We wanted to use a conveyancing solicitor in Wellesbourne for our house purchase. Our broker informed us that our bank Nationwide Building Society won't deal with them. Surely this is unduly restrictive?
Before the recession most lenders had an appetite for risk which was higher than today. Almost all Wellesbourne conveyancing firms would have been on many bank panels. The FSA in 2010 completed a thematic review into mortgage fraud which come to the conclusion: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, mortgage companies have regularly sought more data from law firms concerning their operations and their employees and set certain criteria such a completing on a minimum volume of transactions. Many Wellesbourne conveyancing firms that have been excluded from lender panels have Unblemished track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Wellesbourne is amongst the hundreds of locations where the solicitors showing on our search results are are approved Nationwide Building Society.
It has been five months following my purchase conveyancing in Wellesbourne took place. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £170,000. 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 asset 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.
Due to the guidance of my in-laws I had a survey completed on a house in Wellesbourne prior to retaining conveyancers. I have been informed that there is a flying freehold element to the house. The surveyor has said that some lenders tend refuse to grant a mortgage on a flying freehold house.
It varies from the lender to lender. Bank of Scotland has different requirements for example to Halifax. If you contact us we can look into this further via the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Wellesbourne. Conveyancing may be slightly more expensive based on your lender's requirements.
Given that I will soon spend 450k on a terraced house in Wellesbourne I wish to have a conversation with the solicitor regarding theconveyancing in advance of appointing the firm. Is this something that you can arrange?
Absolutely - we would be pleased to talk to you we do not take any clients on without you liaising with the conveyancer who will be conducting your conveyancing in Wellesbourne.There is no ‘factory style conveyancing’ - each client is an important individual, not a file reference. The law firms that we put you in touch with believe that the figure you are provided with for your conveyancing in Wellesbourne should be the amount on the final invoice that you end up paying.
I need to retain a conveyancing solicitor for leasehold conveyancing in Wellesbourne. I have stumble across a web site which appears to be the ideal offering If there is a chance to get all formalities completed via phone that would be preferable. Do I need to be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I today plan to offer on a house that appears to meet my requirements, at a great price which is making it more attractive. I have just been informed that the title is leasehold rather than freehold. I am assuming that there are issues buying a house with a leasehold title in Wellesbourne. Conveyancing lawyers have not yet been appointed. Will my lawyers set out the risks of buying a leasehold house in Wellesbourne ?
Most houses in Wellesbourne are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. We note that you are buying in Wellesbourne in which case you should be shopping around for a Wellesbourne conveyancing practitioner and check that they have experience in dealing with leasehold houses. First you will need to check the unexpired lease term. Being a tenant you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example obtaining the landlord’spermission to carry out alterations. It may be necessary to pay a service charge towards the maintenance of the communal areas where the property is part of an estate. Your lawyer should report to you on the legal implications.
I own a 1 bedroom flat in Wellesbourne, conveyancing formalities finalised in 1999. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Wellesbourne with over 90 years remaining are worth £197,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease runs out on 21st October 2080
With only 55 years unexpired we estimate the price of your lease extension to range between £31,400 and £36,200 as well as 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 the actual costs without more comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.