My husband and I are hoping to purchase a property in West Bromwich and are in fact using a West Bromwich conveyancing firm. Within the past 48 hours our lawyer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Lloyds TSB Bank have this morning contacted us to inform me that they have now hit a problem as our West Bromwich conveyancer is not on their approved list of lawyers. Please explain?
When purchasing a property with mortgage finance it is normal for the purchasers' lawyers to also act for the mortgage company. 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 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 bank's conveyancing panel and you may continue to use your own West Bromwich solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
Should my solicitor be raising enquiries concerning flooding during the conveyancing in West Bromwich.
Flooding is a growing risk for solicitors dealing with homes in West Bromwich. There are those who acquire a property in West Bromwich, fully expectant that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, where a property is at risk of flooding, it may be difficult to obtain a mortgage, suitable insurance cover, or dispose of the premises. Steps can be carried out during the course of a house purchase to forewarn the buyer.
Solicitors are not best placed to impart advice on flood risk, however there are a numerous searches that may be undertaken by the purchaser or by their lawyers which can figure out the risks in West Bromwich. The conventional set of property information forms given to a buyer’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a standard question of the owner to determine whether the premises has suffered from flooding. In the event that flooding has previously occurred which is not notified by the vendor, then a purchaser may bring a claim for damages as a result of such an inaccurate response. The purchaser’s lawyers should also commission an enviro report. This will indicate whether there is any known flood risk. If so, additional investigations will need to be made.
Despite weeks of looking the Title Certificate and documents to our property can not be found. The conveyancers who conducted the conveyancing in West Bromwich 4 years ago have long since closed. What are my options?
Nowadays there are copies made of almost everything, and your lawyer should be aware precisely where to locate all the appropriate documentation so you can buy or sell your house without a hitch. If duplicates can’t be found, your conveyancer may be able to put in place insurance or indemnities against future claims on the property.
I've recently found out that there is a flying freehold element on a house I put an offer in a fortnight ago in what should have been a straight forward, no chain conveyancing. West Bromwich is the location of the property. What do you suggest?
Flying freeholds in West Bromwich are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside West Bromwich you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in West Bromwich may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I've recently bought a leasehold property in West Bromwich. Do I have any liability for service charges for periods before my ownership?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I invested in buying a 2 bed flat in West Bromwich, conveyancing formalities finalised in 1999. Can you work out an approximate cost of a lease extension? Comparable properties in West Bromwich with over 90 years remaining are worth £197,000. The ground rent is £55 yearly. The lease comes to an end on 21st October 2078
You have 54 years unexpired we estimate the premium for your lease extension to span between £32,300 and £37,400 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. Do not use this information in tribunal or court proceedings. There may be other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not take any other action based on this information without first seeking the advice of a professional.
Is it the case that all West Bromwich legal practices on every bank conveyancing panel?
You can use our search tool or you can go into your high street lender branch in West Bromwich. the probability is that they will know some good conveyancing solicitors in West Bromwich