My husband and I are looking to buy a property in Willenhall and are in fact using a Willenhall conveyancing practice. Within the last couple of days our lawyer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Skipton Building Society have this afternoon contacted us to inform me that there is now an issue as our Willenhall solicitor is not on their approved list of lawyers. Is this a problem?
When purchasing a property with mortgage finance it is normal 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 mortgage company 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 are not legally obliged to appoint a law firm on the bank's conveyancing panel as you are at liberty to use your preferred Willenhall lawyers, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
We see that you have a post code search directory identifying law firms on the Principality conveyancing panel. Do firms pay you a referral fee if I appoint them for our own conveyancing in Willenhall?
We are a listing service only for law firms wishing to communicate if they are on the Principality conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Willenhall.
Will my lawyer be raising enquiries about flooding as part of the conveyancing in Willenhall.
The risk of flooding is if increasing concern for lawyers carrying out conveyancing in Willenhall. Some people will acquire a property in Willenhall, completely expectant that at some time, it may be flooded. However, leaving to one side the physical damage, if a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or sell the property. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Solicitors are not qualified to give advice on flood risk, however there are a various checks that can be carried out by the buyer or on a buyer’s behalf which can give them a better understanding of the risks in Willenhall. The conventional set of completed inquiry forms sent to a purchaser’s solicitor (where the Conveyancing Protocol is adopted) includes a standard inquiry of the owner to find out if the premises has suffered from flooding. If flooding has previously occurred which is not disclosed by the owner, then a buyer may bring a compensation claim as a result of such an misleading answer. The purchaser’s lawyers will also conduct an enviro report. This should disclose whether there is a recorded flood risk. If so, further investigations will need to be made.
The deeds to our property can not be found. The lawyers who handled the conveyancing in Willenhall 5 years ago have long since closed. Will I be able to sell the house?
You no longer need to hold title original deeds to prove you are the registered proprietor of land or property, given that the Land Registry have everything they need in a digital format.
Over the last few months I have been searching for a leasehold apartment up to £305k and found one round the corner in Willenhall I like with amenity areas and transport links in the vicinity, the downside is that it only has 52 years on the lease. There is not much else in Willenhall in this price bracket, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you require a mortgage that many years will be a potential deal breaker. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the property for at least 2 years you can request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this matter.
What type of premises does your Willenhall conveyancing quotes relate to?
Our conveyancing quotes are only applicable to standard domestic premises in England & Wales. Where you have any different needs for example industrial or agricultural land or commercial conveyancing in Willenhall do contact us to address your requirements .