My husband and I are looking to purchase a flat in Wisbech and are in fact using a Wisbech conveyancing firm. Within the last couple of days our solicitor has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Clydesdale have this morning contacted us to inform me that there is now an issue as our Wisbech solicitor is not on their conveyancing panel. What do we do from here?
Where you are buying a property requiring a mortgage it is standard for the purchasers' lawyers to also represent the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your solicitor should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the bank's conveyancing panel and you may continue to use your own Wisbech solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
My solicitor has discovered a a problem with the lease for the property we are buying in Wisbech. The other side have offered defective title insurance as a solution. We are happy with insurance and will pay for it. Our conveyancing practitioner says that he must ensure that the lender is willing to move forward with this solution. Are we the client or is the mortgage company ?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the mortgage company are the client. Your conveyancer must comply with the UK Finance Lenders’ Handbook provisions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the lender can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your solicitor will have no choice but to discontinue acting for you.
Our mortgage company has recommended solicitors on their panel based in Wisbech but I would rather use a conveyancing lawyer in Wisbech local to me. Can you assist?
Far from all Wisbech conveyancing solicitors are on all lender’s conveyancing panel. Do make the most of our find an approved solicitor tool to identify a Wisbech conveyancing conveyancer on the on the mortgage company panel.
I opted to have a survey done on a property in Wisbech ahead of appointing lawyers. I have been informed that there is a flying freehold element to the house. My surveyor has said that some lenders tend refuse to grant a loan on this type of home.
It varies from the lender to lender. Bank of Scotland has different requirements for example to Halifax. If you call us we can check with the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Wisbech. Conveyancing will be smoother if you use a solicitor in Wisbech especially if they are acquainted with such properties in Wisbech.
I need to appoint a conveyancing solicitor for leasehold conveyancing in Wisbech. I have land on a site which seems to have the perfect offering If there is a chance to get all the legals done via email that would be ideal. Do I need to be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I only have Fifty years unexpired on my flat in Wisbech. I now want to get lease extension but my freeholder is absent. What options are available to me?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be extended by the magistrate. You will be obliged to prove that you or your lawyers have used your best endeavours to find the freeholder. In some cases a specialist may be useful to try and locate and prepare a report to be used as proof that the freeholder is indeed missing. It is wise to seek advice from a conveyancer in relation to proving the landlord’s disappearance and the vesting order request to the County Court overseeing Wisbech.
Wisbech Leasehold Conveyancing - A selection of Queries Prior to Purchasing
What is the annual service fee and ground rent? How is the lease structured?