I was informed today by my mortgage broker that my Wisbech the law firm I have appointed is not on the mortgage company Solicitor panel. What can I do to be sure if this is correct?
Your first step should be to contact your Wisbech conveyancer. You lawyer should advise you of the situation. If they are not on the panel they could put your in touch with solicitors on the conveyancing panel for your lender.
Can you help? My Wisbech lawyer is advising me that he is legally obliged toorder Wisbech conveyancing searches asthe firm are on the Santanderconveyancing panel. Is this really necessary?
You have limited options available to you. Given that you are taking out a loan with a lender your solicitor has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your lawyer would have previously signed the Terms and Conditions of your bank’s conveyancing panel appointment which obliges them to follow the Council of Mortgage Lenders’ Handbook conditions . Even if you were a cash buyer you would be ill advised not to carry out Wisbech conveyancing searches.
Should my conveyancer be raising questions about flooding during the conveyancing in Wisbech.
The risk of flooding is if increasing concern for conveyancers conducting conveyancing in Wisbech. There are those who acquire a house in Wisbech, fully aware that at some time, it may suffer from flooding. However, aside from the physical destruction, if a property is at risk of flooding, it may be difficult to get a mortgage, adequate insurance cover, or dispose of the property. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Solicitors are not best placed to give advice on flood risk, however there are a numerous searches that can be carried out by the purchaser or on a buyer’s behalf which should give them a better understanding of the risks in Wisbech. The conventional set of information supplied to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a usual inquiry of the owner to find out whether the property has suffered from flooding. If the premises has been flooded in past which is not disclosed by the seller, then a purchaser may issue a claim for damages resulting from an inaccurate reply. A buyer’s conveyancers will also conduct an enviro search. This will indicate if there is a recorded flood risk. If so, more detailed inquiries will need to be conducted.
2 months have elapsed since my purchase conveyancing in Wisbech concluded. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
What advice can you give us when it comes to choosing a Wisbech conveyancing firm to deal with our lease extension?
If you are instructing a property lawyer for lease extension works (regardless if they are a Wisbech conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We recommend that you speak with two or three firms including non Wisbech conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions could be useful:
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Can they put you in touch with clients in Wisbech who can give a testimonial? What are the legal fees for lease extension work?
I invested in buying a ground floor flat in Wisbech, conveyancing having been completed 6 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding properties in Wisbech with over 90 years remaining are worth £175,000. The average or mid-range amount of ground rent is £65 charged once a year. The lease comes to an end on 21st October 2082
You have 58 years unexpired we estimate the price of your lease extension to range between £23,800 and £27,400 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.
I am just shy of a 10% deposit on my house purchase in Wisbech , but I still want to go ahead. Do I have options?
One option is to try and agree a smaller deposit. Many vendors will agree to a lower deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last minute