reason for my solicitor requiring various items of ID ahead of starting my conveyancing in Woodbridge?

Woodbridge lawyers are required by the Law Society, SRA, HM Land Registry and current Money Laundering legislation to record that the have verified the identity of their clients. It is also sometimes a requirement of your lender where you are obtaining a mortgage. In addition they have to complete various forms, particularly those relating to SDLT and need to have details such as your full names, NI number and date of birth.