I am nearing exchange of contracts for my flat in Wraysbury and the EA has just telephoned to advise that the buyers are switching property lawyer. The reason given is that the mortgage company will only engage with solicitors on their conveyancing panel. Why would a big named mortgage company only engage with specific lawyers rather the firm that they want to select for their conveyancing in Wraysbury ?
Banks have always had panels of law firms they are willing to work with, but in recent years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Banks justify this action to a rise in fraud by way of justification for the reduction – criteria have been tightened as a smaller panel is easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms that have been removed from panels. Plenty of firms are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your buyers are unlikely to have any sway in the decision.
Forgive me if this question is silly but I am unexperienced as FTB of a two bedroom flat in Wraysbury. Do I collect the keys to the property on the completion date from my lawyer? If so, I will instruct a local conveyancing solicitor in Wraysbury?
On the day of completion you do not need to attend the conveyancers office in Wraysbury. Your solicitors will transfer the purchase money to the vendor’s solicitors, and once they have received this, you should be able to collect the keys from the selling Agents and start moving into the property. Usually this happens early afternoon.
Completion of my purchase has taken place for my property in Wraysbury. Conveyancing was satisfactory but I feel I should register my dissatisfaction about the lender. How do I make a complaint?
All banks and building societies have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Services Department at head office. In most cases complaints to a lender are resolved very quickly. If you feel the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR with full details of your complaint.
It is unclear whether my lender requires a lease extension. I have telephoned my Wraysbury bank branch on various occasions and was reassured it wasn't a problem and they would lend. My Wraysbury conveyancing solicitor - who is on the bank conveyancing panel- telephoned to say that they would not lend based on their specific requirements. Who do I believe?
Provided that the lawyer is on the lender approved list, she or he must adhere to the Council of Mortgage Lenders’ Handbook specifications for the lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company 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 bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I bought my flat on 16 August and my personal details are still not registered. Should I be concerned? My conveyancing solicitor in Wraysbury expressed confidence that it would be formalised in a couple of weeks. Are transfers in Wraysbury particularly slow to register?
As far as conveyancing in Wraysbury registration is no quicker or slower than anywhere else in the country. As opposed to being determined by geographic area, timescales can vary according to the party submitting the application, whether it is in order and whether the Land registry need to notify any 3rd parties. As of today in the region of three quarters of submission are completed within two weeks but some can be subject to protracted delays. Historically registration is effected after the purchaser is living at the property so 'speed' is not typically top priority yet if it is urgent that the the registration takes place urgently then you or your solicitor must communicate with the Registry to express the reasoning for an expedited registration.
I've recently found out that there is a flying freehold element on a property I put an offer in two weeks back in what was supposed to be a straight forward, no chain conveyancing. Wraysbury is where the house is located. What do you suggest?
Flying freeholds in Wraysbury are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Wraysbury you would need to get your solicitor to go through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Wraysbury may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
My uncle has recommend that I appoint his conveyancers in Wraysbury. Do I take his guidance?
No doubt the ideal way to select a conveyancing practitioner is to get guidance from friends or family who have actually previously instructed the firm you're considering.
Can you offer any advice when it comes to appointing a Wraysbury conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a solicitor for lease extension works (regardless if they are a Wraysbury conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We suggest that you speak with several firms including non Wraysbury conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions could be helpful:
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How experienced is the firm with lease extension legislation?
Wraysbury Conveyancing for Leasehold Flats - A selection of Questions you should ask before Purchasing
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Is the freehold reversion owned jointly by the leaseholders? If a Wraysbury lease has less than eighty years it will have adverse implications on the value of the property. Check with your bank that they are happy with the length of the lease. Leases with less than 80 years remaining means that you will most likely have to extend the lease sooner rather than later and you need to have some idea of how much this would cost. For most Wraysburylease extensions you would need to own the property for 24 months in order to be eligible to exercise a lease extension. Make sure you discover if the the lease contains any adverse restrictions in the lease. For instance plenty of leases prohibit pets being permitted in certain buildings in Wraysbury. If you like the propertyin Wraysbury yet your cat can’t live with you then you will be presented with a difficult determination.