My wife and I are looking to buy a property in Wirksworth and are in fact using a Wirksworth conveyancing firm. Within the last couple of days our lawyer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Leeds Building Society have this evening contacted us to inform me that there is now an issue as our Wirksworth conveyancer is not on their approved list of lawyers. Please explain?
If you are buying a property requiring a mortgage it is conventional for the purchasers' lawyers 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 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 lawyers to represent them. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own Wirksworth solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
My wife and I swapping mortgage lender for our penthouse in Wirksworth with Aldermore. We have a son 19 who lives at home. Our solicitor has asked us to disclose any adults other than ourselves who reside at the property. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the property is forfeited by the lender. I have two concerns (1) Is this document specific to the Aldermore conveyancing panel as he never had to sign this form when we purchased 3 years ago (2) Does our son by signing this giving up his entitlement to inherit the property?
First, rest assured that your Aldermore conveyancing panel solicitor is doing the right thing as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Aldermore. This is solely used to protect Aldermore if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Aldermore had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
I have been told that property searches are the main reason for delay in Wirksworth conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the findings of research by MoveWithUs that conveyancing searches do not feature within the most frequent causes of hindrances during the legal transfer of property. Local searches are unlikely to feature in any slowing down conveyancing in Wirksworth.
Despite weeks of looking the Title Certificate and documents to my house are lost. The conveyancers who did the conveyancing in Wirksworth 4 years ago no longer exist. What are my options?
These day there are duplicates made of almost everything, and your lawyer should know exactly where to locate all the relevant paperwork so you can buy or sell your house without a hitch. Where duplicates can’t be located, your lawyer may be able to arrange cover in the form of insurance or indemnities protecting you against possible claims on the property.
I have been on the look out for a leasehold apartment up to £305k and found one round the corner in Wirksworth I like with amenity areas and transport links in the vicinity, however it's only got 52 years on the lease. There is not much else in Wirksworth in this price bracket, so just wondered if I would be making a grave error acquiring a short lease?
Should you need a home loan that many years will likely be a potential deal breaker. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least 2 years you may request that they commence the lease extension formalities and pass it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer about this.
What advice can you give us when it comes to finding a Wirksworth conveyancing firm to carry out our lease extension conveyancing?
When appointing a solicitor for your lease extension (regardless if they are a Wirksworth conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We suggest that you make enquires with several firms including non Wirksworth conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions might be of use:
-
What volume of lease extensions has the firm completed in Wirksworth in the last twenty four months? How familiar is the firm with lease extension legislation?
I acquired a studio flat in Wirksworth, conveyancing having been completed 3 years ago. Can you work out an approximate cost of a lease extension? Comparable flats in Wirksworth with over 90 years remaining are worth £195,000. The ground rent is £45 yearly. The lease expires on 21st October 2088
With 63 years left to run we estimate the premium for your lease extension to be between £16,200 and £18,600 plus costs.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. Do not use this information in tribunal or court proceedings. There may be additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before seeking the advice of a professional.