My partner and I are looking to acquire a flat in Waolstenholme and have instructed a Waolstenholme conveyancing firm. Within the last couple of days our solicitor has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Virgin Money have this afternoon contacted us to inform me that they have now hit a problem as our Waolstenholme conveyancer is not on their conveyancing panel. Is this a problem?
If you are buying a property with the assistance of a mortgage it is standard for the purchasers' solicitors to also act for 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 Quality Scheme. Your property lawyer should contact your bank 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 Waolstenholme lawyers, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
We are planning to purchase with Coventry BS. We have called around locally but am unable to find a Waolstenholme conveyancing firm on the Coventry BS approved list. Please you help?
Please do make the most of the find a lender approved solicitor tool on this site. Pick the lender and type Waolstenholme or your preferred area and you will be presented with numerous solicitors located in Waolstenholme or nearest you.
I am buying a new build apartment in Waolstenholme. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below is a sample of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Waolstenholme
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Please supply a car parking plan. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? There must be mutual enforceability of lessee’s covenants.
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in last month in what should have been a simple, no chain conveyancing. Waolstenholme is the location of the property. What do you suggest?
Flying freeholds in Waolstenholme are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Waolstenholme you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Waolstenholme may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
We are four weeks into a freehold purchase having been directed to solicitors by the selling agent to handle our conveyancing in Waolstenholme. I am am very frustrated with the level of service. Can you you assist me in finding new lawyers?
They would have to be really bad to suggest diss instructing them. Has your mortgage offer been sent? If so you must inform them of the replacement conveyancer and get the mortgage documents are re-sent. Your conveyancer needs to be on the banks panel to avoid supplemental fees and frustration. So that should be your first question of the new solicitors. Our search tool should assist you in finding a lender approved conveyancer for your conveyancing in Waolstenholme
Do you have any top tips for leasehold conveyancing in Waolstenholme from the perspective of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Waolstenholme can be bypassed if you get in touch lawyers the minute you market your property and request that they start to collate the leasehold information which will be required by the buyers’ representatives. You believe that you know the number of years remaining on your lease but it would be wise to double-check by asking your solicitors. A buyer’s lawyer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is less than 80 years. It is therefore essential at an early stage that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale. If you are supposed to have a share in the freehold, you should make sure that you have the original share certificate. Arranging a new share certificate is often a lengthy formality and frustrates many a Waolstenholme home move. Where a duplicate share is needed, you should approach the company director and secretary or managing agents (where relevant) for this at the earliest opportunity. In the event that you altered the property did you need the Landlord’s approval? In particular have you installed wooden flooring? Waolstenholme leases often stipulate that internal structural alterations or installing wooden flooring require a licence issued by the Landlord consenting to such works. Should you dont have the paperwork to hand do not communicate with the landlord without contacting your lawyer in advance. If you have had any disputes with your landlord or managing agents it is very important that these are resolved before the property is marketed. The buyers and their solicitors will be nervous about purchasing a flat where a dispute is ongoing. You will have to accept that you will have to pay any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as over as opposed to unsettled.
I purchased a 2 bed flat in Waolstenholme, conveyancing was carried out half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Waolstenholme with over 90 years remaining are worth £165,000. The ground rent is £50 charged once a year. The lease expires on 21st October 2103
With 78 years remaining on your lease we estimate the price of your lease extension to span between £7,600 and £8,800 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed due diligence. Do not use the figures in tribunal or court proceedings. There may be other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.