I am expecting a offer of a home loan from Lloyds. I intend to enlist the help of a Licensed Conveyancer in Wraysbury. Does the Lloyds Conveyancing panel allow for Licensed Conveyancers?
The Lloyds conveyancing panel is, like many other lenders, represented by the CML or BSA, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
Our lawyer has discovered a defect with the lease for the apartment we are purchasing in Wraysbury. The other side have put forward title insurance as a workaround. We are happy with insurance and will cover the costs. Our conveyancer has advised that he must ensure that the bank is content with this solution. Are we the client or is the mortgage company ?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the mortgage company are the client. Your conveyancer must comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your conveyancer will have no choice but to discontinue acting for you.
I am the sole beneficiary of my late mum's estate and I have everything in my name alone, including the house in Wraysbury. Conveyancing formalities meant that the Land Registry date was in August. I plan to dispose of the property. I do know about the CML 6 month 'rule', which means that my proprietorship could be regarded the same way as though I had purchased the property in August. Do I have to wait 6 months to sell?
The CML handbook requires solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be impacted by that. many lenders would take a practical view as this requirement principally exists to pick up on the purchase and immediately sell or the wholesaling and assigning of property.
We expect to receive a AIP from Barclays this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Barclays recommend any Wraysbury solicitors on the Barclays conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Wraysbury solicitors independently although you'll need to choose one on the Barclays conveyancing panel. The solicitor represents both you and Barclays through the process.
About to purchase maisonette in Wraysbury. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the RBS 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 Wraysbury lawyer is on the RBS conveyancing panel.
I am buying a property and the lawyer has identified Chancel Repair to which the house could be obligated to pay as it falls into the area of such a church. She has mentioned insurance. Is this strictly required for conveyancing in Wraysbury
Unless a prior purchase of the house completed after 12 October 2013 you could assume that solicitors conducting conveyancing in Wraysbury to continue to advocate a chancel search and or chancel repair liability policy.
I've recently found out that there is a flying freehold issue on a house I have offered on a fortnight ago in what was supposed to be a simple, no chain conveyancing. Wraysbury is where the house is located. Is there any guidance you can impart?
Flying freeholds in Wraysbury are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Wraysbury you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Wraysbury may ascertain 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.
What advice can you give us when it comes to finding a Wraysbury conveyancing practice to carry out our lease extension conveyancing?
When appointing a conveyancer for lease extension works (regardless if they are a Wraysbury conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We suggest that you make enquires with several firms including non Wraysbury conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions might be useful:
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What are the charges for lease extension work?
Leasehold Conveyancing in Wraysbury - Sample of Questions you should consider Prior to Purchasing
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Where a Wraysbury lease has less than 80 years it will have adverse implications on the value of the apartment. Check with your lender that they are willing to to proceed given the lease term. A short lease means that you will probably require a lease extension sooner rather than later and it is worth finding out how much this will be. Remember, in most cases you would need to own the residence for 24 months in order to be entitled to extend the lease. Best to be warned if fixing the lift or some other major work is anticipated to be shared amongst the leaseholders and will dramatically impact the level of the maintenance charges or require a specific payment. Does the lease have onerous restrictions?