Unfortunately I am unable to travel far from Wokingham. Can you please explain the reason why all Wokingham conveyancing practitioners aren't included on all lender panels?
Before the recession most mortgage companies displayed an approach to risk which differs from the current day. The Financial Services Authority in 2010 conducted a thematic review into mortgage fraud which concluded: know the conveyancing practitioners on your panel. Accordingly, banks have subsequently looked to extract more data from law firms concerning their processes and the individuals who work for them and set certain criteria such as completing a minimum number of transactions. Hundreds of firms have been excluded from lender panels even though they had 100% healthy disciplinary record, no complaints and no claims and didn't just 'dabble' in conveyancing. Many firms found it impossible satisfy the minimum volume of transactions the lenders insisted on.
My uncle pointed out to me me that in purchasing a property in Wokingham there could be a number of restrictions preventing external changes to a property. Is this right?
There are anumerous of properties in Wokingham which have some sort of restriction or requirement of consent to execute external variations. Part of the conveyancing in Wokingham should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
We expect to receive a AIP from Kent Reliance this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Kent Reliance recommend any Wokingham solicitors on the Kent Reliance conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Wokingham solicitors independently although you'll need to choose one on the Kent Reliance conveyancing panel. The solicitor represents both you and Kent Reliance through the process.
I have a mortgage with Nottingham for my property in Wokingham. Conveyancing was finalised a year ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Nottingham?
Your original mortgage agreement with Nottingham will provide that you need their approval prior to renting your property as this is likely to be a breach of Nottingham’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Nottingham directly. You need not do this via a Nottingham conveyancing panel firm.
I am purchasing a property and the conveyancer has identified Chancel Repair to which the property could be obligated to pay given it’s proximity to the area of such a church. She has recommended insurance. Is this really warranted for conveyancing in Wokingham
Unless a previous purchase of the premises took place after 12 October 2013 you may expect solicitors conducting conveyancing in Wokingham to remain recommending a chancel search and or insurance against a claim.
Me and my brother have a renovated Victorian property in Wokingham. Conveyancing practitioner represented me and Yorkshire Building Society. I did a free Land Registry search last week and I saw a couple of entries: the first freehold, the second leasehold under the matching address. Is it worth asking Yorkshire Building Society to clarify?
You need to read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Wokingham and other locations in the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with buyers. You can also check the position with the conveyancing lawyer who conducted the purchase.
Completion is due on our sale of a £125,000 flat in Wokingham in 5 days. The managing agents has quoted £420 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge such fees for a flat conveyance in Wokingham?
Wokingham conveyancing on leasehold maisonettes more often than not necessitates the purchaser’s conveyancer submitting enquiries for the landlord to address. Although the landlord is not legally bound to address these enquiries the majority will be content to assist. They are at liberty to levy a reasonable administration fee for responding to questions or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is over three hundred pounds, in some transactions it is above £800. The management information fee required by the landlord must be accompanied by a synopsis of entitlements and obligations in relation to administration charges, without which the charge is not strictly payable. Reality however dictates that you have little choice but to pay whatever is demanded if you want to complete the sale of your home.
I am the registered owner of a ground floor flat in Wokingham, conveyancing was carried out half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Corresponding flats in Wokingham with over 90 years remaining are worth £197,000. The average or mid-range amount of ground rent is £55 levied per year. The lease terminates on 21st October 2081
With just 55 years remaining on your lease the likely cost is going to range between £31,400 and £36,200 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.
I am purchasing a flat and need a conveyancing solicitor in Wokingham who is on the bank approved panel. Could you point me in the right direction as regards a firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for the bank who carry out conveyancing in Wokingham. We dont recommend any particular conveyancing practice.