My partner and I are planning to acquire a flat in Wednesbury and have instructed a Wednesbury conveyancing firm. Within the last couple of days our lawyer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. HSBC Bank have this afternoon contacted us to inform me that they have now hit a problem as our Wednesbury lawyer is not on their conveyancing panel. Please explain?
When purchasing a property with the benefit of a mortgage it is conventional for the purchasers' solicitors 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 property lawyer should contact your mortgage company 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 Wednesbury lawyers, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
My wife and I are nearing an exchange on a flat in Wednesbury and my parents have transferred the ten percent deposit to my conveyancer. I am now told that as the deposit has not come from me my solicitor needs to disclose this to my bank. I am advised that, in also acting for the lender he must inform them that the balance of the purchase price is not just from me. I informed the mortgage company regarding my parents' contribution when I applied for the home loan, so is it really appropriate for him to raise this?
Your solicitor is obliged to check with mortgage company to ensure that they understand that the balance of the purchase price is not from your own funds. The solicitor can only report this to your bank if you agree, failing which, your lawyer must cease to continue acting.
Do I need to pop into the offices of the solicitor to execute the legal charge? If so, I will instruct a firm who offer conveyancing in Wednesbury so that I can attend their offices if necessary.
These days approved lawyers for lenders conduct all of the work via the post, internet or over the phone. This enables them to conduct the legal work for your home move no matter where you live in England or Wales. Nevertheless you can check if you have the option of attending the offices of your conveyancing lawyer if needed.
I'm buying a new build house in Wednesbury with the aid of help to buy. The sellers would not budge the amount so I negotiated £7000 of fixtures and fittings instead. The estate agent advised me not reveal to my lawyer about the extras as it will jeopardize my loan with the lender. Should I keep quiet?.
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.
My fiance and I may need to rent out our Wednesbury ground floor flat temporarily due to a career opportunity. We instructed a Wednesbury conveyancing practice in 2001 but they have since shut and we did not have the foresight to get any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?
The lease governs relations between the landlord and you the leaseholder; specifically, it will set out if subletting is prohibited, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no expres ban or restriction, subletting is allowed. The majority of leases in Wednesbury do not prevent strict prohibition on subletting – such a provision would adversely affect the market value the property. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly supplying a copy of the sublease.
I am the registered owner of a studio flat in Wednesbury, conveyancing formalities finalised 8 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar flats in Wednesbury with an extended lease are worth £211,000. The average or mid-range amount of ground rent is £50 yearly. The lease ceases on 21st October 2087
With 68 years left to run we estimate the price of your lease extension to be between £9,500 and £11,000 as well as costs.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.