Me and my fiance are buying a 1 bedroom flat in Abersychan with a mortgage. We like our Abersychan conveyancer, however the lender advise he's not on their "panel". It seems we have no choice but to use one of the lender panel solicitors or keep our Abersychan property lawyer as well as pay for one of their panel ones to represent them. This feels very unfair; are we not able to insist that the mortgage company use our Abersychan solicitor ?
No, not really. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms 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 Abersychan conveyancing lawyer to apply to be on the conveyancing panel.
We are only a couple days away from an exchange on a house in Abersychan and my mum and dad have transferred the exchange deposit to my solicitor. I am now informed that as the deposit has been received from someone other than me my property lawyer needs to disclose this to my lender. I am advised that, in also acting for the lender he must advise them that the balance of the purchase price is not just from me. I informed the bank regarding my parents' contribution when I applied for the mortgage, so is it really necessary for him to raise this?
Your solicitor is legally required to check with the bank to make sure that they know that the balance of the purchase price is not from your own funds. The solicitor can only reveal this to your lender if you agree, failing which, your lawyer must cease to continue acting.
As I am unsure how the conveyancing process works what is the most important number one tip you can impart concerning purchase conveyancing in Abersychan?
Not many law firms shout this from the rooftops but conveyancing in Abersychan and elsewhere in Torfaen is often a confrontational experience. Put another way, when it comes to conveyancing there is lots of room for confrontation between you and other parties involved in the transaction. For instance, the vendor, estate agent and sometimes the mortgage company. Choosing a law firm for your conveyancing in Abersychan an important selection as your conveyancer is your adviser, and is the ONLY party in the transaction whose interest is to look after your legal interests and to keep you safe.
There is a worrying increase in the "blame" culture- someone has to be blamed for the process being so protracted. We recommend that you must always trust your conveyancer above all other parties when it comes to the legal assignment of property.
I currently have a mortgage with Santander for my property in Abersychan. Conveyancing was finalised some time ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Santander?
Santander must be informed of your intention prior to renting your property as this is likely to be a breach of Santander’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Santander directly. You need not do this via a Santander conveyancing panel solicitor.
It is unclear whether my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Abersychan bank branch on a couple of occasions and was reassured it wasn't an issue and they would lend. My Abersychan conveyancing solicitor - who is on the mortgage company conveyancing panel- called to say that they refuse to lend in accordance with their published requirements. Who do I believe?
Your lawyer has to follow the CML Handbook Part 2 requirements for your bank. 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 mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
I am selling my apartment. I had a double glazing fitted in December 2006, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, TSB are being difficult. The Abersychan solicitor who is on the TSB conveyancing panel is happy to accept ‘lack of building regulation’ insurance but TSB are requiring a building regulation certificate. Why do TSB have a conveyancing panel if they don't accept advice from them?
It is probably the case that TSB have referred the matter to their valuer. The reason why TSB 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 got the keys to my flat on 3 July and the transaction details is yet to be on the land registry website. Need I be worried? My conveyancing solicitor in Abersychan advises it would be formalised in a couple of weeks. Are properties in Abersychan particularly slow to register?
There is nothing unique about conveyancing in Abersychan registration formalities. As opposed to being determined by geographic area, timescales can differ depending on who lodges the application, whether it is in order and if the Land registry must send notices to any 3rd parties. Currently roughly three quarters of such applications are completed within 12 days but some can be subject to extensive hold-ups. Historically registration takes place after the buyer has moved in to the property therefore 'speed' is not always an essential issue yet if it is urgent that the the registration takes place urgently then you or your conveyancer could communicate with the Registry to express the reasoning for the application to be prioritised.
If instructed can a conveyancer remove someone from the title of my home in Abersychan ?
Subtracting or adding someone to the title of your house is relatively straightforward. You’ll need to appoint a lawyer to discuss your legal rights before you can proceed with a transfer of property. Contact us to book a free consultation with one a conveyancer