My husband and I intend to purchase a purpose built flat in Wolverley with a mortgage from Bank of Ireland.We use our Wolverley conveyancing practitioner but Bank of Ireland says she’s not on their approved list of firms. It seems we have no choice but to instruct a Bank of Ireland panel lawyer or retain our preferred solicitor and pay for a Bank of Ireland panel lawyer to act for them. This seems very unfair; Can we not simply insist that Bank of Ireland use our lawyer?
No, not really. The loan offered to you contains terms and conditions, one of which will be that conveyancers must be on the Bank of Ireland conveyancing panel. Until recently, most banks had large numbers of solicitors on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for Bank of Ireland
Completion of my purchase has taken place for my property in Wolverley. Conveyancing was satisfactory but I feel I should register my dissatisfaction about the lender. How do I make a complaint?
Almost all banks and building societies have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Care Team at head office. We understand that complaints to a lender are resolved very quickly. If you feel the matter is not resolved you can write to Financial Ombudsman Service with full details of your complaint.
It is unclear whether my bank requires a lease extension. I have called my Wolverley bank branch on various occasions and was reassured it wasn't an issue and they would lend. My Wolverley conveyancing solicitor - who is on the bank conveyancing panel- telephoned and was told they refuse to lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. I simply don't know who is right.
Your conveyancing practitioner has to comply with the CML Handbook section two requirements for your lender. Unless your lawyer obtains specific confirmation in writing that the bank 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.
I have finally had an offer on a maisonette in Wolverley accepted, but there is a chain. The owners have offered on on an apartment, however it’s not yet tied up, and are looking at other flats in the pipeline. I have selected a local conveyancing solicitor in Wolverley. What do I do now? At what stage do I apply for the mortgage with Bank of Ireland?
It is understandable to have apprehensions where there is a chain as you are unlikely to want to incur expenses prematurely (home loan application is in the region of £1k, then survey, Wolverley conveyancing search charges, etc). The first thing to do is check that your property lawyer is on the Bank of Ireland conveyancing panel. Concerning the subsequent steps this very much dictated by the specifics of your case, desire for the property and on the state of the market. During a buoyant market the majority of home buyers will apply for a home loan with Bank of Ireland and arrange for the valuation and only if it was satisfactory would they ask their solicitor to proceed with the conveyancing in Wolverley.
What can a local search inform me regarding the property my wife and I buying in Wolverley?
Wolverley conveyancing often commences with the submitting local authority searches directly from your local Authority or via a personal search organisations for instance Onsearch The local search is essential in every Wolverley conveyancing purchase; as long as you don’t want any unpleasant surprises after you move into your property. The search should supply information on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen topic areas.
I used Action Conveyancing a few years ago for my conveyancing in Wolverley. I now require my papers however cannot find the solicitor. What do I do?
Do call the Solicitors Regulatory Authority (SRA) to assist in tracing your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Wolverley of the conveyancing firm of solicitors you previously retained, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
Back In 2001, I bought a leasehold flat in Wolverley. Conveyancing and The Royal Bank of Scotland mortgage are in place. A letter has just been received from someone saying they have taken over the freehold. It included a ground rent demand for rent dating back to 1998. The conveyancing solicitor in Wolverley who previously acted has long since retired. Any advice?
The first thing you should do is make enquiries of HMLR to make sure that the individual claiming to own the freehold is in fact the registered owner of the freehold reversion. There is no need to instruct a Wolverley conveyancing practitioner to do this as it can be done on-line for £3. You should note that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I acquired a garden flat in Wolverley, conveyancing having been completed October 2006. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Wolverley with over 90 years remaining are worth £211,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease terminates on 21st October 2093
With 68 years unexpired we estimate the premium for your lease extension to span between £9,500 and £11,000 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of detailed investigations. Do not use this information in tribunal or court proceedings. There are no doubt other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.