My wife and I are looking to buy a property in Wanborough and are in fact using a Wanborough conveyancing firm. Within the past 48 hours our lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. Halifax have this morning contacted us to advise us that there is now an issue as our Wanborough conveyancer is not on their approved list of lawyers. What do we do from here?
If you are buying a property requiring a mortgage it is usual for the purchasers' lawyers to also represent the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyer should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel as you are at liberty to use your preferred Wanborough lawyers, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
I purchased a freehold property in Wanborough but nevertheless charged rent, why is this and what is this?
It’s unusual for properties in Wanborough and has limited impact for conveyancing in Wanborough but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back hundreds of years, but the Rent Charge Act 1977 barred the creation of new rentcharges post 1977.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 is to be extinguished.
I am expecting a OIP from Yorkshire BS this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Yorkshire BS recommend any Wanborough solicitors on the Yorkshire BS conveyancing panel, or is it better to go independently?
You will need to appoint Wanborough solicitors independently although you'll need to choose one on the Yorkshire BS conveyancing panel. The solicitor represents both you and Yorkshire BS through the process.
I recently had an offer accepted on an apartment in Wanborough. My mortgage broker recommended their conveyancers. I paid an on account payment of £225. Soon after, the property lawyer called me sheepishly admitting that they were not on the Lloyds conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Lloyds panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
Intending to buy a maisonette in Wanborough. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Bank of Ireland conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Wanborough solicitor is on the Bank of Ireland conveyancing panel.
My husband and I are 17 days into a leasehold purchase having been recommend to solicitors by the local agent to perform conveyancing in Wanborough. I am am starting to be disappointed with the level of service. Could you you assist me in finding new solicitors?
A conveyancer would need to be really bad to suggest diss instructing them. Has your mortgage been sent? In the event that it has you must advise them of the new contact details and get the mortgage documents are issued to the new lawyers. Your solicitor ideally needs to be on the banks panel to avoid added costs and complications. That should be your first question of the new conveyancers. Our search tool can assist you in finding a bank approved solicitor for your home move in Wanborough
Back In 2002, I bought a leasehold flat in Wanborough. Conveyancing and The Mortgage Works mortgage went though with no issue. I have received a letter from someone saying they have taken over the freehold. Attached was a ground rent demand for rent dating back to 1997. The conveyancing solicitor in Wanborough who acted for me is not around. Any advice?
First contact the Land Registry to be sure that this person is in fact the registered owner of the freehold reversion. It is not necessary to incur the fees of a Wanborough conveyancing practitioner to do this as you can do this on the Land Registry website for £3. Rest assured that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I inherited a basement flat in Wanborough, conveyancing having been completed in 1996. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable flats in Wanborough with over 90 years remaining are worth £195,000. The ground rent is £45 levied per year. The lease terminates on 21st October 2089
With just 63 years unexpired we estimate the premium for your lease extension to range between £16,200 and £18,600 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.
We have recently had a bid accepted on our 1st house in Wanborough, and are about to get solicitors lined up. We have utilised the numerous rating based websites and the quotes are from all across the the UK. Is it essential to have a Wanborough lawyer local to your potential house? We are happy to do everything over the internet, but I am thinking at some stage we may be required to visit the lawyer's office to sign documents?
The property lawyer does not need to be in Wanborough, but opting for local means that you can attend their offices if needed, for instance, if a signature is immediately necessary. In addition, a Wanborough solicitor is likely to be familiar with local agents and (if the vendor has instructed a local lawyer) with them, which should help smooth the process.