I am nearing exchange of contracts for my maisonette in Wednesbury and the estate agent has just telephoned to warn that the buyers are swapping law firm. The excuse is that the lender will only engage with property lawyers on their conveyancing panel. Why would a major lender only work with specific solicitors rather the firm that they want to choose to handle their conveyancing in Wednesbury ?
Lenders have always had an approved set of law firms they are willing to work with, but in the past few years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Banks justify this action to a rise in fraud as the reason for the reduction – criteria have been tightened as a smaller panel is easier to oversee. Banks tend not to disclose 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 purchasers are not going to have any sway in the decision.
In what way does my ID and proof of funds have anything to do with my conveyancing in Wednesbury? Is this really warranted?
Wednesbury conveyancing solicitors and indeed property practitioners throughout the UK have an obligation under money laundering regulations to check the ID of any client with a view to ensure that clients are who they say they are.
Conveyancing clients will need to produce two forms of certified ID; proof of ID (usually a Passport or Driving Licence) and proof of address (typically a Bank Statement no more than three months).
Confirmation of source of funds is also required in accordance with the money laundering laws as solicitors are duty bound to check that the money you are using to purchase a property (be it the exchange deposit or the full purchase amount where you are buying without a mortgage) has originated from an acceptable source (such as employment savings) as opposed to the proceeds of criminal activity.
Please help - my lawyer says that absentee landlord insurance is necessary on my purchase. What is the typical level of cover needed for conveyancing in Wednesbury?
The right level of absentee landlord indemnity insurance depends on who your lender is. It would differ for example between Accord Mortgages Ltd and Leeds Building Society. Conveyancing solicitors as opposed to borrowers take out such policies.
Can I be sure that the Wednesbury conveyancing solicitor on the Yorkshire BS panel is any good?
When it comes to conveyancing in Wednesbury obtaining recommendations is a good start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always advise that you speak with the lawyer handling your transaction.
My wife and I are in the throws of viewing houses in Wednesbury and I am now considering a potential offer. Should I already have a property lawyer in place at this stage? I am planning to take a mortgage with Kent Reliance.
It would be advisable to instigate your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and forward their details on to the EA. As you are taking out a mortgage with Kent Reliance, make sure you remember to check that your lawyer is on the Kent Reliance conveyancing panel.
How does conveyancing in Wednesbury differ for newly converted properties?
Most buyers of new build premises in Wednesbury contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the residence is finished. This is because new home sellers in Wednesbury typically purchase the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Wednesbury or who has acted in the same development.
I am looking for a ground for flat up to £245,000 and found one close by in Wednesbury I like with amenity areas and transport links nearby, the downside is that it only has 52 years unexpired on the lease. There is not much else in Wednesbury suitable, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you require a mortgage the shortness of the lease will likely be problematic. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for at least 2 years you may ask them to start the process of the extension and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing lawyer about this.
How simple is it to use the search tool to find a conveyancing lawyer in Wednesbury on the authorised to act for my lender?
1st pick a lender such as Birmingham Midshires, Coventry Building Society or TSB then type in your location such as Wednesbury. Conveyancing practices in Wednesbury and beyond will then be listed.