I am six weeks into the sale of my ground floor flat in Great Wyrley and the EA has just called to advise that the buyers are switching solicitor. The reason given is that the bank will only engage with solicitors on their approved list. On what basis would a major mortgage company only deal with specific lawyers rather the firm that they want to appoint to handle their conveyancing in Great Wyrley ?
Lenders have always had panels of law firms that can represent them, but in the past few years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Mortgage companies blame a rise in fraud as the reason for the pruning – criteria have been tightened as a smaller panel is easier to maintain. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Plenty of firms do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your buyers are not going to have any sway in the decision.
It is a dozen years since I bought my property in Great Wyrley. Conveyancing solicitors have just been appointed on the sale but I am unable to track down the title documents. Is this a major issue?
Don’t worry too much. First the deeds may be retained by the mortgage company or they may be in the possession of the lawyers who handled your purchase. Secondly in most cases the land will be recorded at the land registry and you will be able to establish that you are the registered owner by your conveyancing solicitors procuring up to date copy of the land registers. Almost all conveyancing in Great Wyrley involves registered property but in the unlikely event that your property is unregistered it adds to the complexity but is resolvable.
I have an AIP. The bank mentioned the home loan came with free conveyancing. Does this mean I have to use their panel solicitor as I would much rather instruct a Great Wyrley based conveyancing firm?
Do check but the the probability is that allocate you one of their panel conveyancers where you take up the "fee-free" deal. Call the lender to see if they allow a monetary alternative. It is not unheard for a lender to give a £250 cashback as an alternative in which case you could put that amount towards the cost for your conveyancing solicitor near Great Wyrley.
Should commercial conveyancing searches reveal proposed roadworks that could affect a commercial site in Great Wyrley?
Many commercial conveyancing solicitors in Great Wyrley will execute a SiteSolutions Highways report as it reduces the time that conveyancers expend in investigating accurate data on highways that impact buildings and development assets in Great Wyrley. The search result provides definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Great Wyrley.
For every commercial conveyancing transaction in Great Wyrley it is critical to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been addressed adequately can result in delays to Great Wyrley commercial conveyancing deals as well as present a risk to future intentions for the site. These searches are not conducted for residential conveyancing in Great Wyrley.
My husband and I are four weeks into a freehold purchase having been recommend to a firm by the selling agent to carry out the conveyancing in Great Wyrley. I am am extremely disappointed with the level of service. Can you you assist me in finding new solicitors?
They would have to be really poor in order to consider changing them. Has your mortgage offer been generated? If so you must inform them of the new contact details and get the mortgage documents are re-sent. Your solicitor ideally should be on the lenders approved list to avoid added costs and complications. That should be your starting point. Our search tool should assist you in finding a lender approved lawyer for your home move in Great Wyrley
I am in need of some leasehold conveyancing in Great Wyrley. Before diving in I require certainty as to the remaining lease term.
If the lease is recorded at the land registry - and most are in Great Wyrley - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I own a studio flat in Great Wyrley, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Great Wyrley with over 90 years remaining are worth £211,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease finishes on 21st October 2093
With only 68 years unexpired we estimate the price of your lease extension to span between £9,500 and £11,000 as well as legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of detailed due diligence. Do not use this information in tribunal or court proceedings. There may be other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first getting professional advice.