Is the fact that my conveyancer in Willenhall is not identified on my mortgage company's solicitor panel that there is a problem with the quality of his conveyancing?
That would more than likely be a wrong assumption to make. There are all sorts of perfectly plausible explanations. A recent report by the solicitors regulator revealed 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) low volume of transactions (2) the solicitor is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should contact the Willenhall conveyancing firm and enquire why they are no longer on the approved list for your mortgage company.
My solicitor has identified a a legal deficiency with the lease for the property we are purchasing in Willenhall. The other side have put forward title insurance as a solution. We are happy with insurance and will pay for it. Our solicitor says that he must ensure that the lender is happy with this solution. Are we the client or is the lender?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the mortgage company are the client. Your conveyancer must comply with the UK Finance Lenders’ Handbook specifications. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the lender 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 lawyer will have no choice but to discontinue acting for you.
I am buying a new build apartment in Willenhall. Conveyancing is a frightening process 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 few leasehold new build questions that you may expect your new-build leasehold conveyancing in Willenhall
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Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
Due to the advice of my in-laws I had a survey completed on a property in Willenhall ahead of retaining lawyers. I have been informed that there is a flying freehold aspect to the house. The surveyor has said that some lenders may not grant a loan on this type of house.
It depends who your proposed lender is. Lloyds has different requirements from Nationwide. If you e-mail us we can check with the appropriate lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Willenhall. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Willenhall to see if the conveyancing will be more expensive.
Do I need to be suspicious about 3rd parties that I am dealing with are encouraging me to use a national conveyancing firm rather than a local Willenhall conveyancing firm?
As with lots of professional services, often referrals from family and friends can be very helpful. Yet there are lots of players in a conveyancing deal; estate agents, mortgage brokers and banks might all suggest lawyers to instruct. On occasion the solicitors might be known to one of the organisations as experts in their field, but sometimes there exists a commercial relationship behind the endorsement. You are free to choose your own lawyer. You need to be aware that many banks specify a panel list of law firms you must use for the mortgage related work in your transaction.
How much experience do your Willenhall conveyancing solicitors have with Help To Buy, Shared Equity and similar schemes?
Willenhall conveyancing lawyers help thousands of buyers move home every year and helped lots of clients through the Help To Buy scheme. The chances are that whatever makes your case unique Willenhall conveyancers have worked on recent similar cases.