My fiance and I are hoping to buy a house in Wallasey and are in fact using a Wallasey conveyancing firm. Within the past 48 hours our solicitor has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Coventry Building Society have this afternoon contacted us to advise us that they have now hit a problem as our Wallasey conveyancer is not on their conveyancing panel. Please explain?
Where you are buying a property needing a mortgage it is standard for the purchasers' solicitors to also act for the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the bank's conveyancing panel as you are at liberty to use your preferred Wallasey lawyers, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
My solicitor has informed me that absentee landlord insurance is necessary on my purchase. What is the level of cover for Wallasey conveyancing?
The right level of absentee landlord indemnity insurance depends on who your lender is. It would differ for example between Santander and Norwich and Peterborough Building Society. Conveyancing lawyers as opposed to members of the public take out such insurances.
I have today made my last payment due on my mortgage with Barclays. I assume I don't need a Wallasey conveyancer on the Barclays panel to discharge the mortgage at the Land Registry. Am I right?
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 am currently in the process of buying my council flat in Wallasey. I have a mortgage agreed with Kent Reliance. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Kent Reliance, you will need to appoint a solicitor on the Kent Reliance conveyancing panel.
four months have elapsed following my purchase conveyancing in Wallasey took place. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am buying a new build house in Wallasey with a loan from Aldermore. The sellers would not move on the amount so I negotiated five thousand pounds worth of additionals instead. The sale representative suggested that I not reveal to my solicitor about this side-deal as it will adversely affect my loan with the lender. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder 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.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on two weeks back in what was supposed to be a quick, chain free conveyancing. Wallasey is where the house is located. Is there any advice you can give?
Flying freeholds in Wallasey are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Wallasey you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Wallasey may determine 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 residence.
I am in need of some leasehold conveyancing in Wallasey. Before diving in I want to be sure as to the remaining lease term.
Assuming the lease is recorded at the land registry - and almost all are in Wallasey - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I bought a 2 bed flat in Wallasey, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable properties in Wallasey with an extended lease are worth £170,000. The ground rent is £50 levied per year. The lease expires on 21st October 2102
With 79 years unexpired the likely cost is going to span between £7,600 and £8,800 plus legals.
The figure above a general guide to costs for extending a lease, but we are not able to supply the actual costs without more detailed due diligence. You should not use this information in tribunal or court proceedings. There may be additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.