I am nearing exchange of contracts for my apartment in Wombwell and the estate agent has just e-mailed to advise that the purchasers are swapping law firm. I am told that this is due to the fact that the mortgage company will only work with property lawyers on their conveyancing panel. On what basis would a big named mortgage company only engage with certain lawyers rather the firm that they want to choose for their conveyancing in Wombwell ?
UK lenders have always had panels of law firms they are willing to work with, but in recent years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Lending institutions blame a rise in fraud by way of justification for the cull – criteria have been narrowed as a smaller panel is easier to maintain. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms 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. Your buyers are unlikely to have any sway in the decision.
Can the conveyancing practitioners identified via your ’find a lawyer’ tool carry out right to buy conveyancing in Wombwell?
We work with a number of conveyancing lawyers who can service right to buy transactions Please contact us in order to secure a costs illustration.
Will my lawyer be making enquiries regarding flooding as part of the conveyancing in Wombwell.
Flooding is a growing risk for lawyers carrying out conveyancing in Wombwell. Plenty of people will purchase a house in Wombwell, fully expectant that at some time, it may be flooded. However, leaving to one side the physical damage, where a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or dispose of the property. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Solicitors are not qualified to offer advice on flood risk, but there are a numerous checks that can be initiated by the buyer or on a buyer’s behalf which will figure out the risks in Wombwell. The standard information sent to a buyer’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a standard question of the seller to discover whether the premises has suffered from flooding. If the residence has been flooded in past and is not revealed by the seller, then a purchaser could commence a legal claim for losses as a result of such an misleading answer. A buyer’s lawyers should also carry out an environmental search. This will disclose whether there is any known flood risk. If so, further inquiries should be initiated.
It has been 3 months since my purchase conveyancing in Wombwell completed. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in last month in what should have been a simple, chain free conveyancing. Wombwell is where the house is located. Can you shed any light on this issue?
Flying freeholds in Wombwell are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Wombwell 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 Wombwell 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 residence.
Can you provide any top tips for leasehold conveyancing in Wombwell from the point of view of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Wombwell can be avoided if you instruct lawyers as soon as your agents start marketing the property and ask them to collate the leasehold information needed by the buyers’ lawyers. The majority of landlords or Management Companies in Wombwell levy fees for supplying management packs for a leasehold home. You or your lawyers should discover the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common reason for delay in leasehold conveyancing in Wombwell. You believe that you know the number of years left on your lease but you should double-check by asking your lawyers. A buyer’s lawyer will not be happy to advise their client to to exchange contracts if the lease term is under 75 years. It is therefore important at an early stage that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale. If you are supposed to have a share in the Management Company, you should ensure that you have the original share certificate. Arranging a duplicate share certificate is often a lengthy process and frustrates many a Wombwell conveyancing deal. Where a duplicate share certificate is necessary, you should approach the company officers or managing agents (if relevant) for this at the earliest opportunity. If there is a history of conflict with your freeholder or managing agents it is very important that these are settled before the property is marketed. The purchasers and their solicitors will be reluctant to purchase a flat where a dispute is unsettled. You will have to accept that you will have to discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is better to reveal the dispute as over as opposed to unresolved.
I purchased a studio flat in Wombwell, conveyancing formalities finalised half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Corresponding flats in Wombwell with over 90 years remaining are worth £206,000. The ground rent is £45 invoiced annually. The lease finishes on 21st October 2090
With 66 years remaining on your lease we estimate the premium for your lease extension to span between £12,400 and £14,200 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to advice on the actual costs without more comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first seeking the advice of a professional.