I am in the process of selling my apartment in Wollaston and the EA has just called to advise that the buyers are appointing a new conveyancer. The excuse is that the bank will only engage with solicitors on their conveyancing panel. Why would a leading mortgage company only deal with certain law firms rather the firm that they want to choose for their conveyancing in Wollaston ?
Mortgage companies have always had an approved set of law firms that can act for them, but in recent years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Banks point to the increase in fraud by way of justification for the cull – criteria have been tightened as a smaller panel is easier to maintain. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices 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. The buyers are unlikely to have any impact on this.
Various online forums that I have frequented warn that are the number one reason for stalling in Wollaston conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the conclusions of research by MoveWithUs that conveyancing searches do not figure within the most frequent causes of delays during the legal transfer of property. Local searches are unlikely to feature in any slowing down conveyancing in Wollaston.
Due to the guidance of my in-laws I had a survey completed on a property in Wollaston ahead of retaining conveyancers. I have been informed that there is a flying freehold aspect to the house. The surveyor advised that some banks will not give a mortgage on this type of home.
It depends who your proposed lender is. HSBC has different instructions for example to Halifax. If you contact us we can investigate further via the relevant lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Wollaston. Conveyancing will be smoother if you use a solicitor in Wollaston especially if they regularly deal with such properties in Wollaston.
I need to retain a conveyancing solicitor for some conveyancing in Wollaston. I happened to chance upon a site which appears to be the perfect answer If there is a chance to get all formalities done via web that would be ideal. Do I need to be wary? What should out be looking out for?
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?
Can you provide any advice for leasehold conveyancing in Wollaston with the aim of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Wollaston can be bypassed where you appoint lawyers as soon as your agents start marketing the property and request that they start to collate the leasehold information which will be required by the buyers’ conveyancers. You may think that you are aware of the number of years remaining on your lease but it would be wise to double-check via your conveyancers. A buyer’s lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is below 75 years. It is therefore important at an early stage that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale. If there is a history of conflict with your freeholder or managing agents it is essential that these are resolved before the property is put on the market. The purchasers and their solicitors will be reluctant to purchase a property where there is a current dispute. You may need to swallow your pride and discharge any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is clearly preferable to reveal the dispute as historic rather than unresolved. If you have carried out any alterations to the property would they have required Landlord’s approval? In particular have you laid down wooden flooring? Wollaston leases often stipulate that internal structural changes or installing wooden flooring necessitate a licence issued by the Landlord consenting to such alterations. If you fail to have the consents in place do not contact the landlord without checking with your conveyancer before hand. If you hold a share in a the Management Company, you should make sure that you hold the original share certificate. Organising a re-issued share certificate can be a time consuming formality and frustrates many a Wollaston conveyancing deal. Where a duplicate share certificate is necessary, do contact the company director and secretary or managing agents (if applicable) for this as soon as possible.
I am the registered owner of a 1st floor flat in Wollaston, conveyancing having been completed 5 years ago. How much will my lease extension cost? Similar flats in Wollaston with an extended lease are worth £222,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease terminates on 21st October 2095
With only 71 years left to run the likely cost is going to span between £9,500 and £11,000 as well as legals.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply the actual costs without more detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.
What is the best way to find the right lawyer for my conveyancing in Wollaston ?
Option 1 is to ask your friends and family who they would recommend. Option 2 is to search the internet for conveyancing in Wollaston. Call two or three from the list and request that they send you their conveyancing estimate and speak to the lawyer who will handle your conveyancing before you commit. Third is to use this site to help you find the right lawyers for you based on your unique factors including location,speed, complexity and who your intended lender is.Resist the temptation to appoint lowest cost conveyancing solicitors in Wollaston