I am in the process of selling my ground floor flat in Weldon and the EA has just telephoned to say that the purchasers are swapping property lawyer. I am told that this is due to the fact that the mortgage company will only work with property lawyers on their conveyancing panel. Why would a leading mortgage company only engage with specific law firms rather the firm that they want to select to handle their conveyancing in Weldon ?
Banks have always had panels of law firms they are willing to work with, but in recent years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Banks attribute this action to a rise in fraud by way of justification for the pruning – criteria have been stiffened as a smaller panel is easier to keep an eye on. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Some 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 unlikely to have any impact on this.
We're in Weldon, First timers purchasing with a mortgage (lender is Nationwide , and our lawyer is on the Nationwide conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Nationwide conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I need some expedited conveyancing in Weldon as I have an ultimatum to complete in less than 2 weeks. A home loan is not required. Is it possible to escape the need for conveyancing searches to save fees and time?
As you are not obtaining a mortgage you have the choice not to do searches although no conveyancer would suggest that you don't. With plenty of history conveyancing in Weldon the following are instances of issues that can show up and therefore affect the marketability of the property: Refused Planning Applications, Outstanding Fees, Outstanding Grants, Unadopted Roads,...
Are there restrictive covenants that are commonly picked up during conveyancing in Weldon?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Weldon. 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…’
As co-executor for the will of my father I am disposing of a house in Newport but reside in Weldon. My solicitor (who is 300 kilometers from mehas requested that I execute a statutory declaration before completion. Could you suggest a conveyancing solicitor in Weldon to witness and place their company stamp on the document?
Technically speaking you are not likely to be required to have the documents witnessed by a conveyancing solicitor. Normally or notary public or qualified solicitor will suffice regardless of whether they are based in Weldon
Are there frequently found problems that you see in leases for Weldon properties?
Leasehold conveyancing in Weldon is not unique. All leases are unique and drafting errors can sometimes mean that certain provisions are missing. For example, if your lease is missing any of the following, it could be defective:
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Maintenance charge proportions which don’t add up to the correct percentage
A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, Bank of Scotland, and Aldermore all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the purchaser to pull out.
I own a garden flat in Weldon, conveyancing having been completed December 1996. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Weldon with an extended lease are worth £195,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease expires on 21st October 2089
You have 64 years unexpired we estimate the price of your lease extension to range between £14,300 and £16,400 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. You should not use this information in tribunal or court proceedings. There may be additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.