I am not well enough to travel far from Wadhurst. I would like to know the reason why all Wadhurst conveyancing practitioners are not on all bank panels?
Banks point to the fact that solicitor-led fraud is considered to be responsible for millions of pounds of fraud annually.The dismissal of law firms from lender panels started with the rise in mortgage fraud, which prompted a thematic review by the FSA in 2011. Its outcome included recommendations for lending institutions to review their conveyancing panels, which kicked off a major policy change in the sector. This resulted in lenders purging less reputable firms from their panel of approved lawyers .
Finally the sale completed on my house in Wadhurst last June but the buyer keeps SMS messaging every few hours to say his conveyancer is waiting to hear from myconveyancer. What should my lawyer have done now that I have sold?
Post completion of your house sale your conveyancer should forward the transfer deeds and all of the paperwork to the buyer’s solicitors. Depending on the transaction, your solicitor must also send confirmation that the legal charge in favour of the lender has been discharged to the buyers conveyancers. There are no post completion steps unique to conveyancing in Wadhurst.
My wife and I buying a terrace house in Wadhurst. The intention is to an extension at the rear at the house.Will legal due diligence on the property involve enquiries to see if these alterations were previously refused?
Your conveyancer will review the registered title as conveyancing in Wadhurst can occasionally reveal restrictions in the title documents which restrict categories of works or require the consent of a 3rd party. Some extensions require local authority planning consent and approval in compliance with building regulations. Certain locations are designated conservation areas and special planning restrictions apply which frequently prevent or affect extensions. It would be sensible to check these issues with a surveyor ahead of any purchase.
My conveyancer has informed me that absentee landlord insurance is necessary on my purchase. What is the typical level of cover needed for conveyancing in Wadhurst?
The right level of absentee landlord indemnity insurance should be dictated by who who your lender is. It would differ for example between National Westminster Bank and The Mortgage Works. Conveyancing practitioners as opposed to borrowers take out such insurances.
I have paid off my mortgage with Barclays. I assume I don't need a Wadhurst lawyer on the Barclays panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Barclays mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Barclays mortgage from the register. Barclays, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Barclays has sent the Land Registry the discharge electronically, and
- Barclays has instructed the Land Registry to do so
I'm buying a new build house in Wadhurst with the aid of help to buy. The developers would not move on the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The property agent advised me not to tell my conveyancer about this extras as it would put at risk my loan with Bank of Ireland. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I work for a long established estate agent office in Wadhurst where we have witnessed a number of flat sales jeopardised due to short leases. I have been given conflicting advice from local Wadhurst conveyancing solicitors. Please can you clarify whether the owner of a flat can start the lease extension process for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I own a ground floor flat in Wadhurst, conveyancing having been completed in 1997. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Wadhurst with an extended lease are worth £265,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease ceases on 21st October 2101
With just 75 years unexpired we estimate the price of your lease extension to be between £8,600 and £9,800 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to supply the actual costs without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.
I have checked your search tool I can't find the lawyer I was hoping to instruct as being on the lender conveyancing panel. My lawyer has said that they are on the mortgage company approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the mortgage company conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the mortgage company solicitor panel.