I happen to be the sole recipient of my late grandmother’s estate and I have everything in my name now, including the house in Wokingham. Conveyancing formalities meant that the Land Registry date was in May. I want to move. I do know about the Mortgage Lenders six month 'rule', which means that my proprietorship may be regarded the same way as though I had purchased the property in May. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook mandates conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be impacted by that. How practical a view lenders take of it, depend on the mortgage company as this obligation principally exists to identify subsales or the quick reselling of properties.
is it true that all Wokingham solicitor firms on the HSBC conveyancing panel are overseen by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the HSBC approved list of solicitors they would need to be overseen by the Solicitors Regulatory Authority. Some mortgage companies do list licenced conveyancers on their panel in which case such practice would be overseen by the CLC.
We have a mortgage agreed in principle with Leeds Building Society. Wokingham conveyancing practitioners were chosen. How long does it take for Leeds Building Society to send the offer to the property lawyer?
Some lenders take longer than others. Have Leeds Building Society conducted the survey? Have you informed Leeds Building Society as to your lawyers' details and checked that your lawyers are on the Leeds Building Society conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
Should our lawyer be making enquiries regarding flooding during the conveyancing in Wokingham.
Flooding is a growing risk for lawyers conducting conveyancing in Wokingham. There are those who purchase a property in Wokingham, fully aware that at some time, it may be flooded. However, leaving to one side the physical destruction, if a property is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or dispose of the property. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Conveyancers are not best placed to impart advice on flood risk, however there are a numerous searches that may be carried out by the purchaser or on a buyer’s behalf which should figure out the risks in Wokingham. The conventional set of information given to a buyer’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a usual inquiry of the owner to determine whether the premises has suffered from flooding. If the property has been flooded in past and is not disclosed by the vendor, then a buyer could commence a claim for damages as a result of such an incorrect answer. A purchaser’s conveyancers may also carry out an environmental search. This will reveal whether there is any known flood risk. If so, more detailed investigations will need to be initiated.
I've recently found out that there is a flying freehold element on a property I have offered on two weeks back in what was supposed to be a straight forward, chain free conveyancing. Wokingham is where the house is located. Can you offer any guidance?
Flying freeholds in Wokingham are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Wokingham you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Wokingham may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
Hoping to buy a property located in Wokingham and I am already nervous. I couldn't find anything specific about Wokingham. Conveyancing will be needed in due course but do you know about the Wokingham area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Wokingham. In the meantime here are some basic statistics that we found
Am I best advised to go with a Wokingham conveyancing solicitor who is local to the property I am hoping to buy? I have an old university friend who can conduct the legal formalities but they are based approximately 350miles drive away.
The primary upside of using a local Wokingham conveyancing firm is that you can visit the firm to execute documents, present your identification documents and pester them where appropriate. Having local Wokingham know how is a benefit. However it's more important to get someone that will do a good and efficient job. If you know people who used your friend and in the main were impressed that should surpass using an unfamiliar Wokingham conveyancing solicitor just because they are Wokingham based.
I have checked your search tool I can't find the lawyer I was hoping to instruct as being on the mortgage company conveyancing panel. My lawyer has said that they are on the mortgage company approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the mortgage company conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the bank solicitor panel.