Is the fact that my solicitor in Wolverhampton is not identified on my bank's solicitor panel that there is a problem with the standard of her conveyancing?
That would more than likely be an incorrect assumption to make. There are all sorts of perfectly reasonable explanations. Just recently a report by the solicitors regulator indicated that over three quarters of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) low volume of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should simply call the Wolverhampton conveyancing firm and enquire why they are no longer on the approved list for your mortgage company.
Please help - my lawyer says that restrictive coveneant insurance is required on my purchase. What is the typical level of cover needed for conveyancing in Wolverhampton?
The right level of restrictive coveneant indemnity insurance should be dictated by who your lender. It would differ for example between Barclays and The Mortgage Works. Conveyancing solicitors as opposed to members of the public take out such insurances.
We have a mortgage agreed in principle with Co-operative. Wolverhampton conveyancing lawyers are selected. How long does it take for Co-operative to send the offer to the conveyancer?
There is no definitive answer here. Have Co-operative completed the valuation? Have you advised Co-operative as to your lawyers' details and checked that your lawyers are on the Co-operative conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
It is unclear whether my bank requires a lease extension. I have called into my local Wolverhampton building society branch on a couple of occasions and was reassured it wasn't an issue and they will lend. My Wolverhampton conveyancing solicitor - who is on the lender conveyancing panel- called and was told they refuse to lend based on their published requirements. I have no idea who is right.
Provided that the lawyer is on the lender approved list, they must adhere to the CML Handbook requirements for the bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
It has been four months following my purchase conveyancing in Wolverhampton took place. 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.
I'm purchasing a new build house in Wolverhampton with the aid of help to buy. The developers refused to reduce the amount so I negotiated £7000 of additionals instead. The property agent suggested that I not to tell my conveyancer about the deal as it would impact my mortgage with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I decided to have a survey completed on a property in Wolverhampton prior to instructing solicitors. I have been informed that there is a flying freehold overhang to the property. The surveyor advised that some mortgage companies tend not grant a mortgage on a flying freehold property.
It depends who your proposed lender is. Lloyds has different instructions from Halifax. Should you wish to call us we can check with the relevant bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Wolverhampton. Conveyancing will be smoother if you use a solicitor in Wolverhampton especially if they regularly deal with such properties in Wolverhampton.
Are the Wolverhampton conveyancing lawyers identified as being on the bank conveyancing panel, together with their details provided by the bank?
Wolverhampton firms and firms conducting conveyancing in Wolverhampton themselves provide us confirmation that they are on the lender conveyancing panel as opposed to being supplied with a list from the mortgage company directly.