Unfortunately I am unable to travel far from Worcester. Is there a reason why all Worcester solicitors aren't automatically on all bank panels?
Lenders tend to impose restrictions on either the type or volume of conveyancing firms on their approved list of lawyers. A common example of such restriction(s) being that the organisation needs to have two or more partners. In addition to restricting the type of firm, some building societies made a decision to restrict the size of their panel they permit to act for them. It is worth noting that building societies have no responsibility for the standard of advice supplied by any Worcester lawyer on their approved list. Increases in mortgage fraud was the main trigger for the culling of solicitor panels a few years ago even though there are contrary assessments about the extent of solicitor involvement in some of that fraud. Data published by HMLR reveal that thousands of conveyancing organisations only transact less than three conveyances a year. Those supporting conveyancing panel cuts question why conveyancing firms should have claim to be listed on a lender panel when clearly property law is not their primary expertise?
It is a dozen years since I bought my property in Worcester. Conveyancing solicitors have just been appointed on the sale but I can't find my deeds. Is this a major issue?
You need not be too concerned. Firstly the deeds may be retained by the mortgage company or they could be in the possession of the lawyers who acted in the purchase. Secondly in all probability the property will be registered at the land registry and you will be able to establish that you are the registered owner by your conveyancing lawyers obtaining current official copies of the land registers. Most conveyancing in Worcester involves registered property but in the unlikely event that your home is unregistered it adds to the complexity but is resolvable.
We are getting a further advance on our mortgage from Lloyds as we intend to conduct alterations to our home in Worcester. Do we need to appoint a nearby Worcester solicitor on the Lloyds conveyancing panel to handle the legals?
Lloyds do not ordinarily appoint firms on their conveyancing panel to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Lloyds panel.
I currently have a mortgage with RBS for my property in Worcester. Conveyancing was finalised 12 months ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform RBS?
RBS must be informed of your intention prior to renting your property as this is likely to be a breach of RBS’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact RBS directly. It should not be necessary to do this via a RBS conveyancing panel lawyer.
I was told two weeks ago that my mortgage has been agreed to by Barclays. Is it usual for Barclays to only issue the offer once my solicitor in Worcester is approved on their conveyancing panel? Barclays have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
Mortgage companies tend not to not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Barclays to deal with your lawyer's application to be on the Barclays conveyancing panel. There's no guarantee that your solicitor will be accepted.
Due to the guidance of my in-laws I had a survey completed on a house in Worcester prior to retaining solicitors. I have been informed that there is a flying freehold aspect to the property. Our surveyor advised that some mortgage companies may not issue a mortgage on this type of property.
It depends who your proposed lender is. Lloyds has different instructions from Halifax. If you contact us we can check via the appropriate bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Worcester. Conveyancing will be smoother if you use a solicitor in Worcester especially if they are accustomed to such properties in Worcester.
I today plan to offer on a house that appears to meet my requirements, at a reasonable figure which is making it all the more appealing. I have since found out that the title is leasehold rather than freehold. I would have thought that there are particular concerns purchasing a leasehold house in Worcester. Conveyancing lawyers have not yet been instructed. Will my lawyers set out the implications of buying a leasehold house in Worcester ?
Most houses in Worcester are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. We note that you are purchasing in Worcester so you should seriously consider shopping around for a Worcester conveyancing solicitor and be sure that they are used to transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example requiring the landlord’sconsent to conduct changes to the property. You may also be required to pay a contribution towards the upkeep of the estate where the house is part of an estate. Your conveyancer will report to you on the legal implications.
I bought a studio flat in Worcester, conveyancing formalities finalised 3 years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Worcester with an extended lease are worth £165,000. The ground rent is £50 invoiced annually. The lease ceases on 21st October 2101
With only 77 years left to run we estimate the price of your lease extension to be between £7,600 and £8,800 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before seeking the advice of a professional.
What tools are available to find a Worcester conveyancing solicitor on the bank conveyancing panel? I have a car and am prepared to travel up to 10kilometers to meet the lawyer.
You can use the find a conveyancing panel tool on this website. Please choose the lender and your location, in this case Worcester and you will see a number of lawyer located nearest Worcester. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the mortgage company solicitor panel.