My wife and I are looking to buy a house in Wool and have appointed a Wool conveyancing practice. Within the past 48 hours our lawyer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Santander have this morning contacted us to advise us that there is now an issue as our Wool conveyancer is not on their approved list of lawyers. Is this a problem?
Where you are buying a property requiring a mortgage it is standard 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 Quality Scheme. Your solicitor 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 lawyers to represent them. You don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own Wool solicitors, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
We see that you have a post code search directory identifying firms on the Leeds Building Society conveyancing panel. Do firms pay you a commission if I instruct them for our own conveyancing in Wool?
We are a listing service only for law firms wishing to communicate if they are on the Leeds Building Society conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Wool.
Is there anything unique about your site and other online quote calculators for conveyancing in Wool?
At this site get an accurate costs illustration via a Solicitor or Licensed Conveyancer that appreciates the issues for your conveyancing in Wool. Unlike many estate agents and brokerage sites we do not operate kick-back arrangements with solicitors. Some agents and online brokers 'recommend' the firm that pays the highest per referral, as opposed to the best value conveyancing in Wool
I only have Seventy years unexpired on my flat in Wool. I now want to get lease extension but my freeholder is missing. What options are available to me?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the magistrate. You will be obliged to demonstrate that you have made all reasonable attempts to find the freeholder. In some cases an enquiry agent may be helpful to carry out a search and to produce a report which can be accepted by the court as evidence that the landlord is indeed missing. It is advisable to get professional help from a solicitor both on proving the landlord’s absence and the application to the County Court covering Wool.
Leasehold Conveyancing in Wool - Sample of Questions you should consider before Purchasing
Be sure to investigate if there is anything that is prohibited in the lease. For instance some leases prohibit pets being allowed in certain buildings in Wool. If you like the apartmentin Wool but your cat is not allowed to live with you then you have a very difficult compromise. You should want to find out as much as possible concerning the company managing the block as they will impact your use and enjoyment of the property. Being a leasehold owner you are often at the mercy of the managing agents from a financial perspective and when it comes to day to day issues such as the cleanliness of the communal areas. Don't be afraid to ask other people whether they are happy with their management. Finally, be sure you discover the dates that you are obliged pay the maintenance charge to the appropriate party and specifically how they are spending that money. Are any of leasehold owners in arrears of their service charge payments?
Our lawyer in Wool has identified a defect with the lease for the flat we are buying in Wool. The seller’s lawyers have put forward title insurance as a solution. We are content with insurance and will cover the costs. Our solicitor has advised that as he is on the lender conveyancing panel he must check that the lender is happy with this solution. Are we the client or is the bank?
Just because you have a mortgage offer from the bank does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your Wool conveyancing lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook Requirements. You and the bank are the client. These conveyancing instructions must be adhered to by the mortgage company conveyancing panel who has to balance acting for you and the mortgage company