My partner and I are hoping to acquire a flat in Wolviston and have appointed a Wolviston conveyancing firm. Within the past 48 hours our solicitor has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Skipton Building Society have this evening contacted us to inform me that they have now hit a problem as our Wolviston solicitor is not on their conveyancing panel. Is this a problem?
When purchasing a property with mortgage finance it is standard for the purchasers' lawyers to also act for the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own Wolviston solicitors, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
We are purchasing a house in Wolviston. I might seem paranoid but how we can trust a lawyer? On completion day we will need to deposit money into their account. What protection do we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
I am due to exchange contracts on my house. I had a double glazing fitted in October 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's lender, Nationwide are being problematic. The Wolviston solicitor who is on the Nationwide conveyancing panel is saying indemnity insurance will be fine but Nationwide are requiring a building regulation certificate. Why do Nationwide have a conveyancing panel if they don't accept advice from them?
It is probably the case that Nationwide have referred the matter to their valuer. The reason why Nationwide 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 flat in Wolviston. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Principality conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Wolviston conveyancing practitioner is on the Principality conveyancing panel.
The deeds to my property are lost. The solicitors who handled the conveyancing in Wolviston 5 years ago no longer exist. What are my next steps?
Gone are the days when you need to hold title official documentation to evidence that you own the land or property, as the Land Registry hold details of all registered land or property electronically.
I opted to have a survey carried out on a house in Wolviston before appointing solicitors. I have been advised that there is a flying freehold overhang to the house. The surveyor advised that some lenders tend not grant a loan on a flying freehold home.
It depends who your proposed lender is. Santander has different instructions for example to Birmingham Midshires. Should you wish to telephone us we can check via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Wolviston. Conveyancing will be smoother if you use a solicitor in Wolviston especially if they are familiar with such properties in Wolviston.
I have just appointed agents to market my ground floor flat in Wolviston. Conveyancing is yet to be initiated, but I have recently had a yearly maintenance charge demand – should I leave it to the buyer to sort out?
It best that you clear the maintenance contribution as usual because all ground rent and service charges will be apportioned on completion, so you will be reimbursed 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 bought a studio flat in Wolviston, conveyancing formalities finalised half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent properties in Wolviston with a long lease are worth £202,000. The average or mid-range amount of ground rent is £60 charged once a year. The lease finishes on 21st October 2081
You have 56 years remaining on your lease we estimate the price of your lease extension to span between £29,500 and £34,000 as well as costs.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed investigations. Do not use this information in tribunal or court proceedings. There may be other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.
What are the distinct benefits to selecting a high street property lawyer in Wolviston
Home movers in Wolviston choose a nearby high street lawyer so that they can pop into the lawyer’s offices in the event that they have problems, and to execute mortgage deeds rather taking the chance in relying on the post.
We would argue that there is a slight edge when selecting a lawyer local to the property you are planning to purchase, due to the familiarity of the locality and possible local concerns - however this is moot. Many conveyancers undertaking their communications via the internet and could be practically anywhere.