I am progressing with the sale of my flat in Wick and the EA has just telephoned to warn that the purchasers are swapping law firm. I am told that this is due to the fact that the bank will only deal with property lawyers on their approved list. Why would a leading mortgage company only engage with certain law firms rather the firm that they want to choose for their conveyancing in Wick ?
Banks have always had an approved set of law firms they are willing to work with, but in recent years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Lending institutions blame a rise in fraud by way of justification for the reduction – criteria have been tightened as a smaller panel is easier to monitor. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices that have been removed from panels. Plenty of firms are unaware that 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 unlikely to have any impact on this.
I am under pressure from the owner of a property in Wick to exchange within four weeks. What can I do to speed up the legal process?
In the event that the seller is applying pressure for your conveyancing it is advisable to make sure that your conveyancer is familiar with the area as they will benefit local connections and know-how. It is even conceivable that they would have conducted previoushomes in the same road. You would be best advised to use a Wick conveyancing solicitor. In addition, make sure that the conveyancing firm is on the on the approved list for your mortgage company. It is understood that just under twenty per cent of Wick conveyancing deals are suspended or derailed after discovering a buyer’s solicitor was not on their banks panel. In many cases this discovery resulted in the conveyancing being delayed by almost three weeks. It is estimated that this issue affects in the region of 100,000 home moves annually. Many Wick conveyancing practices can not act for certain mortgage companies so do check as early as possible.
Having sold my house in Wick last September but our buyer keeps Skype messaging daily complaining that his conveyancer is waiting to hear from mylawyer. What are the post completion sale formalities following completion?
After completion of your disposal your solicitor is obliged to deliver the transfer deeds and all of the paperwork to the purchaser's solicitors. If applicable, your conveyancer must also confirm that the home loan has been redeemed to the purchasers solicitors. There is unlikely to be post completion requirements unique to conveyancing in Wick.
There are numerous conveyancing solicitors in Wick but how do I know who I should use?
We would encourage you not to base your choice on the cheapest Wick conveyancing costs illustration. You really do get what you’re paying for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in advance.
We have a mortgage agreed in principle with Lloyds. Wick conveyancing lawyers have been chosen. What is the average time that one could expect to receive a mortgage offer from Lloyds?
There is no definitive answer here. Have Lloyds done the survey? Have you advised Lloyds as to your lawyers' details and checked that your lawyers are on the Lloyds conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
Completion of my purchase has taken place for my property in Wick. Conveyancing was satisfactory but I feel I should register my dissatisfaction about the lender. Who do I contact should I wish to lodge a complaint?
All banks and building societies have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Services Team at head office. In most cases complaints to a lender are resolved very quickly. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service who will take matters further.
The estate agent has sent us the confirmation of our purchase of a new build flat in Wick. Conveyancing is necessary evil 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 conveyancing.
Set out below are examples of a few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Wick
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The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Please confirm the Lease plans are surveyor prepared.
Are there frequently found defects that you come across in leases for Wick properties?
Leasehold conveyancing in Wick is not unique. Most leases are individual and drafting errors can sometimes mean that certain clauses are not included. For example, if your lease is missing any of the following, it could be defective:
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A provision to repair to or maintain parts of the building
A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Santander, Skipton Building Society, and TSB all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, obliging the purchaser to withdraw.
I own a ground floor flat in Wick, conveyancing was carried out in 1997. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding properties in Wick with an extended lease are worth £265,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease comes to an end on 21st October 2102
You have 76 years remaining on your lease we estimate the price of your lease extension to range between £8,600 and £9,800 plus professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of detailed investigations. Do not use the figures in tribunal or court proceedings. There may be other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.