It has come to my attention via my IFA that my Wolverhampton lawyer is not on the bank Conveyancing panel. How can I be certain that this is indeed the case?
The best course of action for you to take is to call your Wolverhampton conveyancer. You lawyer should advise you of the situation. Where they are not on the panel they could put your in touch with solicitors on the conveyancing panel for your bank.
Due to complete my purchase in Wolverhampton next Friday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in his capacity as lawyer for the lender. What risks does the bank expect the insurance to cover?
Any lawyer on acting for mortgage companies would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s Part 2 requirements. These obligations are not specific to conveyancing in Wolverhampton.
In looking at moneysavingexpert.com for an affordable solicitor in Wolverhampton, most comment that I must instruct a CQS assured solicitor. Can you explain what CQS is?
The Law Society's Conveyancing Quality Scheme is the recognised kitemark for legal experts in home ownership transfers, trusted by some of the UK's major mortgage companies. In 2011-12 the Conveyancing Quality Scheme was officially recognised by the Building Societies Association (BSA). The scheme does not cover licenced conveyancers. Wolverhampton is one of the numerous areas of the UK where there are Accredited lawyers.
The estate agent has sent us the confirmation of our purchase of a new build flat in Wolverhampton. Conveyancing is daunting 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.
Here is a sample of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Wolverhampton
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The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Forfeiture - bankruptcy or liquidation must not apply under this provision. There must be mutual enforceability of lessee’s covenants. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore.
I've recently found out that there is a flying freehold element on a property I put an offer in two weeks back in what should have been a simple, chain free conveyancing. Wolverhampton is where the house is located. Can you shed any light on this issue?
Flying freeholds in Wolverhampton are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Wolverhampton you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Wolverhampton may decide 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.
I work for a busy estate agency in Wolverhampton where we have witnessed a few flat sales put at risk due to short leases. I have been given contradictory information from local Wolverhampton conveyancing solicitors. Can you shed some light as to whether the owner of a flat can initiate the lease extension formalities for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having 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 before, or simultaneously with completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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 buyer.
I own a ground floor flat in Wolverhampton, conveyancing having been completed half a dozen years ago. How much will my lease extension cost? Equivalent properties in Wolverhampton with an extended lease are worth £206,000. The ground rent is £45 levied per year. The lease ceases on 21st October 2092
With only 67 years remaining on your lease we estimate the price of your lease extension to be between £10,500 and £12,000 plus professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.