I am selling my home in Wem and the EA has just telephoned to advise that the buyers are swapping law firm. I am told that this is due to the fact that the lender will only work with property lawyers on their approved list. On what basis would a major lender only engage with certain lawyers rather the firm that they want to appoint for their conveyancing in Wem ?
Mortgage companies 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 HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Mortgage companies point to the increase in fraud by way of justification for the cull – criteria have been tightened as a smaller panel is easier to oversee. 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. Your buyers are not going to have any impact on this.
We are buying our first home. Our property lawyer has contact usto see if we wish to purchase supplemental conveyancing searches. As novices we have no idea as to what's appropriate for conveyancing in Wem
The quantity and type of Wem conveyancing searches depends entirely on the premises, the location, the possibility of any of these risks, your knowledge of the area and risks, your general approach to risk. What matters is that you properly comprehend what information the searches could supply. You may then decide if you consider that you need that search. Should you be uncertain, ask the lawyer to explain.
Do I select a Licenced Conveyancer or Solicitor for conveyancing in Wem?
There are many registered licenced Conveyancers in Wem and Solicitor practices in Wem offering conveyancing It is important to make clear that the two are regulated professionals specialising in the legal aspects of transferring property. Both can deal with other property legal work such as remortgage conveyancing, lease extensions and transfer of equity conveyancing.
I am helping my sister sell her house in Wem. Will the solicitor order the energy performance certificate or do I organise this?
Following the abolition of Home Information Packs, EPC’s was kept a mandatory component of moving property. An energy performance certificate needs to be commissioned prior to the property being placed on the market. This is not something that lawyers ordinarily arrange. Where you are instructing a Wem conveyancing lawyer they might be willing to arrange EPC’s given their contacts with long established Wem assessors
I am selling my flat. I had a double glazing fitted in September 2006, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Leeds Building Society are being a right pain. The Wem solicitor who is on the Leeds Building Society conveyancing panel is saying indemnity insurance will be fine but Leeds Building Society are insisting on a building regulation certificate. Why do Leeds Building Society have a conveyancing panel if they don't accept advice from them?
It is probably the case that Leeds Building Society have referred the matter to their valuer. The reason why Leeds Building Society may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I need some quick conveyancing in Wem as I am under an ultimatum to complete inside 3 weeks. Thankfully I do not require a mortgage. Can I decline from having conveyancing searches to save money and time?
As you are not obtaining a home loan you are at free not to do searches although no solicitor would recommend that you don't. With plenty of history conveyancing in Wem the following are instances of issues that can arise and adversely impact the marketability of the property: Refused Planning Applications, Outstanding Fees, Overdue Grants, Unadopted Roads,...
I have been on the look out for a leasehold apartment up to £195,000 and found one round the corner in Wem I like with a park and transport links nearby, however it only has 51 remaining years left on the lease. I can't really find anything else in Wem for this price, so just wondered if I would be making a grave error acquiring a short lease?
If you need a home loan that many years will be an issue. Discount the offer by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least twenty four months you can ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this matter.
Our sealed bid on detached house in Wem was agreed to, but there is a chain. The owners have put an offer on a flat, but it’s not yet tied up, and are looking at other flats booked. I have selected a nearby conveyancing lawyer in Wem. What do I do now? When do I get the mortgage application with Principality started with Principality?
It is understandable to have concerns where there is an associated chain as you are unlikely to want to be too out of pocket too early (home loan application is in the region of £1k, then survey, Wem conveyancing search charges, etc). First, you should check that your lawyer is on the Principality conveyancing panel. As to the next stages this very much dictated by the specifics of your transaction, desire for this property and on the state of the market. During a hot market many purchasers would apply for the mortgage with Principality and arrange for the valuation and only if it comes back ok would they pay their conveyancer to move forward with searches.