I plan on buying a flat in Wells. My lawyer is not on the bank solicitor list. Can I still retain my Wells conveyancing solicitor notwithstanding that they are excluded from the lender panel?
Various options include
- Complete the deal with your preferred Wells lawyer but your bank will undoubtedly use a solicitor on their approved panel. This will result in additional charges and probable delay.
- Appoint a fresh solicitor to act in the purchase, making sure they are on the lender conveyancing panel.
- Convince your lawyer to do everything within their powers to join the bank’s conveyancing panel
I am the registered owner of a freehold residence in Wells yet pay rent, why is this and what is this?
It is rare for properties in Wells and has limited impact for conveyancing in Wells but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for hundreds of years, but the Rent Charge Act 1977 barred the establishment of new rentcharges from 1977 onwards.
Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 will be extinguished.
My wife and I buying a terrace house in Wells. The intention is to carry out an extension to the side at the property.Will the conveyancing process include investigations to ascertain if these works are allowed?
Your property lawyer should review the registered title as conveyancing in Wells will sometimes reveal restrictions in the title deeds which prohibit categories of changes or necessitated the permission of another owner. Some additions need local authority planning consent and approval under the building regulations. Many locations are designated conservation areas and special planning restrictions apply which often prevent or impact extensions. It would be sensible to check these issues with a surveyor prior to committing yourself to a purchase.
Please help - my lawyer says that missing deeds insurance is required on my purchase. What is the typical level of cover needed for conveyancing in Wells?
The appropriate level of missing deeds indemnity insurance depends on your lender. It would differ for example between Birmingham Midshires and Skipton Building Society. Conveyancing lawyers as opposed to members of the public take out such insurances.
Last month we had a mortgage agreed in principle with TSB. Wells conveyancing solicitors were selected. What is the average time that one could expect to receive a mortgage offer from TSB?
There is no definitive answer here. Have TSB conducted the survey? Have you advised TSB as to your lawyers' details and checked that your lawyers are on the TSB conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
We are selling our home in Wells and the buyers lawyers are claiming that there is a possibility that the property was constructed land that was not decontaminated. Any local conveyancer would know this is not the case. For the life of me I don't know why the purchasers are using a nationwide conveyancing outfit as opposed to a conveyancing solicitor in Wells. We have lived in Wells for six years we know that this is a non issue. Should we get in touch with our local Authority to obtain confirmation need.
It would appear that you have a conveyancing firm already. Are they able to advise? 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)
I'm purchasing my first flat in Wells with a loan from Chelsea Building Society. The developers refused to budge the price so I negotiated 6k of fixtures and fittings instead. The sale representative advised me not disclose to my solicitor about the deal as it would put at risk my mortgage with the lender. Should I keep quiet?.
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 am looking for a leasehold apartment up to £235,500 and identified one close by in Wells I like with a park and railway links in the vicinity, however it's only got 52 years unexpired on the lease. There is not much else in Wells suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you require a home loan that many years may be an issue. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least twenty four months you may request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this.