Am I correct in assuming that the fact that my solicitor in Whitwick is not on my mortgage company's solicitor panel that there is a problem with the standard of the firm’s conveyancing?
It would not be wise to jump to that conclusion. There are plenty of reasonable explanations. A recent report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) lack of transactions (2) the solicitor 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 contact the Whitwick conveyancing practice and enquire why they are no longer on the approved list for your bank.
My nephew is purchasing a newly built flat in Whitwick with a mortgage from UBS. His solicitor has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The document is intended to provide information to the main parties involved in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the UBS conveyancing panel as a standard part of the process, and to the surveyor when asked. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the UBS conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Will lawyers ask for money on account when it comes to conveyancing in Whitwick?
If you are buying a property in Whitwick your solicitor will request that you to provide them with monies to cover the search fees. This will be the total of the cost of the conveyancing searches. If any down payment is as part of the sale price then this will be required immediately in advance of exchange of contracts. The closing balance that is due should be sent to your lawyer a few days prior to the completion date.
When it comes to mortgage companies such as Santander, do Whitwick conveyancing practitioners incur a fee to be on the conveyancing panel?
We are not aware of any mortgage company fees to be on their panel, although some do levy an administration fee to deal with the processing of the conveyancing panel submission.
Clydesdale have agreed my home loan in principle, my offer on a flat in Whitwick has been accepted, what are the next steps?
The property agent will want to know who your solicitors are (make sure the property lawyers are on the lender’s panel). Telephone Clydesdale or your financial adviser and complete any appropriate documentation. Clydesdale will appoint a valuer who will get in touch with the selling agent or owners to arrange a slot for the valuation to happen. Once carried out (assuming no problems) it takes on average ten days to get a mortgage offer. Clydesdale will issue the offer to you and your conveyancers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Whitwick.
My sealed bid on a property in Whitwick has been agreed to, but there is a chain. The vendors have offered on a flat, but it’s not yet tied up, and have viewings of other apartments in the pipeline. I have instructed a high street conveyancing solicitor in Whitwick. What do I do now? At what stage should I apply for the mortgage with UBS?
It is usual to have apprehensions where there is a chain as you are unlikely to want to incur costs too early (home loan application is in the region of one thousand pounds, then survey, Whitwick conveyancing search charges, etc). First, you should ensure that your solicitor is on the UBS approved list. Regarding the next phase this very much dictated by the specifics of your case, motivation for the property and on the state of the market. During a buoyant market the majority of purchasers would apply for the mortgage with UBS and arrange for the valuation and only if it was satisfactory would they ask their lawyer to proceed with the conveyancing in Whitwick.
Last May I purchased a leasehold flat in Whitwick. Do I have any liability for service charges relating to a period prior to my ownership?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I am the registered owner of a 1 bedroom flat in Whitwick, conveyancing formalities finalised February 2011. Can you work out an approximate cost of a lease extension? Similar properties in Whitwick with a long lease are worth £206,000. The average or mid-range amount of ground rent is £45 per annum. The lease ends on 21st October 2092
With 66 years remaining on your lease we estimate the premium for your lease extension to span between £12,400 and £14,200 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. 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 you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.
I am an executor of my recently deceased mother’s Will, with a bungalow in Whitwick which will be marketed. The bungalow has never been registered at the Land Registry and I'm advised that some estate agents will insist that it is completed before they'll proceed. What's the mechanism for this?
In the circumstances that you have set out it seems sensible to seek to register in the names of the personal representative(s) as named in the probate and in their capacity as PRs. The Land Registry’s online guidance explains how to register for the first time and what is required re the deeds and forms. You would need to include and official copy of the probate as well and complete the form FR1 to refer to the PRs as the applicant.