Unfortunately I am unable to travel far from Wigan. I would like to know the logic why all Wigan lawyers are not on all bank panels?
Even though it may seem unfair for mortgage companies to restrict who can represent them, from the public’s or solicitor’s point of view, the the contrary view is that mortgage companies are increasingly anxious and feel it vital to protect them from mortgage fraud. As a result of this concern mortgage companies have reduced their conveyancing panel to a manageable size.
My father informed me that in buying a property in Wigan there could be various restrictions affecting the ability to carry out external alterations to a property. Is this right?
There are a number of properties in Wigan which have some sort of restriction or requirement of consent to execute external variations. Part of the conveyancing in Wigan should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
It is not clear whether my bank requires a lease extension. I have called into my local Wigan building society branch on numerous occasions and was told they are content with the situation and they would lend. My Wigan conveyancing solicitor - who is on the mortgage company conveyancing panel- called and was told they would not lend in accordance with their specific requirements. Who do I believe?
The lawyer must comply with the CML Handbook Part 2 requirements for your lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
I recently had an offer agreed on an apartment in Wigan. My financial adviser suggested a lawyer. I paid an advanced payment of £150. A couple of days later, the property lawyer contacted me sheepishly admitting that they were not on the Bank of Ireland conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Bank of Ireland panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
What can a local search reveal concerning the house I am buying in Wigan?
Wigan conveyancing often starts with the submitting local authority searches directly from your local Authority or via a personal search company such as Searches UK The local search is essential in every Wigan conveyancing purchase; as long as you don’t want any unpleasant surprises after you move into your property. The search should reveal data on, amongst other things, details on planning applications relevant to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 subject sections.
How does conveyancing in Wigan differ for new build properties?
Most buyers of new build property in Wigan come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the property is completed. This is because builders in Wigan typically acquire the land, 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 accustomed to new build conveyancing in Wigan or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a property I have offered on two weeks back in what should have been a simple, chain free conveyancing. Wigan is where the house is located. Can you shed any light on this issue?
Flying freeholds in Wigan are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Wigan you must be sure that your lawyer goes through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Wigan 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.
My step-son is just in the process of moving home, the home loan was agreed last week in principle. One the seller agreed the offer on the apartment we called the bank to progress the mortgage application. We were disappointed to learn that mortgage companies do not accept all lawyer, they have to be on a list, is this correct?
Banks tend to imposes restrictions either the type or the number of conveyancing practices on their panel. A common example of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that lenders have no responsibility for the quality of advice provided by any Wigan conveyancing practitioner on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Presumably not.