I am selling my maisonette in Newton-le-Willows and the estate agent has just text me to advise that the buyers are appointing a new property lawyer. I am told that this is due to the fact that the lender will only work with solicitors on their conveyancing panel. Why would a big named lender only engage with certain law firms rather the firm that they want to select for their conveyancing in Newton-le-Willows ?
Mortgage companies have always had panels of law firms that can act for them, but in the last few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Lenders point to the increase in fraud as the reason for the reduction – criteria have been narrowed 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 hearing daily from firms 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 purchasers are not going to have any impact on this.
What does my ID and proof of funds have anything to do with my conveyancing in Newton-le-Willows? Is this really warranted?
To satisfy the Money Laundering Regulations any Newton-le-Willows conveyancing firm will require evidence of your identity in all conveyancing transactions. This is normally dealt with by provision of a passport and an original bank statement or utility account showing where you live.
Under Money Laundering Regulations, property lawyers are duty bound to check not only the ID of conveyancing clients but also the source of fund that they receive in respect of any matter. Refusal to disclose this will lead to your lawyer ending their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your property lawyers are duty bound to make a disclosure to the relevant authorities should they believe that any amounts received by them may contravene the Money Laundering Regulations.
What is your number one tip for choosing a conveyancing solicitor in Newton-le-Willows
It would be unwise to be swayed by the lowest Newton-le-Willows conveyancing quote. You really do get what you pay for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
I am purchasing a property in Newton-le-Willows. A rare aspect is that the roof has a solar panel. Principality have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that your lender is Principality your lawyer must comply with the conveyancing instructions set out in Section two of UK Finance Lenders’ Handbook for Principality. The CML Handbook stipulates minimum requirements for solar panel roof-space leases, and lawyers are required to report to Principality where a lease does not satisfy these provisions. The conditions relate to the installation of panels on properties nationwide and is not restricted to Newton-le-Willows.
I am expecting a AIP from Coventry BS this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Coventry BS recommend any Newton-le-Willows solicitors on the Coventry BS conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Newton-le-Willows solicitors independently although you'll need to choose one on the Coventry BS conveyancing panel. The solicitor represents both you and Coventry BS through the process.
We are selling our home in Newton-le-Willows and according to the buyers it appears that there is a possibility that the property was constructed land that was not decontaminated. Any local lawyer would know that there is no such problem. It does beg the question why the buyers used a web based conveyancing practice as opposed to a conveyancing solicitor in Newton-le-Willows. We have lived in Newton-le-Willows for many years we know of no issue. Do we get in touch with our local Authority to obtain confirmation need.
It would appear that you have a conveyancing firm currently acting for you. What do they say? You should enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same illness)
How does conveyancing in Newton-le-Willows differ for new build properties?
Most buyers of new build premises in Newton-le-Willows approach us having been asked by the seller to sign contracts and commit to the purchase even before the residence is built. This is because builders in Newton-le-Willows usually purchase the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Newton-le-Willows or who has acted in the same development.
I've recently bought a leasehold property in Newton-le-Willows. Do I have any liability for service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous owner 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 inherited a studio flat in Newton-le-Willows, conveyancing formalities finalised in 1997. How much will my lease extension cost? Corresponding flats in Newton-le-Willows with an extended lease are worth £185,000. The average or mid-range amount of ground rent is £65 per annum. The lease ceases on 21st October 2085
With just 60 years left to run we estimate the premium for your lease extension to range between £20,000 and £23,000 as well as costs.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more comprehensive investigations. Do not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.