I am selling my flat in Wellingborough and the EA has just called to advise that the purchasers are swapping law firm. The excuse is that the lender will only work with solicitors on their approved list. On what basis would a major mortgage company only deal with specific law firms rather the firm that they want to appoint to handle their conveyancing in Wellingborough ?
Mortgage companies have always had an approved set of law firms they are content to work with, but in recent years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Banks attribute this action to a rise in fraud as the reason for the pruning – criteria have been tightened as a smaller panel is easier to monitor. No lender will say 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. Some 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. The buyers are not going to have any impact on this.
I am selling my home in Wellingborough. Does the lawyer have to be on the Bank of Ireland conveyancing panel in order to deal with redeeming my mortgage?
Ordinarily, even if your lawyer is not on the Bank of Ireland conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their panel criteria fairly frequently currently.
This question may be naive but I am unexperienced as FTB of a garden flat in Wellingborough. Do I collect the keys to the premises on the completion date from my conveyancer? If this is the case, I will find a High Street conveyancing solicitor in Wellingborough?
On the day of completion you will not be required to go to the conveyancers office in Wellingborough. Your solicitors will electronically transfer the completion advance to the owner’s conveyancers, and once they have received this, you will be able to receive the keys from the property Agents and move into your new home. This tends to happen between 1 and 3pm.
I am currently in the process of buying my council flat in Wellingborough. I have a mortgage offer with Nationwide. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Nationwide, you will need to appoint a solicitor on the Nationwide conveyancing panel.
I have instructed a Wellingborough lawyer having checked that they are on the Nationwide conveyancing panel. Does my lawyer arrange the survey of the property?
Nationwide will need an independent valuation of the property. Your lawyer will not arrange this. Usually Nationwide will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Wellingborough surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
I need some quick conveyancing in Wellingborough as I am under an ultimatum to exchange contracts inside one month. Thankfully I do not require a mortgage. Is it possible to decline from having conveyancing searches to save money and time?
As you are not taking a home loan you are at liberty not to have searches conducted although no solicitor would recommend that you don't. With plenty of history conveyancing in Wellingborough the following are instances of issues that can arise and adversely affect market value: Refused Planning Applications, Outstanding Charges, Overdue Grants, Unadopted Roads,...
Yesterday I discovered that there is a flying freehold element on a property I put an offer in last month in what should have been a quick, no chain conveyancing. Wellingborough is the location of the property. Can you shed any light on this issue?
Flying freeholds in Wellingborough are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Wellingborough you must be sure that your lawyer goes through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Wellingborough may determine 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.
Estate agents have just been given the go-ahead to market my 2 bed flat in Wellingborough. Conveyancing lawyers have not yet been instructed, but I have recently had a half-yearly maintenance charge demand – what should I do?
Your conveyancing lawyer is likely to suggest that you should clear the invoice as usual given that all ground rent and maintenance charges will be allotted on completion, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the subsequent invoice date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I bought a garden flat in Wellingborough, conveyancing was carried out half a dozen years ago. How much will my lease extension cost? Corresponding properties in Wellingborough with an extended lease are worth £186,000. The average or mid-range amount of ground rent is £55 yearly. The lease finishes on 21st October 2078
With 52 years unexpired we estimate the premium for your lease extension to be between £29,500 and £34,000 as well as legals.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.