I can't travel far from Waolstenholme. Can you please explain the reason why all Waolstenholme conveyancers are not on all mortgage company panels?
Pre- 2008 most mortgage companies had an approach to risk which differs from the current day. The Financial Services Authority in 2010 carried out a thematic review into fraud which concluded: know the conveyancing practitioners on your panel. As a result, banks have since looked to extract more data from law firms regarding their processes and the individuals employed by them and set certain criteria such as completing a minimum volume of transactions. Many law practices have found themselves removed from lender panels even though they had an exemplary disciplinary record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Many firms found it impossible meet the criteria of volume of transactions the lenders required.
Please explain the implications if my solicitor is suspended from the Lloyds Conveyancing panel ahead of completing my conveyancing in Waolstenholme?
First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
I'm purchasing my first flat in Waolstenholme with a mortgage from The Royal Bank of Scotland. The builders would not move on the amount so I negotiated £7000 of fixtures and fittings instead. The sale representative told me not to tell my conveyancer about the extras as it would impact my loan with the lender. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder 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.
As co-executor for the estate of my grandfather I am disposing of a residence in Newport but reside in Waolstenholme. My conveyancer (approximately 200 kilometers awayrequires that I sign a stat dec before completion. Could you suggest a conveyancing lawyer in Waolstenholme who can witness this legal document for me?
strictly speaking you are not likely to be required to have the documents witnessed by a conveyancing solicitor. Normally or notary public or solicitor will be fine regardless of whether they are based in Waolstenholme
What are the frequently found problems that you come across in leases for Waolstenholme properties?
There is nothing unique about leasehold conveyancing in Waolstenholme. All leases are individual and legal mistakes in the legal wording can sometimes mean that certain provisions are erroneous. The following missing provisions could result in a defective lease:
Repairing obligations to or maintain parts of the building Maintenance charge proportions which don’t add up to the correct percentage
You could have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. HSBC Bank, Virgin Money, and Clydesdale all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, obliging the purchaser to withdraw.
I acquired a split level flat in Waolstenholme, conveyancing was carried out July 2002. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Waolstenholme with over 90 years remaining are worth £176,000. The ground rent is £50 charged once a year. The lease comes to an end on 21st October 2099
You have 80 years unexpired we estimate the price of your lease extension to be between £8,600 and £9,800 plus 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 comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.