I am selling my ground floor flat in Wednesbury and the EA has just telephoned to advise that the purchasers are switching conveyancer. The excuse is that the lender will only deal with property lawyers on their conveyancing panel. Why would a major mortgage company only engage with specific law firms rather the firm that they want to choose for their conveyancing in Wednesbury ?
Mortgage companies have always had an approved set of law firms that can act for them, but in the past few years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Lending institutions point to the increase in fraud by way of justification for the cull – 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 claims that it is being contacted daily by practices that have been removed from panels. Some are unaware that 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.
My brother-in-law has suggested I instruct a conveyancing solicitor in Wednesbury. I need to find out whether they are on the The Royal Bank of Scotland conveyancing panel. Can you or the lender confirm if they are on the panel?
You should call the conveyancer and ask them if they are on the lender panel. Otherwise you should get in touch with The Royal Bank of Scotland who may be able to confirm.
My wife and I purchased a 4 bedroom Victorian house in Wednesbury. Conveyancing solicitor acted for me and Barnsley Building Society. I did a free Land Registry search last week and I saw a couple of entries: the first freehold, the second leasehold with the exact same property. I thought I was buying a freehold how can I check?
You should review the Freehold register you have again and check the Charges Register for 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 Wednesbury and other areas of the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with buyers. You can also enquire as to the situation with your conveyancing practitioner who carried out the work.
I am buying my first flat in Wednesbury with a mortgage from Aldermore. The developers refused to reduce the price so I negotiated 6k of additionals instead. The house builders rep suggested that I not disclose to my conveyancer about this deal as it will adversely affect my loan with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder 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.
Are there frequently found deficiencies that you witness in leases for Wednesbury properties?
Leasehold conveyancing in Wednesbury is not unique. All leases are drafted differently and drafting errors can result in certain clauses are wrong. For example, if your lease is missing any of the following, it could be defective:
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A provision for the recovery of money spent for the benefit of another party. Insurance obligations
A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Chelsea Building Society, and Clydesdale all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the buyer to pull out.
Leasehold Conveyancing in Wednesbury - A selection of Queries Prior to buying
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On the whole the cost for major works are not wrapped into the service charges, albeit that a few managing agents in Wednesbury require leasehold owners to pay into a sinking fund created for the specific purpose of establishing a fund for major repairs or maintenance. Does the lease contain onerous restrictions? Who are the managing agents?
I am looking to buy a repression property in Wednesbury and the mortgagee in possession would like to complete within 28 days. Do conveyancers meet that timeframe? Am I best advised to select a high street Wednesbury firm or an online firm that professes to offer speedy conveyancing?
Visit your Wednesbury high street. Go in to two or three companies and ask to talk to a conveyancing solicitor for a quote. Explain your needs and get a commitment on deadlines. Choose the one that seems most trustworthy. Be sure to select a conveyancing practitioner on the list of solicitors acceptable to your bank.