My partner and I are getting closer to an exchange on a flat in Wednesfield and my parents have sent the exchange deposit to my lawyer. I am now told that as the deposit has been received from someone other than me my property lawyer needs to make a notification to my mortgage company. I am advised that, in also acting for the lender he must advise them that the balance of the purchase price is not just from me. I disclosed to the mortgage company regarding my parents' contribution when I applied for the mortgage, so is it really appropriate for this now to delay the deal?
The property lawyer is legally required to check with the bank 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 mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
Completed the sale of my flat in Wednesfield last November but our buyer keeps calling every few hours to moan that his conveyancer needs to hear from mysolicitor. What are the post completion sale formalities now that I have sold?
Following your disposal your conveyancer should send the transfer documentation and all additional paperwork to the buyer’s conveyancer. Depending on the transaction, your lawyer should also confirm that the legal charge in favour of the lender has been discharged to the buyers conveyancers. There is unlikely to be post completion requirements peculiar conveyancing in Wednesfield.
I acquired my flat on 14 August and my personal details is not yet registered. Any reason for this? My conveyancing solicitor in Wednesfield expressed confidence that it would be recorded inside ten days. Are transfers in Wednesfield uniquely lengthy to register?
There is nothing unique when it comes to conveyancing in Wednesfield registration formalities. As opposed to being determined by geographic area, timeframes can vary subject to who lodges the application, whether there are errors and if the Land registry communicate with any third parties. Currently approximately 80% of submission are completed within two weeks but occasionally there can be extensive hold-ups. Registration takes place after the purchaser has moved in to the premises therefore an expedited registration is not typically an essential issue yet if there is a degree of urgency associated with the registration then you or your solicitor can speak with the land registry and explain the circumstances.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £325,000 apartment in Wednesfield in just under a week. The management company has quoted £348 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Wednesfield?
Wednesfield conveyancing on leasehold apartments often necessitates the buyer’s solicitor sending enquiries for the landlord to answer. Although the landlord is under no legal obligation to respond to these enquiries the majority will be content to do so. They may charge a reasonable administration fee for responding to enquiries or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is £350, in some transactions it is above £800. The management information fee required by the landlord must be sent together with a summary of rights and obligations in relation to administration charges, otherwise the invoice is technically not due. Reality however dictates that you have no option but to pay whatever is requested of you if you want to sell the property.
I am the registered owner of a studio flat in Wednesfield, 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 properties in Wednesfield with over 90 years remaining are worth £185,000. The ground rent is £65 invoiced every year. The lease terminates on 21st October 2079
With just 60 years left to run we estimate the price of your lease extension to range between £20,000 and £23,000 as well as legals.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.
Our lender agreed in principle to issue us a mortgage. We instructed a high street conveyancer in Wednesfield yesterday. This morning, our broker contacted us saying that the bank said that we cannot use our solicitor as they aren't on their panel. As FTB's, we did not have a clue that the mortgage company had a say Is this legal?
You can actually select any conveyancing solicitor you want to select for your conveyancing in Wednesfield nevertheless if your mortgage company aren't happy with them you will have to pay additional cost so your bank can retain their own solicitors as well to protect their interest. It may be possible your preferred conveyancing firm to get added to the mortgage company list of approved firms. Do make the most of online tools such as lenderpanel.com to find a conveyancing solcitor in Wednesfield on the lender panel. You can go into your high street lender branch in Wednesfield. They can recommend conveyancing solicitors in Wednesfield on the panel for your mortgage company.