I am selling my home in Worcester and the EA has just e-mailed to say that the buyers are changing their property lawyer. The excuse is that the mortgage company will only deal with solicitors on their approved list. Why would a leading mortgage company only engage with specific solicitors rather the firm that they want to select for their conveyancing in Worcester ?
UK lenders have always had an approved set of law firms that can act for them, but in recent years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Lending institutions point to the increase in fraud as the reason for the cull – criteria have been stiffened as a smaller panel is easier to oversee. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices that have been removed from panels. Plenty of firms are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your buyers are not going to have any sway in the decision.
What is the difference between a licensed conveyancer and conveyancing solicitor in Worcester
Two types of professional can execute conveyancing in Worcester namely CLC regulated conveyancers or solicitors. The two can provide conveyancing services that required to complete the sale or acquisition of property. Both are duty bound to execute Worcester conveyancing to the same quality and guidelines so you can be sure that your conveyancing will be properly administered and that the requisite procedures should be suitably attended to.
I just bought a property at auction in Worcester. Conveyancing is needed. What is next?
Having legally bound yourself to purchase you now have to appoint a conveyancing practitioner as a matter of urgency as you are facing a pending a drop dead date to complete the transaction. All auction property will have a bespoke legal pack. This will include the copy title deeds, local authority and drainage searches. In the case of leasehold premises the auction papers may contain a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork pertinent to a leasehold property. You must pass this on to the lawyer instructed by you ASAP. Do make sure that you have funds organised to complete the transaction on the set completion date.
Having read lots of house buying guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Worcester solicitor - who is on the Virgin Money conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Virgin Money will need an independent valuation of the property. Your lawyer will not arrange this. Usually Virgin Money will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your property lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Worcester postcode. As you are getting a mortgage with Virgin Money, you could contact them to see if they have a list of approved surveyors in Worcester.
I've recently found out that there is a flying freehold element on a property I put an offer in two weeks back in what should have been a straight forward, chain free conveyancing. Worcester is where the house is located. Is there any advice you can give?
Flying freeholds in Worcester are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Worcester you must be sure that your lawyer goes through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Worcester 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 premises.
What makes your site different to alternative online quote calculators when it comes to conveyancing in Worcester?
At this site receive a conveyancing costs illustration via a Solicitor or Licensed Conveyancer that appreciates the nuances for your conveyancing in Worcester. As opposed to estate agents and brokerage sites we do not have referral deals with solicitors. A large number of agents and online brokers 'recommend' the firm that pays the highest per referral, not the best value conveyancing in Worcester
Can you provide any advice for leasehold conveyancing in Worcester with the purpose of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Worcester can be reduced where you instruct lawyers the minute your agents start advertising the property and request that they start to put together the leasehold documentation needed by the buyers’ solicitors. If you hold a share in a the Management Company, you should ensure that you have the original share certificate. Organising a re-issued share certificate can be a lengthy formality and slows down many a Worcester home move. Where a new share is required, you should approach the company director and secretary or managing agents (if applicable) for this as soon as possible. You may think that you are aware of the number of years remaining on your lease but you should double-check by asking your solicitors. A buyer’s conveyancer will be unlikely to recommend their client to to exchange contracts if the lease term is less than 80 years. It is therefore important at an early stage that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale. If you have carried out any alterations to the residence would they have required Landlord’s consent? In particular have you laid down wooden flooring? Most leases in Worcester state that internal structural alterations or addition of wooden flooring require a licence issued by the Landlord consenting to such alterations. Should you dont have the paperwork in place you should not communicate with the landlord without checking with your conveyancer in the first instance. If there is a history of any disputes with your freeholder or managing agents it is essential that these are settled prior to the flat being marketed. The buyers and their solicitors will be concerned about purchasing a flat where there is an ongoing dispute. You will have to accept that you will have to discharge any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is better to reveal the dispute as historic as opposed to unsettled.
I acquired a 2 bed flat in Worcester, conveyancing having been completed in 2003. How much will my lease extension cost? Similar properties in Worcester with over 90 years remaining are worth £191,000. The ground rent is £55 levied per year. The lease finishes on 21st October 2079
With 54 years remaining on your lease we estimate the price of your lease extension to span between £31,400 and £36,200 as well as professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before seeking the advice of a professional.
My step-mother purchased her house in Worcester in 2007. She has since got married, widowed and has recently remarried. She now intends to dispose of the Worcester property. I think she will simply be need to supply copies of the marriage certificates to the property lawyer however she is worried it could hold up the conveyancing. Should she appoint a conveyancer to update the land title documents for the house?
The is no need to bring up to date the title for the property on the basis that you have the proof required to show how the change of name has come about.
Any buyer’s solicitor will review the title information and ask for evidence to prove the name change for example marriage certificates.