I am in the process of selling my ground floor flat in Wombourne and the EA has just e-mailed to warn that the purchasers are appointing a new law firm. The excuse is that the mortgage company will only work with solicitors on their conveyancing panel. Why would a major lender only work with specific law firms rather the firm that they want to appoint for their conveyancing in Wombourne ?
Lenders have always had panels of law firms they are content to work with, but in the past few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Mortgage companies point to the increase in fraud by way of justification for the reduction – criteria have been narrowed as a smaller panel is easier to oversee. 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 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. The purchasers are unlikely to have any sway in the decision.
Do I need to have a meeting at the offices of the solicitor to execute the mortgage deed? If so, I will appoint a lawyer who conducts conveyancing in Wombourne so that I can pop in to their offices if necessary.
These days conveyancing panel lawyers for banks undertake the vast majority of work via Royal Mail, e-mail or over the phone. This means that they can undertake the legal work for your home move regardless of where you live in England or Wales. Nevertheless you should see if you have the option of visiting the offices of your conveyancing lawyer if you prefer.
I moved into my home on 8 September and the transaction details is not yet on the land registry website. Should I be concerned? My conveyancing solicitor in Wombourne expressed confidence that it will be registered in a couple of weeks. Are titles in Wombourne particularly slow to register?
There is nothing unique when it comes to conveyancing in Wombourne registration formalities. As opposed to being determined by geographic area, timeframes can adjust subject to the party submitting the application, whether there are errors and whether the Land registry must send notices to any interested persons or bodies. Currently in the region of three quarters of such applications are fully dealt with within 12 days but occasionally there can be extensive delays. Registration takes place after the purchaser has moved in to the property therefore post completion formalities is not typically top priority yet where there is a degree of urgency associated with the registration then you or your solicitor could communicate with the Registry to express the reasoning for the application to be prioritised.
I am purchasing my first flat in Wombourne benefiting from help to buy. The developers refused to reduce the amount so I negotiated £7000 of additionals instead. The sale representative advised me not inform my conveyancer about the extras as it will put at risk my loan with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
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There are only Fifty years unexpired on my lease in Wombourne. I need to get lease extension but my landlord is absent. What options are available to me?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be lengthened by the magistrate. You will be obliged to prove that you or your lawyers have used your best endeavours to track down the landlord. In some cases an enquiry agent would be helpful to conduct investigations and prepare an expert document to be accepted by the court as evidence that the landlord is indeed missing. It is wise to seek advice from a property lawyer both on investigating the landlord’s disappearance and the vesting order request to the County Court covering Wombourne.
I acquired a garden flat in Wombourne, conveyancing was carried out in 2005. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Wombourne with over 90 years remaining are worth £206,000. The ground rent is £45 per annum. The lease ends on 21st October 2091
With just 66 years left to run we estimate the premium for your lease extension to span between £11,400 and £13,200 plus professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.