I can't travel far from Willenhall. Please spell out why all Willenhall property lawyers are not on all bank panels?
A decade ago most lenders exhibited an approach to risk which differs from the current day. The Financial Services Authority in 2010 instigated a thematic review into fraud which in summary warned lenders: know the conveyancing practitioners on your panel. As a result, mortgage companies have subsequently requiredmore data from law firms about their operations and the staff employed by them and set certain criteria such as completing a minimum amount of transactions. Thousands of law practices have been removed from lender panels even though they had an exemplary disciplinary record, no complaints and no claims and didn't just 'dabble' in conveyancing. Such firms found it impossible satisfy the minimum volume of transactions the mortgage companies required.
My partner and I are buying a brand new duplex in Willenhall and my conveyancer is informing me that she is duty bound to the lender to disclose incentives from the seller. I am under pressure to exchange and my preference is not to delay matters. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your property lawyer. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook conditions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Last month we had a mortgage agreed in principle with Skipton. Willenhall conveyancing solicitors were chosen. How long does it take for Skipton to issue the offer to the lawyer?
Some lenders take longer than others. Have Skipton completed the survey? Have you informed Skipton as to your lawyers' details and checked that your lawyers are on the Skipton conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
After weeks of negotiation I have agreed a price on an apartment in Willenhall. My financial adviser recommended their conveyancers. I paid an upfront payment of £225. Soon after, the property lawyer called me to say that they were not on the TSB conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the TSB panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
About to purchase house in Willenhall. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Bank of Ireland conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Willenhall solicitor is on the Bank of Ireland conveyancing panel.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Willenhall?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Willenhall. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I own a leasehold flat in Willenhall. Conveyancing and Bank of Ireland mortgage are in place. A letter has just been received from someone saying they have taken over the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1992. The conveyancing solicitor in Willenhall who previously acted has now retired. What should I do?
The first thing you should do is contact the Land Registry to make sure that the individual purporting to own the freehold is in fact the new freeholder. There is no need to incur the fees of a Willenhall conveyancing firm to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that in any event, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I inherited a 1st floor flat in Willenhall, conveyancing was carried out in 1997. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Willenhall with an extended lease are worth £190,000. The ground rent is £65 invoiced every year. The lease terminates on 21st October 2080
With just 61 years remaining on your lease we estimate the price of your lease extension to span between £19,000 and £22,000 plus legals.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of comprehensive investigations. Do not use this information in tribunal or court proceedings. There may be other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.