Me and my partner are buying a 1 bedroom apartment in Washwood Heath with a mortgage. We have a Washwood Heath conveyancer, but the mortgage company says she’s not on their "panel". We have to appoint one of the bank panel firms or keep our Washwood Heath conveyancer and pay for one of their panel firms to act for them. This feels very unfair; is there anything we can do?
Unfortunately,no. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Washwood Heath conveyancing solicitor to apply to be on the conveyancing panel.
Please explain the implications if my lawyer’s firm is removed from the Yorkshire BS Conveyancing panel ahead of completing my conveyancing in Washwood Heath?
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 at a cost.
I am assisting my mother sell her property in Washwood Heath. Will the solicitor commission the energy performance certificate or it is for me to see to?
After the demise of Home Information Packs, EPC’s became a mandatory component of selling a house. An energy performance certificate must be to hand prior to the property being put on the market. It is not a task that law firms ordinarily arrange. If you are using a Washwood Heath conveyancing lawyer they might help arrange energy assessments due to their contacts with long established Washwood Heath energy assessors
Forgive me if this question is silly but I am wet behind the ears as a 1st time purchaser of a garden flat in Washwood Heath. Do I collect the keys to the house on completion from my conveyancer? If this is the case, I will appoint a local conveyancing solicitor in Washwood Heath?
There is no need to visit the lawyers office on the day of completion. Your solicitors will electronically transfer the completion advance to the owner’s conveyancers, and once they have received this, you will be invited to collect the keys from the property Agents and start moving into the property. This tends to happen between 1 and 3pm.
It is unclear whether my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Washwood Heath bank branch on various occasions and was informed it wasn't an issue and they will lend. My Washwood Heath conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned and was told they would not lend in accordance with their specific requirements. I simply don't know who is right.
The lawyer has to follow the CML Handbook section two specifications for your lender. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
How easy is it to use the search facility to get a costs illustration from a conveyancing lawyer in Washwood Heath on the panel for my lender?
First choose a mortgage company such as Birmingham Midshires, Bank of Scotland or Bank of Ireland then specify your location e.g. Washwood Heath. Conveyancing practices in Washwood Heath and further afield should be listed.
Do you have any advice for leasehold conveyancing in Washwood Heath from the point of view of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Washwood Heath can be avoided if you get in touch lawyers as soon as you market your property and request that they start to put together the leasehold information which will be required by the purchasers’ solicitors. Many freeholders or managing agents in Washwood Heath charge for supplying management packs for a leasehold property. You or your lawyers should find out the fee that they propose to charge. The management pack sought as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Washwood Heath. You may think that you are aware of the number of years left on your lease but it would be advisable double-check by asking your conveyancers. A purchaser's conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is below 80 years. It is therefore important at an as soon as possible that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale. If you have had conflict with your landlord or managing agents it is essential that these are resolved before the property is marketed. The purchasers and their solicitors will be warry about purchasing a flat where there is a current dispute. You may have to bite the bullet and pay 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 will still have to reveal particulars of the dispute to the buyers, but it is clearly preferable to present the dispute as over rather than unresolved. A minority of Washwood Heath leases require Licence to Assign from the landlord. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers obtain bank and professional references. The bank reference should make it clear that the buyer is able to meet the yearly 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 service charge figures so that they can pass this information on to the buyers or their solicitors.
I inherited a 1 bedroom flat in Washwood Heath, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in Washwood Heath with a long lease are worth £216,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease finishes on 21st October 2090
You have 68 years unexpired we estimate the price of your lease extension to range between £9,500 and £11,000 plus professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.