I am nearing exchange of contracts for my flat in Wigston and the estate agent has just telephoned to warn that the purchasers are changing their property lawyer. I am told that this is due to the fact that the bank will only deal with solicitors on their conveyancing panel. Why would a big named mortgage company only work with certain lawyers rather the firm that they want to appoint to handle their conveyancing in Wigston ?
Mortgage companies have always had an approved set of law firms that can represent them, but in the last few years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Lending institutions point to the increase in fraud by way of justification for the cull – criteria have been narrowed as a smaller panel is easier to oversee. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Plenty of firms do not even realise 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.
Do I find a Licenced Conveyancer or Solicitor for conveyancing in Wigston?
There are two types of lawyers who can conduct conveyancing in Wigston namely CLC regulated conveyancers or solicitors. Both professionals administer the legal services that required to complete the sale or purchase of property. Both are duty bound to carry out Wigston conveyancing on similar quality and guidelines so you may be sure that your conveyancing will be professionally conducted and that the requisite procedures will be suitably adhered to.
My conveyancer has informed me that lack of planning permission insurance is required on my purchase. What is the level of cover for Wigston conveyancing?
The right level of lack of planning permission indemnity insurance should be dictated by who who your lender is. It would differ for example between Halifax and The Royal Bank of Scotland. Conveyancing practitioners as opposed to borrowers take out such insurances.
When it comes to lenders such as Nottingham, do Wigston property lawyers incur a fee to be on the conveyancing panel?
We are unaware of any bank fees to register on their panel, although some do levy an administration charge to deal with the processing of the conveyancing panel submission.
Will our lawyer be making enquiries concerning flooding during the conveyancing in Wigston.
Flooding is a growing risk for conveyancers carrying out conveyancing in Wigston. Plenty of people will acquire a property in Wigston, fully aware that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, if a property is at risk of flooding, it may be difficult to get a mortgage, adequate building insurance, or sell the premises. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Lawyers are not qualified to impart advice on flood risk, but there are a number of checks that may be carried out by the purchaser or on a buyer’s behalf which can give them a better understanding of the risks in Wigston. The standard information sent to a purchaser’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a usual inquiry of the owner to determine whether the premises has suffered from flooding. In the event that the residence has been flooded in past and is not notified by the vendor, then a buyer could commence a compensation claim as a result of such an misleading answer. The buyer’s conveyancers may also commission an environmental search. This should reveal if there is any known flood risk. If so, further inquiries will need to be made.
Just had an offer accepted on a new build apartment in Wigston. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below is a sample of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Wigston
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The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal.
I opted to have a survey carried out on a house in Wigston prior to appointing solicitors. I have been informed that there is a flying freehold element to the property. My surveyor has said that some lenders tend not give a mortgage on a flying freehold house.
It depends who your proposed lender is. Santander has different instructions for example to Halifax. If you e-mail us we can investigate further via the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Wigston. Conveyancing will be smoother if you use a solicitor in Wigston especially if they regularly deal with such properties in Wigston.
What makes a Wigston lease unmortgageable?
Leasehold conveyancing in Wigston is not unique. All leases are individual and drafting errors can result in certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:
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A provision for the recovery of money spent for the benefit of another party.
A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, Skipton Building Society, and Nottingham Building Society all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, obliging the buyer to pull out.
Leasehold Conveyancing in Wigston - Examples of Queries before Purchasing
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It is important to be aware whether fixing the lift or some other significant cost is due in the foreseeable future to be shared by the leaseholders and will materially increase the the maintenance charges or necessitate a one time invoice. The majority of Wigston leasehold properties will incur a service bill for the upkeep of the block invoiced by the landlord. Should you buy the apartment you will have to pay this contribution, normally quarterly throughout the year. This can differ from two or three hundred pounds to thousands of pounds for buildings with lifts and large communal areas. In all probability there will be a rentcharge for you to pay yearly, normally this is not a exorbitant amount, say around £50-£100 but you should to check as sometimes it can be many hundreds of pounds. Does the lease include onerous restrictions?