I am one month into the sale of my home in Wilford and the EA has just e-mailed to say that the purchasers are appointing a new law firm. The reason given is that the bank will only engage with property lawyers on their conveyancing panel. Why would a leading lender only deal with certain solicitors rather the firm that they want to choose for their conveyancing in Wilford ?
Mortgage companies have always had an approved set of law firms they are willing to work with, 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 many years.
Mortgage companies attribute this action to a rise in fraud by way of justification for the cull – criteria have been narrowed as a smaller panel is easier to maintain. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms that have been removed from panels. Plenty of firms 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. The purchasers are not going to have any sway in the decision.
My god-son is about to exchange on a new build apartment in Wilford with a mortgage from Kent Reliance. His solicitor has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The document is intended to provide information to the main parties engaged in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Kent Reliance conveyancing panel as a standard part of the process, and to the surveyor when asked. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Kent Reliance conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Do I select a Licenced Conveyancer or Solicitor for conveyancing in Wilford?
There are many registered licenced Conveyancers in Wilford and Solicitor firms in Wilford who can help with your conveyancing We would stress that the two are supervised by regulatory bodies with both specialising in the legal work in the home buying process. The two can deal with other property legal work such as remortgage conveyancing, lease extensions and transfer of equity conveyancing.
We had selected conveyancers located in Wilford on the Bank of Ireland solicitor approved list. They have just invoiced me a separate amount for handling the Bank of Ireland mortgage. Is this a supplemental conveyancing fee specified by Bank of Ireland?
As unfair as it may seem, as long as it’s in their Terms and Conditions or estimate then yes your conveyancing practitioner may charge a fee for this. This fee is not dictated by Bank of Ireland but by your Wilford property lawyer. Some firms on the Bank of Ireland panel will levy ’dealing with mortgage’ fee and others do not.
The formalities of my remortgage has taken place for my property in Wilford. Conveyancing was of an acceptable standard but I feel I should register my dissatisfaction about the lender. How do I make a complaint?
All lenders have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Services Department at head office. In most cases complaints to a lender are resolved very quickly. If you feel the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
We are downsizing from our home in Wilford and according to the buyers it appears that there is a risk of it being 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 used a factory type conveyancing practice as opposed to a conveyancing solicitor in Wilford. We have lived in Wilford for 5 years we know of no issue. Do we contact our local Authority to get clarification need.
It would appear that you have a conveyancing lawyer already. What do they say? You must 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 health insurance to cover that same illness)
My wife and I purchased a leasehold flat in Wilford. Conveyancing and Nationwide Building Society mortgage organised. A letter has just been received from someone saying they have taken over the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1997. The conveyancing practitioner in Wilford who acted for me is not around. What should I do?
First contact HMLR to make sure that this person is indeed the registered owner of the freehold reversion. You do not need to incur the fees of a Wilford conveyancing firm to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I acquired a leasehold flat in Wilford, conveyancing formalities finalised 3 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Wilford with over 90 years remaining are worth £255,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease expires on 21st October 2096
With just 73 years left to run the likely cost is going to span between £8,600 and £9,800 plus professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.
Can a conveyancer remove a name from the title of my home in Wilford ?
Removing or adding someone to the title of your house is relatively straightforward. You’ll need to appoint a conveyancer to discuss your legal rights before you can proceed with a transfer of property. Contact us to book a free consultation with one a property lawyer