I am nearing exchange of contracts for my maisonette in Wolvey and the estate agent has just e-mailed to advise that the buyers are switching solicitor. The excuse is that the mortgage company will only deal with property lawyers on their conveyancing panel. On what basis would a big named lender only work with specific law firms rather the firm that they want to choose to handle their conveyancing in Wolvey ?
UK lenders 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 Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Banks attribute this action to a rise in fraud by way of justification for the reduction – criteria have been tightened as a smaller panel is easier to keep an eye on. Banks tend not to disclose 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 are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The buyers are unlikely to have any impact on this.
The vendors of the property we are looking to purchase hired a conveyancing firm in Wolvey who has insisted on a exclusivity agreement with a deposit 10k. Are such arrangements generally advanced for Wolvey conveyancing transactions?
Lock out agreements are agreements binding a property seller and prospective acquirer giving the buyer a ‘clear field’ to purchase the premises for a certain period of time. Essentially, a lock out is a document stating that you will be issued with a contract at a later date being the main conveyancing contract. It tends to be utilised for buyer confidence though in some cases, the owner may enjoy an upside from such agreements as well. There are many positives and negatives to using an agreement but you should to check with your lawyer but note that it may end up incurring more in conveyancing charges. For this these contracts are avoided in relation to conveyancing in Wolvey.
Is it the case that all Wolvey CQS (Conveyancing Quality Scheme) solicitors are on the Lloyds conveyancing panel?
It is true that some lenders now use CQS as the starting point for Panel approval such as HSBC and Santander. CQS accreditation however is no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for solicitors wishing to remain on their approved list of firms.
I can not work out if my mortgage offer requires a lease extension. I have telephoned my Wolvey building society branch on a couple of occasions and was told they are content with the situation and they will lend. My Wolvey conveyancing solicitor - who is on the bank conveyancing panel- telephoned and was told they refuse to lend based on their specific requirements. Who do I believe?
As long as the lawyer is on the mortgage company panel, they must comply with the Council of Mortgage Lenders’ Handbook provisions for the bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I am selling my house. I had a double glazing fitted in February 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, UBS are being difficult. The Wolvey solicitor who is on the UBS conveyancing panel is happy to accept ‘lack of building regulation’ insurance but UBS are requiring a building regulation certificate. Why do UBS have a conveyancing panel if they don't accept advice from them?
It is probably the case that UBS have referred the matter to their valuer. The reason why UBS 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.
I need some expedited conveyancing in Wolvey as I am faced with pressure to sign on the dotted line inside one month. Fortunately I do not need a mortgage. Is it possible to escape the need for conveyancing searches to save fees and time?
As you are are a cash buyer you have the choice not to do searches although no law firm would advise that you don't. With lots of history conveyancing in Wolvey the following are instances of issues that can appear and adversely impact future saleability: Refused Planning Applications, Overdue Fees, Outstanding Grants, Unadopted Roads,...
As co-executor for the estate of my aunt I am selling a house in Swansea but I am based in Wolvey. My lawyer (based 300 miles from meneeds me to sign a stat dec prior to completion. Can you recommend a conveyancing solicitor in Wolvey to attest this legal document for me?
Technically speaking you should not need to have the documents attested by a conveyancing solicitor. Ordinarily any notary public or qualified solicitor will do regardless of whether they are Wolvey based
Should one remove a deceased person's details from the title register for a house in Wolvey?
If a Wolvey property is co-owned and one of the proprietors dies, the name will not immediately be removed from the title deeds. It is not necessary to amend the title as when it comes to a disposal your conveyancer would just be asked to supply proof why the other proprietor is not a party to the contract, such as a grant of probate.
With a view to making the sale conveyancing smoother in the future you may apply to have the deceased name erased from the title entries by submitting an application to HMLR with proof of the death. There is no charge from the Registry for this service.