My partner and I are looking to acquire a property in Wick and are in fact using a Wick conveyancing firm. Within the past 48 hours our conveyancer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Barclays Direct have this morning contacted us to inform me that there is now an issue as our Wick lawyer is not on their approved list of lawyers. What do we do from here?
Where you are buying a property with the assistance of a mortgage it is usual for the purchasers' solicitors to also represent 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 Accreditation Scheme. Your property lawyer 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 solicitors to act. You don't have to instruct a firm on the bank's conveyancing panel as you are at liberty to use your preferred Wick 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 conveyancer has identified a a problem with the lease for the property we are purchasing in Wick. The seller’s lawyers have suggested title insurance as a solution. We are content with insurance and will cover the costs. Our property lawyer has advised that he must check that the bank is willing to move forward with this solution. Who is the client here, us or the lender?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the lender are the client. Your conveyancer must comply with the UK Finance Lenders’ Handbook provisions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the mortgage company can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your solicitor will have no choice but to discontinue acting for you.
We note that you have a search directory identifying solicitors on the Yorkshire BS conveyancing panel. Do firms pay you a referral fee if I retain them for our conveyancing in Wick?
We are a listing service only for law firms wishing to communicate if they are on the Yorkshire BS conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Wick.
My stepmother advised me that in purchasing a property in Wick there could be various restrictions prohibiting external alterations to a property. Is this right?
We are aware of anumerous of properties in Wick which have some sort of restriction or requirement of consent to carry out external variations. Part of the conveyancing in Wick should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
Leeds Building Society have agreed my home loan in principle, my offer on a house in Wick has been accepted, now what?
The property agent will need to be advised as to your property lawyer's details (be sure the conveyancers are on the bank’s panel). Telephone Leeds Building Society or your broker and complete any relevant forms. Leeds Building Society will instruct a valuer who will get in touch with the estate agent or owners to book a time for the valuation to occur. Once carried out (assuming no problems) it takes approximately a fortnight for the mortgage offer to be issued. Leeds Building Society will issue the offer to you and your solicitors. The legal work will then take it’s course according the nature and complexity of the conveyancing in Wick.
After what feels like an age I have had an offer on a flat in Wick accepted, the sellers do however have a connected purchase. The sellers have offered on somewhere, however it’s not yet tied up, and have viewings of other properties in the pipeline. I have instructed a high street conveyancing solicitor in Wick. What do I do now? At what stage should I apply for the mortgage with Skipton?
It is normal to have anxieties where there is a chain as you are unlikely to want to incur expenses too early (mortgage application is approx £1k, then survey, Wick conveyancing search costs, etc). First, you should check that your conveyancing practitioner is on the Skipton conveyancing panel. Regarding the next stages this very much dictated by the circumstances of your transaction, motivation for the property and on the state of the market. In a hot market some home buyers will apply for the mortgage with Skipton and pay for the valuation and only if it was satisfactory would they pay their lawyer to press on with the conveyancing in Wick.
Just had an offer accepted on a new build apartment in Wick. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Here are examples of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Wick
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Please confirm the Lease plans are surveyor prepared. Please supply evidence that the form of Lease proposed has been approved by the Land Registry. Forfeiture - bankruptcy or liquidation must not apply under this provision. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?
I own a leasehold flat in Wick. Conveyancing and Nationwide Building Society mortgage went though with no issue. A letter has just been received from someone claiming to own the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1997. The conveyancing practitioner in Wick who acted for me is not around. Do I pay?
First contact HMLR to be sure that the individual purporting to own the freehold is in fact the registered owner of the freehold reversion. There is no need to incur the fees of a Wick conveyancing practitioner to do this as you can do this on the Land Registry website for £3. You should note that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
Wick Conveyancing for Leasehold Flats - Sample of Queries before buying
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Please note that where the lease has no more than eighty years it will affect the marketability of the apartment. It is worth checking with your bank that they are content with residual term of the lease. A short lease means that you will most likely need a lease extension sooner rather than later and it is worth finding out how much this would cost. Remember, in most cases you would be required to have owned the premises for two years before you are eligible to exercise a lease extension. Are there any major works on the horizon that will likely add a premium to the maintenance costs? It would be prudent to discover as much as possible concerning the company managing the building as they will affect your use and enjoyment of the property. As the proprietor of a leasehold property you are often at the mercy of the managing agents both financially and when it comes to every day issues such as the cleanliness of the communal areas. Enquire of other people what they think of them. Finally, be sure you discover the dates that you are obliged pay the service charge to the managing agents and specifically what you get for your money.