I am one month into the sale of my home in Abertridwr and the EA has just telephoned to say that the buyers are appointing a new law firm. The reason given is that the lender will only deal with solicitors on their conveyancing panel. On what basis would a leading lender only engage with certain solicitors rather the firm that they want to appoint to handle their conveyancing in Abertridwr ?
UK lenders have always had panels of law firms that can act for them, but in the past few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Lenders justify this action to a rise in fraud as the reason for the reduction – criteria have been stiffened as a smaller panel is easier to oversee. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Some 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. The purchasers are unlikely to have any impact on this.
I am under pressure from the owner of a property in Abertridwr to sign contracts within four weeks. What can I do to expedite matters?
First, If you are under pressure for your conveyancing it is highly recommended that your lawyer is familiar with the area as they will have local contacts and insight. It is possible that they may have handled previoushouses in the same neighbourhood. Therefore consider using a Abertridwr conveyancing firm. Second, be sure that the conveyancing firm is on the lender panel. It is understood that 18% of Abertridwr conveyancing transactions are frustrated or jeopardised after finding out that a purchaser’s lawyer was not on their mortgage lender’s list of approved solicitors. In many cases this discovery resulted in the legal transfer of property being frustrated by as much as three weeks. It is understood that this issue impacts in the region of one hundred thousand home sales annually. Most Abertridwr conveyancing firms can not represent certain mortgage companies so do check as early as possible.
We are purchasing a property and the conveyancer has identified Chancel Repair for which the property may be liable given it’s proximity to the area of such a church. She has mentioned insurance. Is this really required for conveyancing in Abertridwr
Unless a previous purchase of the premises completed post 12 October 2013 you may assume that solicitors handling conveyancing in Abertridwr to remain recommending a chancel search and or chancel repair liability insurance.
Just had an offer accepted on a new build apartment in Abertridwr. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below are examples of a few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Abertridwr
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Please supply a car parking plan. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Please confirm the Lease plans are surveyor prepared. Forfeiture - bankruptcy or liquidation must not apply under this provision.
Due to the advice of my in-laws I had a survey completed on a property in Abertridwr ahead of retaining lawyers. I have been advised that there is a flying freehold overhang to the property. The surveyor advised that some banks will not give a mortgage on a flying freehold home.
It varies from the lender to lender. Bank of Scotland has different instructions from Halifax. Should you wish to telephone us we can check via the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Abertridwr. Conveyancing will be smoother if you use a solicitor in Abertridwr especially if they are acquainted with such properties in Abertridwr.
How can the Landlord & Tenant Act 1954 affect my commercial property in Abertridwr and how can your lawyers assist?
The particular law that you refer to gives a safeguard to business leaseholders, granting the a statutory right to make a request to court for a new lease and remain in occupation at the end of an expired lease. There are certain specified grounds that a landlord can refrain from granting a lease renewal and the rules are complex. We are happy to direct you to commercial conveyancing practices who use the act for protection and handle your commercial conveyancing in Abertridwr