Me and my partner are due to complete on the purchase of a property in Willenhall but as a consequence of damage from the recent storms I have managed to agree compensation from the seller of £3k by way of a adjustment in the price. This was going to be dealt with as part of the conveyancing process however Bank of Ireland are not allowing this. Should they have been informed?
Your lawyer being on a Bank of Ireland conveyancing panel is required to advise Bank of Ireland of any amendments to the sale price. If you prohibit your lawyer to report the price change to Bank of Ireland then they would have to discontinue acting for you. In addition, Bank of Ireland and you would have to appoint a new conveyancer for your conveyancing in Willenhall.
Last month we had a mortgage agreed in principle with Leeds Building Society. Willenhall conveyancing lawyers were chosen. What is the average time that one could expect to receive a mortgage offer from Leeds Building Society?
Some lenders take longer than others. Have Leeds Building Society completed the survey? Have you informed Leeds Building Society as to your lawyers' details and checked that your lawyers are on the Leeds Building Society conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I recently had an offer agreed on a house in Willenhall. My mortgage broker pressured me to appoint their conveyancer. I paid an upfront payment of £225. A couple of days later, the solicitor called me sheepishly admitting that they were not on the Lloyds 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 Lloyds 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.
My offer on a property in Willenhall has been accepted, but there is a chain. The vendors have offered on somewhere, but it’s not yet tied up, and are looking at other properties in the pipeline. I have instructed a nearby conveyancing solicitor in Willenhall. What do I do now? At what stage should I apply for the mortgage with Barclays?
It is normal to have concerns where there is a chain as you are unlikely to want to incur expenses prematurely (mortgage application is approx £1k, then valuation, Willenhall conveyancing search costs, etc). The first course of action is to check that your solicitor is on the Barclays conveyancing panel. Regarding the next stages this very much dictated by the uniqueness of your transaction, desire for the property and on the state of the market. In a hot market the majority of purchasers would apply for the mortgage with Barclays and pay for the valuation and only if it comes back ok would they request their conveyancer to press on with the conveyancing in Willenhall.
I have been told that property searches are the main cause of delay in Willenhall house deals. Is this right?
The Council of Property Search Organisations (CoPSO) published findings of research by MoveWithUs that conveyancing searches do not figure amongst the common causes of delays during the legal transfer of property. Searches are unlikely to feature in any slowing down conveyancing in Willenhall.
Due to the guidance of my in-laws I had a survey completed on a property in Willenhall prior to appointing solicitors. I have been informed that there is a flying freehold aspect to the house. The surveyor advised that some lenders may not give a loan on this type of home.
It depends who your proposed lender is. Bank of Scotland has different instructions from Nationwide. If you contact us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Willenhall. Conveyancing may be slightly more expensive based on your lender's requirements.
We are seeking to purchase a repression house in Willenhall and the mortgagee in possession would like to complete inside a month. Do conveyancers complete in this timeframe? Would it be better to select a local Willenhall firm or an online conveyancer that advertises to offer speedy conveyancing?
Attend your Willenhall high street. Go in to a couple of solicitor’s offices and ask to see a conveyancing solicitor for a quote. Explain your situation and get a commitment on deadlines. Appoint the one that appears most efficient. Make sure to choose a conveyancing practitioner on the panel of solicitors who can act for your lender.