My partner and I are buying a newly built flat in Wolverhampton and my lawyer is informing me that she is duty bound to the lender to disclose incentives from the developer. I am nearing the developer’s deadline to exchange and I would rather not prolong the conveyancing. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your lawyer. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook provisions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Is it necessary during the course of the conveyancing process to have a meeting at the offices of the solicitor to sign the mortgage deed? If so, I will choose one who does conveyancing in Wolverhampton so that I can pop in to their offices if required.
As opposed to ten years ago, the vast majority mortgage companies no longer need their conveyancing panel lawyer to witness the borrowers signature. It will still be necessary for you to supply ID documents and there are still distinct advantages to instructing a locally based practitioner, in your case a conveyancing solicitor in Wolverhampton.
Despite weeks of looking the Title Certificate and documents to my property can not be found. The lawyers who did the conveyancing in Wolverhampton 5 years ago are no longer around. What are my options?
Assuming you have a registered title the details of your ownership will be held by the Land Registry with a Title Number. It is possible to conduct a search at the Land Registry, locate your property and get current copies of the property title for less than a fiver. If the title is Leasehold then the Land Registry will also normally retain a file copy of the Registered Lease and again, a copy can be obtained for twenty pounds.
How difficult is it to switch solicitor as I need to select one who is on the Accord Mortgages Ltd conveyancing panel. I had appointed a high street conveyancing solicitor in Wolverhampton five minutes from me but he is not accepted by Accord Mortgages Ltd
It would be our pleasure to assist you select a conveyancing solicitor in Wolverhampton on the Accord Mortgages Ltd panel. Please note that the conveyancers that we list do not pay us a referral fee if you instruct them and are regulated by the Solicitors Regulation Authority who oversee all conveyancing solicitors in Wolverhampton. Using search facility on this page, you can compare and instruct different solicitors and conveyancers both nationally and in Wolverhampton.
I am employed by a long established estate agency in Wolverhampton where we have witnessed a few flat sales derailed as a result of short leases. I have received conflicting advice from local Wolverhampton conveyancing solicitors. Please can you shed some light as to whether the vendor of a flat can commence the lease extension formalities for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with 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.
I am the registered owner of a ground floor flat in Wolverhampton, conveyancing having been completed half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in Wolverhampton with over 90 years remaining are worth £216,000. The average or mid-range amount of ground rent is £50 levied per year. The lease finishes on 21st October 2093
You have 69 years left to run we estimate the price of your lease extension to span between £9,500 and £11,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information without first seeking the advice of a professional.