My husband and I are looking to buy a house in Wroughton and have instructed a Wroughton conveyancing practice. Within the last couple of days our solicitor has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Norwich and Peterborough Building Society have this evening contacted us to inform me that they have now hit a problem as our Wroughton conveyancer is not on their approved list of lawyers. What do we do from here?
Where you are buying a property needing a mortgage it is normal 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 bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the bank's conveyancing panel as you are at liberty to use your preferred Wroughton lawyers, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
My conveyancer has informed me that lack of building regulations insurance is required on my purchase. What is the typical level of cover needed for conveyancing in Wroughton?
The right level of lack of building regulations indemnity insurance should be dictated by who your lender. It would differ for example between Santander and The Mortgage Works. Conveyancing solicitors as opposed to members of the public take out such insurances.
Can you point me to a directory of UBS panel conveyancers in Wroughton on the UK Finance Lenders’ Handbook Website?
No. There is no such directory service on the Council of Mortgage Lenders or Building Society Association sites. Very few lending institutions make their panel listings viewable on the web. Where you are in need of a Wroughton conveyancer on the UBS please make the most of our facility.
I had a mortgage agreed in principle with Bank of Ireland. Wroughton conveyancing practitioners are chosen. What is the average time that one could expect to receive a mortgage offer from Bank of Ireland?
Some lenders take longer than others. Have Bank of Ireland done the valuation? Have you advised Bank of Ireland as to your lawyers' details and checked that your lawyers are on the Bank of Ireland conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
Will our conveyancer be raising enquiries about flooding as part of the conveyancing in Wroughton.
Flooding is a growing risk for lawyers specialising in conveyancing in Wroughton. Plenty of people will purchase a house in Wroughton, completely expectant that at some time, it may be flooded. However, aside from the physical damage, where a house is at risk of flooding, it may be difficult to get a mortgage, suitable insurance cover, or dispose of the premises. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Lawyers are not qualified to give advice on flood risk, however there are a numerous checks that can be undertaken by the buyer or on a buyer’s behalf which should figure out the risks in Wroughton. The conventional set of completed inquiry forms supplied to a purchaser’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a standard question of the seller to determine whether the premises has historically flooded. If the residence has been flooded in past which is not notified by the vendor, then a buyer could commence a compensation claim resulting from an incorrect answer. A buyer’s solicitors should also order an enviro report. This will reveal if there is a recorded flood risk. If so, more detailed investigations should be made.
It has been 2 months following my purchase conveyancing in Wroughton completed. I have checked the Land Registry site which shows that I paid £150,000 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 residence 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.
My father-in-law has urged me to instruct his conveyancers in Wroughton. Should I find my own conveyancer?
No doubt it’s preferable to select a conveyancing lawyer is to have feedback from friends or relatives who have actually experience in using the conveyancer that you are considering.
I work for a busy estate agent office in Wroughton where we see a number of flat sales derailed as a result of short leases. I have received contradictory information from local Wroughton conveyancing solicitors. Please can you shed some light as to whether the vendor of a flat can start the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Wroughton Conveyancing for Leasehold Flats - Sample of Questions you should consider Prior to buying
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How many of the leaseholders are in arrears for their maintenance charge payments? Best to be warned if window replacement or some other major work is due in the foreseeable future that will be shared by the leasehold owners and may well materially impact the level of the service fees or result in a one time payment. How much is the ground rent and service charge?