My fiance and I are looking to buy a flat in Woodley and are in fact using a Woodley conveyancing firm. Within the past 48 hours our conveyancer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Britannia have this afternoon contacted us to advise us that they have now hit a problem as our Woodley solicitor is not on their approved list of lawyers. Is this a problem?
When purchasing a property with the benefit of a mortgage it is usual for the purchasers' lawyers to also act for the purchaser's lender. 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 Accreditation 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 lawyers to represent them. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel as you are at liberty to use your preferred Woodley lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
I am need of leasehold conveyancing for an apartment in a relatively new development (five years old) in Woodley. 95% of the properties have already been disposed of. Do I need carry out the neighbourhood searches for my conveyancing in Woodley?
You are opening yourself up to an unnecessary risk in not carrying out Woodley conveyancing searches. Without searches you have no clarity over flooding, environmental etc which may mean you walk away due to potential problems down the line. If you are buying without a mortgage there is no legal requirement to have them, but we would strongly advise in no uncertain terms that your conveyancer conducts them. Where speed and cost are top of your concerns you should consider with your solicitor about the viability of search insurance
My wife and I are purchasing a apartment in Woodley. It might be a silly question but how we can trust a solicitor? At some point we will need to put money into their account. What is the protection 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.
We had appointed solicitors located in Woodley on the UBS solicitor panel. They are now charging me an additional charge for dealing with the UBS mortgage. Is this a supplemental conveyancing fee set by UBS?
Provided it is contained in their Terms of Engagement or Quote then yes your property lawyer is entitled to charge a fee for this. The fee is not set by UBS but by your Woodley conveyancing practitioner. Numerous firms on the UBS panel will quote an ‘acting for lender’ fee but some practices include it on their overall fee.
How can we know in advance if a Woodley conveyancing solicitor on the Bank of Ireland panel is any good?
When it comes to conveyancing in Woodley obtaining recommendations is a sensible start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always suggest that you speak with the lawyer handling your conveyancing.
I have been told that property searches are the number one cause of hinderance in Woodley conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) released determinations of a review by MoveWithUs that conveyancing searches do not figure within the top 10 causes of delays during the legal transfer of property. Searches are unlikely to be the root cause of slowing down conveyancing in Woodley.
I'm buying my first flat in Woodley with the aid of help to buy. The builders refused to reduce the price so I negotiated five thousand pounds worth of extras instead. The house builders rep advised me not disclose to my conveyancer about this extras as it may affect my mortgage with Aldermore. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer 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.
What are your top tips when it comes to appointing a Woodley conveyancing firm to deal with our lease extension?
If you are instructing a conveyancer for your lease extension (regardless if they are a Woodley conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with two or three firms including non Woodley conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions might be useful:
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Can they put you in touch with clients in Woodley who can give a testimonial? What are the legal fees for lease extension work?
Woodley Leasehold Conveyancing - Examples of Queries before Purchasing
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Its a good idea to discover as much as possible about the company managing the building as they will affect your use and enjoyment of the property. Being a leasehold owner you are often in the clutches of the managing agents from a financial perspective and when it comes to day to day issues such as the upkeep of the communal areas. Ask other tenants whether they are happy with their management. Finally, investigate as to the dates that the service fees are due to the relevant party and precisely what you get for your money. Best to be warned if redecorating or some other significant cost is due in the foreseeable future that will be shared between the leaseholders and will materially impact the level of the maintenance fees or necessitate a specific payment. Is there a share of the freehold?