My wife and I are acquiring a brand new apartment in Madeley and my lawyer is advising me that she is duty bound to the bank to reveal incentives from the seller. I am on a tight deadline to exchange contracts and I have no desire to prolong matters. Is my lawyer right?
You should not exchange unless you have been advised to do so by your conveyancing practitioner. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook provisions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Is there a search tool that I can use to investigate if the solicitor carrying out my conveyancing in Madeley is on the lender’sapproved panel? I am looking to avoid the situation of having one lawyer for me and one for Britannia thus spending £187.00 plus VAT in further legal charges.
Feel free to make the most of the find a lender approved solicitor tool on this site. Please choose the mortgage company and type ‘Madeley’ or your location and you will see numerous conveyancers offices in Madeley or nearest you.
We had chosen conveyancing lawyers located in Madeley on the Co-operative solicitor approved list. They have just billed me a supplemental charge for the legal aspects of the Co-operative mortgage. Is this an additional conveyancing fee specified by Co-operative?
Provided it is contained in their Terms and Conditions or estimate then yes your solicitor is entitled to charge a fee for this. The fee is not dictated by Co-operative but by your Madeley conveyancer. Plenty of firms on the Co-operative panel will charge ’dealing with mortgage’ fee and others do not.
It is unclear whether my mortgage offer requires a lease extension. I have telephoned my Madeley building society branch on a couple of occasions and was advised it wasn't a problem and they will lend. My Madeley conveyancing solicitor - who is on the lender conveyancing panel- telephoned to say that they refuse to lend in accordance with their specific requirements. I have no idea who is right.
As long as the conveyancing practitioner is on the mortgage company approved list, she or he must follow the CML Handbook conditions for the bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
After weeks of negotiation I have agreed a price on a house in Madeley. My financial adviser pressured me to appoint their property lawyer. I paid an upfront payment of £225. A couple of days later, the solicitor called me embarrassingly acknowledging that they were not on the Nottingham 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 Nottingham 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.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Madeley?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Madeley. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Yesterday I discovered that there is a flying freehold element on a property I put an offer in last month in what was supposed to be a quick, chain free conveyancing. Madeley is the location of the property. What do you suggest?
Flying freeholds in Madeley are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Madeley 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 Madeley 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.
What does commercial conveyancing in Madeley cover?
Non domestic conveyancing in Madeley covers a broad range of guidance, provided by qualified solicitors, relating to business property. By way of example, this type of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the assignment of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of tenancies.