We are buying a 2 bedroom apartment in Wolverhampton with a mortgage. We have a Wolverhampton conveyancer, but the bank says he's not on their "panel". We have to appoint one of the lender panel solicitors or keep our Wolverhampton property lawyer as well as pay for one of their panel ones to represent them. This seems very unfair; can we not insist that the lender use our Wolverhampton property lawyer ?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your Wolverhampton conveyancing lawyer to apply to be on the conveyancing panel.
The owners of the property we are purchasing have appointed a conveyancing practitioner in Wolverhampton who has suggested a preliminary agreement with a non-refundable deposit 10k. Are such agreements promoted for Wolverhampton conveyancing transactions?
Exclusivity agreements are agreements binding a property seller and prospective buyer granting the buyer the sole right to the sale of the property for a set period of time. For all intents and purposes, a lock out is a document stating that you should be issued with a contract at a later time being the main conveyancing contract. It tends to be utilised for buyer assurance though in many situations, the seller may stand to benefit from such agreements as well. There are numerous positives and negatives to having them but you should to check with your conveyancer but note that it may end up costing you extra in conveyancing charges. For this these agreements are not popular in relation to conveyancing in Wolverhampton.
It is is a decade since I purchased my house in Wolverhampton. Conveyancing lawyers have just been retained on the sale but I am unable to locate the title documents. Will this cause complications?
You need not be too concerned. First the deeds may be kept by the lender or they may be in the possession of the solicitor who acted in the purchase. Secondly in most cases the title will be registered at the land registry and you will be able to prove you are the registered owner by your conveyancing lawyers procuring up to date copy of the land registers. Almost all conveyancing in Wolverhampton involves registered property but in the rare situation where your property is unregistered it adds to the complexity but is resolvable.
I am purchasing a property in Wolverhampton. An unusual aspect is that the roof has a solar panel. Lloyds have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As your lender is Lloyds your lawyer must check the formal requirements contained in Part 2 of UK Finance Lenders’ Handbook for Lloyds. The Council of Mortgage Lenders’ Handbook sets out minimum conditions for solar panel roof-space leases, and property lawyers are required to report to Lloyds where a lease does not meet these requirements. The requirements relate to the installation of panels on properties countrywide and is not restricted to Wolverhampton.
The mortgage over my property is with Nationwide for my property in Wolverhampton. Conveyancing has been completed 12 months ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Nationwide?
Your original mortgage agreement with Nationwide will provide that you need their approval before renting your property as this is likely to be a breach of Nationwide’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Nationwide directly. It should not be necessary to do this via a Nationwide conveyancing panel solicitor.
I am selling my house. I had a double glazing fitted in February 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Principality are being a right pain. The Wolverhampton solicitor who is on the Principality conveyancing panel is saying indemnity insurance will be fine but Principality are requiring a building regulation certificate. Why do Principality have a conveyancing panel if they don't accept advice from them?
It is probably the case that Principality have referred the matter to their valuer. The reason why Principality may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
About to purchase a new build flat in Wolverhampton. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below is a sample of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Wolverhampton
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Please confirm the Lease plans are architect prepared. 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. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Please supply a car parking plan.
I have just appointed agents to market my garden flat in Wolverhampton. Conveyancing solicitors are to be appointed soon, however I have just had a half-yearly maintenance charge demand – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should discharge the invoice as normal given that all rents and service payments will be apportioned on completion, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the subsequent invoice date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I purchased a basement flat in Wolverhampton, conveyancing formalities finalised July 2007. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable flats in Wolverhampton with over 90 years remaining are worth £206,000. The ground rent is £45 yearly. The lease expires on 21st October 2092
With only 66 years left to run we estimate the premium for your lease extension to span between £11,400 and £13,200 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on the actual costs without more detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.