In July 2009 Fridaysmove conveyancing Morden team were instructed to handle the purchase conveyancing for a freehold for a residence valued at around £265, 000. 00 located at Morden, SM4. This property is in the local authority area of Merton Council - www.merton.gov.uk/.
Expertly prepared conveyancing enquiries were forwarded within the same day of receiving conveyancing agreement (including Standard Conditions of Sale). The Land Registry Office Copies supplied revealed that the registered owners had owned the property for less than five years and as such there was a danger that the transfer of the property to the seller could be set aside if it was established that the property within that five year period was a Transfer at Undervalue. Office Copies obtained from the Land Registry revealed that the registered owners had owned the property for less than three months.
The CML (Council of Mortgage Lenders) Handbook dictates that conveyancing solicitors have to reveal to the buyer's lender in any situation where a property being purchased has been owned for less than six months. This is due to valuation reasons. As such we had to make specific enquiries on behalf of the lender. There was a concerning discrepancy between details of the registered owners as per the conveyancing agreement as against the Official Copies.
This was obviously significantly important to clarify as our conveyancing lawyer needed to be sure that the registered owner and the seller on the contract were one and the same.
The Land Registry documentation revealed that the property was subject to restrictions/rights/covenants as set out in a transfer dated 26/05/2005. It was important that we check with the registered owners conveyancing specialist that the aforementioned restrictions/covenants etc. had been fully complied with.
Catherine Williams was the property lawyer in charge of conveyancing in Morden, Merton, South West London, London. The estate agent's particulars of sale detailing the registered owners conveyancing specialist was obtained shortly before receiving the conveyancing agreement.
The estate agent was the Goodfellows Estate Agents branch covering Morden. The seller's conveyancing solicitor Morden was Shoosmiths - DX 712280 Northampton 12. Merton, South West London, London.