In August 2008 our specialist conveyancing Maida Hill team conducted the purchase conveyancing for a 999 year leasehold for a residential home valued at around £259, 950. 00 located at 3 Bradiston Road, Maida Vale, London, W9. The local authority area of the residence is Westminster City Council - www.westminster.gov.uk/. Additional conveyancing questions were rendered within the same day of receiving legal papers.
The Land Registry Office Copies supplied revealed that the vendors 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 vendors 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 vendors as per the legal papers 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 conveyance dated 25/03/1958.
It was important that we check with the vendors licensed conveyancer that the aforementioned restrictions/covenants etc. had been fully complied with. Dawn Thomas was the property lawyer in charge of conveyancing in Maida Hill, Westminster, Central London, London. The estate agent's memorandum of sale detailing the vendors licensed conveyancer was obtained shortly before receiving the legal papers.
The estate agent was the Macmillans branch covering Maida Hill. The seller's conveyancing solicitor Maida Hill was Terence St J Millett Solicitors - DX35753.