I am nearing exchange of contracts for my ground floor flat in Wantage and the estate agent has just called to say that the buyers are changing their law firm. The reason given is that the lender will only work with property lawyers on their approved list. On what basis would a major lender only deal with certain solicitors rather the firm that they want to appoint for their conveyancing in Wantage ?
Banks have always had an approved set of law firms they are content to work with, but in the last few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for over 25 years.
Banks blame a rise in fraud by way of justification for the pruning – criteria have been tightened as a smaller panel is easier to maintain. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices 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. The purchasers are not going to have any impact on this.
I am downsizing from our home in Wantage and the buyers lawyers are claiming that there is a possibility that the property was built on contaminated land. Any local lawyer would know this is not the case. It does beg the question why the purchasers used a nationwide conveyancing practice rather than a conveyancing solicitor in Wantage. We have lived in Wantage for many years we know of no issue. Should we contact our local Authority to get clarification that the buyers are looking for.
It sounds as though you may have a conveyancing firm already. Are they able to advise? You must check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same ailment)
I purchased a terraced Edwardian property in Wantage. Conveyancing solicitor acted for me and Skipton Building Society. I did a free Land Registry search last week and I saw two entries: one for freehold, the second leasehold with the matching property. I thought I was buying a freehold how can I check?
You need to read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Wantage and other areas of the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with buyers. You can also enquire as to the situation with the conveyancing practitioner who conducted the conveyancing.
I am buying my first flat in Wantage with a loan from Bank of Scotland. The builders refused to reduce the price so I negotiated £7000 of fixtures and fittings instead. The house builders rep suggested that I not disclose to my lawyer about the deal as it could adversely affect my mortgage with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the UK Finance website. UK Finance form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
What does commercial conveyancing in Wantage cover?
Commercial conveyancing in Wantage incorporates a wide array of services, offered by regulated solicitors, relating to business property. For instance, this area of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the assignment of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of tenancies.
I’m about to sell my 2 bed flat in Wantage. Conveyancing is yet to be initiated, but I have just had a yearly maintenance charge invoice – Do I pay up?
The sensible thing to do is clear the invoice as you normally would given that all rents and maintenance payments will be apportioned as part of the financial calculations for completion monies, so you should recover the relevant percentage by the buyer for the period running from after the completion date to the subsequent invoice date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I purchased a 1st floor flat in Wantage, conveyancing having been completed in 1995. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding properties in Wantage with a long lease are worth £191,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease ends on 21st October 2079
With only 53 years left to run we estimate the price of your lease extension to span between £27,600 and £31,800 as well as professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.