Unfortunately I am unable to travel far from Worcester. I would like to know the logic why all Worcester conveyancers aren't automatically on all mortgage company panels?
Before the recession most mortgage companies displayed an approach to risk which differs from the current day. The financial regulator in 2010 carried out a thematic review into property fraud which concluded: know the lawyers on your panel. Consequently, lenders have subsequently soughtmore data from law firms regarding their operations and the individuals employed by them and set certain criteria such as completing a minimum amount of transactions. Thousands of law practices have been excluded from lender panels even though they had an exemplary disciplinary record, no complaints and no claims and didn't just 'dabble' in conveyancing. Such firms were never going to meet the minimum amount of transactions the lenders insisted on.
I am buying a brand new flat in Worcester and my lawyer is informing me that she has to the mortgage company to disclose incentives from the seller. I am nearing the developer’s deadline to exchange and I don't want to prolong matters. Is my lawyer right?
You should not exchange unless you have been advised to do so by your solicitor. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook specifications. The UK Finance Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I am considering applying for a Barclays mortgage for purchase of a new build (under development) in Worcester with 70% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Barclays ?
There is nothing to stop you using your solicitor, but Barclays will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
I bought my apartment on 11 September and the transaction details is yet to be on the land registry website. Need I be worried? My conveyancing solicitor in Worcester advises it should be dealt with in a couple of weeks. Are properties in Worcester uniquely lengthy to register?
There is nothing unique about conveyancing in Worcester registration formalities. Rather than based on location, timeframes can vary depending on the party submitting the application, whether it is in order and whether the Land registry must send notices to any 3rd persons or bodies. Currently approximately 80% of submission are completed in less than three weeks but occasionally there can be protracted delays. Historically registration is effected after the buyer is living at the property therefore 'speed' is not always an essential issue yet where there is a degree of urgency associated with the registration then you or your solicitor should communicate with the Registry to express the reasoning for the application to be prioritised.
We're FTB’s - had an offer accepted, yet the agent advised that the vendor will only proceed if we appoint the agent's chosen solicitors as they want a ‘quick sale’. My instinct tells me that we should use a high street solicitor used to conveyancing in Worcester
We suspect that the owner is not behind this ultimatum. Should the owner desire ‘a quick sale', taking such a hostile approach to a genuine buyer is going to damage their objectives. Speak to the vendors direct and explain that (a)you are motivated purchasers (b)you are excited to move forward, with finances arranged © you are chain free (d) you intend to proceed fast (e)however you intend to appoint your own,trusted Worcester conveyancing lawyers - not the ones that will earn their estate agent a commission or hit his conveyancing targets demanded by HQ.
Can you provide any advice for leasehold conveyancing in Worcester with the purpose of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Worcester can be avoided where you get in touch lawyers as soon as your agents start marketing the property and ask them to collate the leasehold documentation which will be required by the buyers’ lawyers. Some Worcester leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference should make it clear that the buyer is able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their lawyers. Many freeholders or managing agents in Worcester levy fees for providing management packs for a leasehold premises. You or your lawyers should enquire as to the fee that they propose to charge. The management pack can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Worcester. If there is a history of conflict with your freeholder or managing agents it is essential that these are settled prior to the flat being put on the market. The buyers and their solicitors will be reluctant to purchase a flat where a dispute is ongoing. You will have to accept that you will have to discharge any arrears of service charge or settle the dispute prior to completion of the sale. 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 purchasers, but it is clearly preferable to reveal the dispute as historic as opposed to unresolved.
I inherited a studio flat in Worcester, conveyancing formalities finalised in 1996. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Worcester with over 90 years remaining are worth £165,000. The ground rent is £50 levied per year. The lease ceases on 21st October 2103
With 77 years remaining on your lease we estimate the premium for your lease extension to span between £7,600 and £8,800 plus plus your own and the landlord's "reasonable" professional fees.
The figure 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 detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.