My husband and I are purchasing residence in Wirral. My Solicitor is not listed on the mortgage company approved list. Is it possible for me to use my Wirral conveyancing solicitor notwithstanding that they are excluded from the mortgage company list of approved lawyers?
You will need to instruct a property lawyer to complete the legal work required if you need a loan to buy your property. The lawyer will conduct all the relevant legal checks on the property, ensuring that you’re properly registered as the owner and ensure that all the necessary mortgage paperwork is in order. One may select a Wirral solicitor of your choice. Nevertheless, if the lawyer selected is not on the lender conveyancing panel further fees will be levied as separate legal representation will be need by the lender. Lender panel applications may be submitted, so if your solicitor has not previously sought membership they should do so.
I am only a couple days away from an exchange on a property in Wirral and my parents have transferred the ten percent deposit to my conveyancing practitioner. I am now advised that as the deposit has been received from someone other than me my conveyancer needs to disclose this to my mortgage company. Apparently, in also acting for the lender he must advise them that the balance of the purchase price is not just from me. I disclosed to the lender about my parents' contribution when I applied for the mortgage, so is it really appropriate for him to raise this?
The conveyancing practitioner is obliged to clarify with lender to ensure that they understand that the balance of the purchase price is not from your own resources. Your solicitor can only disclose this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
Will my conveyancer be asking questions about flooding as part of the conveyancing in Wirral.
Flooding is a growing risk for lawyers dealing with homes in Wirral. There are those who purchase a property in Wirral, completely aware that at some time, it may be flooded. However, leaving to one side the physical damage, where a property is at risk of flooding, it may be difficult to obtain a mortgage, adequate insurance cover, or dispose of the property. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Lawyers are not qualified to impart advice on flood risk, but there are a number of searches that can be initiated by the buyer or on a buyer’s behalf which will figure out the risks in Wirral. The conventional set of completed inquiry forms given to a purchaser’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a standard inquiry of the vendor to determine if the property has suffered from flooding. In the event that flooding has previously occurred which is not revealed by the owner, then a purchaser may issue a legal claim for losses as a result of such an incorrect answer. The buyer’s lawyers may also order an enviro report. This will higlight whether there is a recorded flood risk. If so, further inquiries should be conducted.
It has been five months since my purchase conveyancing in Wirral completed. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I'm purchasing a new build house in Wirral with the aid of help to buy. The developers would not reduce the price so I negotiated £7000 of additionals instead. The estate agent advised me not inform my conveyancer about the deal as it could jeopardize my loan with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I am employed by a reputable estate agency in Wirral where we see a few flat sales jeopardised as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Wirral conveyancing solicitors. Please can you shed some light as to whether the seller of a flat can commence the lease extension process for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Wirral Conveyancing for Leasehold Flats - A selection of Questions you should consider before buying
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How much is the ground rent and service charge? How long is the Lease? Be sure to enquire if there are any onerous prohibitions in the lease. For instance it is fairly common in Wirral leases that pets are not allowed in in a block in Wirral. If you like the flatin Wirral however your cat can’t make the move with you then you will be presented with a hard determination.