I am nearing exchange of contracts for my flat in Wolverhampton and the EA has just e-mailed to say that the purchasers are swapping property lawyer. I am told that this is due to the fact that the lender will only engage with property lawyers on their conveyancing panel. Why would a leading lender only deal with certain solicitors rather the firm that they want to appoint for their conveyancing in Wolverhampton ?
Mortgage companies have always had an approved set of law firms they are willing to work with, but in the past few years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 25 years.
Lending institutions blame a rise in fraud by way of justification for the cull – criteria have been tightened as a smaller panel is easier to oversee. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices that have been removed from panels. Plenty of firms do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your purchasers are not going to have any impact on this.
My partner and I are acquiring a newly built apartment in Wolverhampton and my lawyer is informing me that she has to the mortgage company to disclose incentives from the seller. I am under pressure to exchange and I don't want to prolong deal. Is my lawyer right?
You should not exchange unless you have been advised to do so by your property lawyer. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook provisions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I am purchasing a property in Wolverhampton. A rare aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Co-operative be concerned?
Given that you are obtaining a mortgage with Co-operative your lawyer must check the conveyancing requirements set out in Section two of UK Finance Lenders’ Handbook for Co-operative. The CML Handbook stipulates minimum specifications for solar panel roof-space leases, and property lawyers are required to report to Co-operative where a lease fails to meet these conditions. The conditions relate to the installation of panels on properties nationwide and is not isolated to Wolverhampton.
The mortgage over my property is with Santander for my property in Wolverhampton. Conveyancing was finalised 12 months ago. Should I wish 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 Santander?
You must advise Santander prior to renting your property as this is likely to be a breach of Santander’s mortgage conditions. It may be that Santander 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 Santander directly. It should not be necessary to do this via a Santander conveyancing panel firm.
I am selling my flat. I had a double glazing fitted in July 2007, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, RBS are being pedantic. The Wolverhampton solicitor who is on the RBS conveyancing panel is recommending indemnity insurance as a solution but RBS are requiring a building regulation certificate. Why do RBS have a conveyancing panel if they don't accept advice from them?
It is probably the case that RBS have referred the matter to their valuer. The reason why RBS 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.
Is there anything unique about your site and alternative online quote calculators when it comes to conveyancing in Wolverhampton?
At this site secure an accurate quote via a Solicitor or Licensed Conveyancer that has a full understanding of the nuances of your conveyancing in Wolverhampton. As opposed to estate agents and brokerage sites we are not in the business of charging firms a commission if you choose them for your home move in Wolverhampton
I’m about to sell my garden apartment in Wolverhampton. Conveyancing lawyers have not yet been instructed, but I have recently received a half-yearly maintenance charge demand – Do I pay up?
The sensible thing to do is discharge the service charge as usual because all rents and maintenance payments should be apportioned as part of the financial calculations for completion monies, so you should recover the relevant percentage by the buyer for the period running from after the completion date to the subsequent invoice date. Most managing agents will not acknowledge the buyer until 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 own a 1st floor flat in Wolverhampton, conveyancing having been completed 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 properties in Wolverhampton with over 90 years remaining are worth £206,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease terminates on 21st October 2092
With 66 years remaining on your lease we estimate the premium for your lease extension to range between £11,400 and £13,200 as well as professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you 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 other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.
I am contemplating choosing an online lawyer ahead of a Wolverhampton conveyancing practice. Should I ‘stay local’?
Advantages do exist in being able to visit a local Wolverhampton conveyancing solicitor for instance
- signing documents on short notice
- sometimes being able to speak to someone face-to-face can make a huge difference, particularly for non-standard conveyancing
- the ability to complain if things are not going as expected
When comparing quotes, look out for hidden extras. The majority decent Wolverhampton high street solicitors give an all-inclusive figure. Often online agents appear to offer low cost prices, yet have hidden 'extras' in the small print.