My husband and I are looking to buy a property in Wenvoe and have instructed a Wenvoe conveyancing firm. Within the last couple of days our solicitor has sent a preliminary report and documents to look through with a view to exchanging next week. Coventry Building Society have this afternoon contacted us to inform me that there is now an issue as our Wenvoe lawyer is not on their approved list of lawyers. Please explain?
When purchasing a property with the benefit of a mortgage it is usual for the purchasers' lawyers to also act for the mortgage company. 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 Quality Scheme. Your solicitor should contact your lender 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 and you may continue to use your own Wenvoe solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
Can you explain why leasehold purchase conveyancing in Wenvoe costs more?
The conveyancing costs for a leasehold property in Wenvoe is often more expensive as compared to a freehold transaction. This is due to the additional investigations required in communicating with the freeholder and managing agents to obtain evidence about whether the rent and maintenance charges have been discharged and whether there are any significant expenditure in the near future on repairs or maintenance of the building.
What is the best way to find out if the solicitor conducting my conveyancing in Wenvoe is on the mortgage lender’sconveyancing panel? I am looking to avoid the situation of having one lawyer for me and one for Nationwide Building Society thus spending £192.00 in additional conveyancing charges.
You should take advantage of the find a conveyancing panel solicitor tool on this web page. Pick the lender and type ‘Wenvoe’ or your location and you will discover numerous solicitors based in Wenvoe or near you.
I decided to have a survey completed on a house in Wenvoe before appointing solicitors. I have been informed that there is a flying freehold aspect to the property. The surveyor has said that some lenders tend refuse to give a mortgage on a flying freehold house.
It depends who your proposed lender is. HSBC has different requirements from Nationwide. If you e-mail us we can check with the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Wenvoe. Conveyancing may be slightly more expensive based on your lender's requirements.
I am a negotiator for a busy estate agency in Wenvoe where we have experienced a number of leasehold sales put at risk as a result of short leases. I have received inconsistent advice from local Wenvoe conveyancing solicitors. Could you confirm whether the owner of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I acquired a studio flat in Wenvoe, conveyancing having been completed half a dozen 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? Comparable flats in Wenvoe with a long lease are worth £185,000. The average or mid-range amount of ground rent is £65 levied per year. The lease finishes on 21st October 2085
With 60 years left to run we estimate the price of your lease extension to span between £20,000 and £23,000 plus costs.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed investigations. Do not use the figures in tribunal or court proceedings. There may be additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.
I see that you have a search directory identifying solicitors on the lender conveyancing panel. Do Wenvoe conveyancing companies pay you a referral fee if I retain them for my own conveyancing?
We are a listing service only for law firms wishing to communicate if they are on the lender conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint for your conveyancing in Wenvoe.