My fiance and I are hoping to purchase a property in Wem and are in fact using a Wem conveyancing firm. Within the last couple of days our solicitor has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Accord Mortgages Ltd have this afternoon contacted us to inform me that there is now an issue as our Wem conveyancer is not on their conveyancing panel. Is this a problem?
When purchasing a property with the benefit of a mortgage it is standard for the purchasers' solicitors to also represent the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyer should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the lender’s conveyancing panel as you are at liberty to use your preferred Wem lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
Our nephew is buying a newly built flat in Wem with a home loan from UBS. His conveyancer has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The form is intended to provide information to the main parties engaged in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the UBS conveyancing panel as a standard part of the process, and to the valuer when asked. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the UBS conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I had intended to instruct a property lawyer in Wem for our home move. Our broker informed us that our mortgage lenders Godiva Mortgages Ltd won't deal with them. Why is this not regarded as unfair competition?
Banks ordinarily restrict either the category or the amount of conveyancing firms on their approved list of lawyers. A common example of such restriction(s) being that a firm must have two or more partners. As well as restricting the profile of firm, some have reduced the amount of solicitor practices they use to represent them. Be aware that Godiva Mortgages Ltd have no responsibility for the quality of advice provided by any member of Godiva Mortgages Ltd Conveyancer Panel. Mortgage fraud was a key driver in the reduction of solicitor panels since 2008 even though there are differing views regarding the level of solicitor involvement in some of that fraud. Statistics from the Land Registry indicate that plenty of law firms, including some in or near Wem only perform one or two conveyances per annum.
What can a local search reveal concerning the house my wife and I purchasing in Wem?
Wem conveyancing often commences with the ordering local authority searches directly from your local Authority or via a personal search organisations for example Onsearch The local search is essential in every Wem conveyancing purchase; that is if you don’t want any unpleasant once you have moved into your new home. The search should reveal information on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen subject headings.
My wife and I purchased a semi-detached Victorian property in Wem. Conveyancing lawyer represented me and Godiva Mortgages Ltd. I did a free Land Registry search last week and I saw two entries: one for freehold, another for leasehold with the exact same property. If a house is not a freehold shouldn't I have been informed?
You should read 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 Wem and other areas of the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with lenders. You can also check the position with your conveyancing solicitor who conducted the work.
I am looking at a two apartments in Wem which have approximately 50 years left on the lease term. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Wem. The lease is a right to use the premises for a period of time. As a lease shortens the saleability of the lease decreases and results in it becoming more costly to acquire a lease extension. This is why it is advisable to extend the lease term. It is often difficult to sell a property with a short lease as mortgage lenders may be unwilling to lend money on such properties. Lease extension can be a difficult process. We advise that you get professional assistance from a solicitor and surveyor with experience in this field.
I acquired a split level flat in Wem, conveyancing having been completed 5 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding properties in Wem with an extended lease are worth £171,000. The average or mid-range amount of ground rent is £50 yearly. The lease comes to an end on 21st October 2105
With 79 years unexpired we estimate the price of your lease extension to be between £8,600 and £9,800 plus legals.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to provide the actual costs without more comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information without first seeking the advice of a professional.