Much to our surprise we have been told by our IFA that my Waddington the law firm I have appointed is not on the lender Conveyancing panel. How can I be certain whether this is indeed the case?
The sensible course of action for you to take is to contact your Waddington conveyancer. You lawyer should inform you of the situation. If they are not on the panel they may recommend you to a Waddington conveyancing firm that is on the conveyancing panel for your bank.
My partner and I have organised a further advance on our home loan from Nottingham as we wish to carry out improvements to our home in Waddington. Do we need to choose a high street Waddington solicitor on the Nottingham conveyancing panel to handle the paperwork?
Nottingham do not ordinarily instruct a member of their approved list of lawyers to deal with such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Nottingham conveyancing panel.
I am due to exchange contracts on my house. I had a double glazing fitted in February 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, RBS are being a right pain. The Waddington solicitor who is on the RBS conveyancing panel is saying indemnity insurance will be fine but RBS are insisting on a building regulation certificate. Why do RBS have a conveyancing panel if they don't accept advice from them?
It is probably the case that RBS have referred the matter to their valuer. The reason why RBS may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I have finally had an offer on an apartment in Waddington accepted, but there is a chain. The owners have offered on a flat, however it’s not been accepted yet, and are looking at other flats booked. I have selected a high street conveyancing solicitor in Waddington. What do I do now? When do I get the mortgage application with Principality started?
It is understandable to have apprehensions where there is a chain as you are unlikely to want to incur costs too early (home loan application is approx £1k, then valuation, Waddington conveyancing search costs, etc). The first course of action is to check that your property lawyer is on the Principality conveyancing panel. As to the subsequent stages this very much dictated by the specifics of your transaction, attraction to this property and on the state of the market. In a rising market many purchasers will apply for the mortgage with Principality and arrange for the valuation and only if it comes back ok would they pay their property lawyer to press on with the conveyancing in Waddington.
Will our lawyer be asking questions regarding flooding as part of the conveyancing in Waddington.
Flooding is a growing risk for solicitors dealing with homes in Waddington. Plenty of people will acquire a property in Waddington, completely aware that at some time, it may be flooded. However, aside from the physical damage, if a house is at risk of flooding, it may be difficult to get a mortgage, adequate insurance cover, or dispose of the premises. Steps can be carried out during the course of a property purchase to forewarn the purchaser.
Conveyancers are not qualified to impart advice on flood risk, but there are a numerous searches that may be carried out by the buyer or by their conveyancers which will give them a better understanding of the risks in Waddington. The conventional set of property information forms sent to a buyer’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a standard question of the seller to determine if the property has ever been flooded. In the event that flooding has previously occurred and is not revealed by the owner, then a purchaser may bring a claim for damages as a result of such an incorrect response. A buyer’s solicitors will also conduct an enviro search. This should reveal if there is a recorded flood risk. If so, further investigations will need to be carried out.
It has been five months since my purchase conveyancing in Waddington took place. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £160,000. 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 asset 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 am a negotiator for a busy estate agency in Waddington where we see a few flat sales jeopardised due to leases having less than 80 years remaining. I have been given inconsistent advice from local Waddington conveyancing solicitors. Can you confirm whether the seller of a flat can commence the lease extension process for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I own a split level flat in Waddington, conveyancing formalities finalised 10 years ago. Can you work out an approximate cost of a lease extension? Comparable flats in Waddington with an extended lease are worth £197,000. The ground rent is £55 per annum. The lease finishes on 21st October 2079
With 55 years remaining on your lease we estimate the premium for your lease extension to be between £31,400 and £36,200 plus legals.
The figure above a general guide to costs for extending a lease, but we are not able to supply the actual costs without more detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.