My husband and I are hoping to buy a flat in Willenhall and have instructed a Willenhall conveyancing firm. Within the past 48 hours our property lawyer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Bank of Ireland have this evening contacted us to inform me that there is now an issue as our Willenhall lawyer is not on their conveyancing panel. Please explain?
When purchasing a property with the benefit of a mortgage it is normal for the purchasers' lawyers 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 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 solicitors to act. You don't have to instruct a firm on the bank's conveyancing panel and you may continue to use your own Willenhall solicitors, in which case your legal fees may increase, 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 firms on the Bank of Ireland conveyancing panel. Do firms pay you a referral fee if I retain them for our own conveyancing in Willenhall?
We are a listing service only for law firms wishing to communicate if they are on the Bank of Ireland conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Willenhall.
Should our conveyancer be raising questions regarding flooding as part of the conveyancing in Willenhall.
Flooding is a growing risk for solicitors specialising in conveyancing in Willenhall. Plenty of people will acquire a property in Willenhall, completely expectant that at some time, it may suffer from flooding. However, aside from the physical damage, where a property is at risk of flooding, it may be difficult to obtain a mortgage, adequate building insurance, or dispose of the property. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not best placed to offer advice on flood risk, but there are a various searches that can be initiated by the buyer or by their lawyers which will give them a better understanding of the risks in Willenhall. The conventional set of property information forms given to a purchaser’s solicitor (where the Conveyancing Protocol is adopted) incorporates a usual inquiry of the owner to determine if the premises has historically flooded. In the event that the property has been flooded in past and is not notified by the vendor, then a buyer could commence a claim for damages as a result of such an incorrect reply. The buyer’s lawyers will also carry out an enviro report. This should indicate whether there is a recorded flood risk. If so, more detailed investigations will need to be initiated.
Despite weeks of looking the Title Certificate and documents to my property are lost. The conveyancers who handled the conveyancing in Willenhall 10 years ago have long since closed. Will I be able to sell the house?
As long as the title is registered the information relating to your ownership will be documented by HMLR under a Title Number. It is possible to conduct a search at the Land Registry, find your house and secure up to date copies of the Registered Entries for a small fee. Where the title is Leasehold then the Land Registry will usually hold a file copy of the Registered Lease and again, a copy can be ordered for twenty pounds.
I have been on the look out for a ground for flat up to £235,500 and found one round the corner in Willenhall I like with open areas and railway links nearby, however it only has 51 years unexpired on the lease. There is not much else in Willenhall in this price bracket, so just wondered if I would be making a grave error acquiring a short lease?
Should you require a mortgage that many years will be a potential deal breaker. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for a minimum of 2 years you can request that they commence the lease extension formalities and pass it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor about this matter.
What type of premises does your Willenhall conveyancing quotes relate to?
The quotes provided are only applicable to standard domestic premises in England & Wales. If you have any different requirements such as industrial or agricultural property or commercial conveyancing in Willenhall you should telephone us to consider your requirements .