I am purchasing a property for cash in Petworth. I have resided for the previous dozen years in Petworth. Conveyancing searches are exorbitant. Given that I have knowledge of the road and vicinity very well must I have all the conveyancing searches?

If you not getting a mortgage, then the vast majority of the Petworth conveyancing searches are at your discretion. Your lawyer will 'advise', no-doubt strongly, that you should have searches completed, but she is duty bound to do this. Do take into account; if you are intend to sell the house one day, it could be of interest to your prospective purchaser what the searches contain. Sometimes properties with apparent issues can still throw up unfavourable search results. A good conveyancing solicitor in Petworth will be able to give you some constructive guidance here.

We wanted to use a conveyancing solicitor in Petworth for our house purchase. Our broker has since notified us that our bank Coventry Building Society won't deal with them. Surely this is unduly restrictive?

Pre- 2008 most banks had a different appetite for risk. Almost all Petworth conveyancing firms would have been on most lender panels. The FSA in 2010 conducted a thematic investigation into mortgage fraud which come to the conclusion: know the conveyancing solicitors dealt with. Consequently, mortgage companies have regularly sought more data from law firms regarding their operations and the individuals who work for them as well as set certain criteria such a completing on a minimum number of conveyancing. Many Petworth conveyancing firms that have been excluded from lender panels have Unblemished track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Petworth is one of the many areas where the conveyancers showing on our search results are are authorised to act for Coventry Building Society.

What does a local search tell me about the property my wife and I buying in Petworth?

Petworth conveyancing often starts with the ordering local authority searches directly from your local Authority or through a personal search organisations for instance PSG The local search plays an important part in most Petworth conveyancing purchase; as long as you don’t want any nasty once you have moved into your new home. The search should reveal information on, amongst other things, details on planning applications applicable 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 areas.

What are the frequently found problems that you witness in leases for Petworth properties?

There is nothing unique about leasehold conveyancing in Petworth. All leases are drafted differently and drafting errors can sometimes mean that certain sections are missing. The following missing provisions could result in a defective lease:

Maintenance charge proportions which don’t add up to the correct percentage

You could encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, Barnsley Building Society, and Alliance & Leicester all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, forcing the buyer to pull out.

Petworth Leasehold Conveyancing - A selection of Queries Prior to buying

The prefered form of lease arrangement is a share of the freehold. In this situation the lessees enjoy control and even though a managing agent is often employed if it is larger than a house conversion, the managing agent acts for the leaseholders themselves. How many of the leaseholders are in arrears for their maintenance charge payments? Best to be warned if a new roof is being installed or some other major work is anticipated that will be shared between the leasehold owners and could well materially increase the the maintenance costs or require a specific invoice.

Me and my partner are expecting to complete buying a property in Petworth but as a consequence of wreckage from the recent storms I have agreed recompense from the vendor of four thousand pounds in the form of a deduction in the price. This was going to be dealt with as part of the conveyancing process yet my mortgage company will not permit this. Why were they approached?

Your conveyancing practitioner listed on the mortgage company approved list is duty bound to advise the bank of any variations to the sale figure. In the event that you prohibit your conveyancing practitioner to report the price change to your bank then they would have to discontinue representing you and the mortgage company.