My wife and I are hoping to purchase a home in Warwick and are in fact using a Warwick conveyancing practice. Within the past 48 hours our conveyancer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Coventry Building Society have this morning contacted us to inform me that there is now an issue as our Warwick solicitor is not on their conveyancing panel. What do we do from here?
When purchasing a property with the benefit of a mortgage it is usual 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 solicitor should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own Warwick solicitors, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
2 months have elapsed since my purchase conveyancing in Warwick concluded. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I'm purchasing my first flat in Warwick with the aid of help to buy. The developers would not reduce the price so I negotiated 6k of fixtures and fittings instead. The property agent told me not disclose to my conveyancer about this extras as it could jeopardize my loan with the bank. Should I keep quiet?.
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 CML website. CML 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.
I opted to have a survey done on a property in Warwick prior to appointing solicitors. I have been advised that there is a flying freehold overhang to the property. My surveyor has said that some banks tend refuse to grant a mortgage on such a home.
It varies from the lender to lender. Lloyds has different instructions from Birmingham Midshires. Should you wish to call us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Warwick. Conveyancing will be smoother if you use a solicitor in Warwick especially if they regularly deal with such properties in Warwick.
Is there anything unique about your site and alternative online quote calculators when it comes to conveyancing in Warwick?
At this site receive a conveyancing quote via a Solicitor or Licensed Conveyancer that has a full understanding of the nuances for your conveyancing in Warwick. Unlike many estate agents and many comparison sites we do not have kick-back arrangements with solicitors. Many agents and online brokers 'recommend' solicitors paying the highest commission, not the best value conveyancing in Warwick
I only have 62 years left on my flat in Warwick. I am keen to extend my lease but my landlord is missing. What options are available to me?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be extended by the magistrate. However, you will be required to demonstrate that you have used your best endeavours to locate the freeholder. For most situations a specialist may be useful to carry out a search and prepare a report to be used as proof that the freeholder is indeed missing. It is wise to seek advice from a solicitor in relation to devolving into the landlord’s disappearance and the vesting order request to the County Court covering Warwick.
Warwick Leasehold Conveyancing - A selection of Queries before Purchasing
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What prohibitions exist in the Warwick Lease? This information is important as a) areas can cause problems in the block as the common areas may begin to deteriorate if repairs are not paid for b) if the leasehold owners have an issue with the managing agents you will need to have all the details Does the lease have in excess of 90 years remaining?