My husband and I are hoping to purchase a property in Adamsdown and are in fact using a Adamsdown conveyancing practice. Within the past 48 hours our solicitor has sent a preliminary report and documents to look through with a view to exchanging next week. Aldermore have this morning contacted us to advise us that there is now an issue as our Adamsdown solicitor is not on their approved list of lawyers. Is this a problem?
If you are buying a property needing a mortgage it is normal for the purchasers' lawyers to also act for the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyer should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own Adamsdown solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
The Adamsdown conveyancing firm handling our Adamsdown conveyancing has spotted an inconsistency when comparing the assumptions in the home valuation report and what is in the title deeds. My lawyer has advised that he needs to check that the bank is OK with this discrepancy and is still content to lend. Is my solicitor’s course or action appropriate?
Your lawyer must comply with the UK Finance Lenders’ Handbook provisions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
I am the registered owner of a freehold residence in Adamsdown but nevertheless invoiced for rent, why is this and what is this?
It is rare for properties in Adamsdown and has limited impact for conveyancing in Adamsdown but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for many centuries, but the Rent Charge Act 1977 barred the generation of new rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 is to be extinguished.
If you had a top tip for selecting a conveyancing solicitor in Adamsdown what would it be?
Do not opt for the lowest Adamsdown conveyancing quote. You really do get what you pay for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
I am the only recipient of my late father’s estate with all property in now in my sole name, including the my former home in Adamsdown. The Adamsdown property was put into my name in June. I now wish to sell up. I do know about the CML six month 'rule', meaning my property ownership may be considered the same way as if I'd bought the house in June. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook instructs solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be impacted by that. How sensible a view mortgage companies take of it, depend on the mortgage company as this obligation is principally there to capture the purchase and immediately sell or the flipping of property.
When it comes to lenders such as Nationwide, do Adamsdown conveyancers incur a yearly amount to be on the list of approved solicitors?
We are unaware of any lender fees to be on their panel, although some do levy an administration fee to deal with the processing of the conveyancing panel application.
How does conveyancing in Adamsdown differ for newly converted properties?
Most buyers of new build residence in Adamsdown approach us having been asked by the seller to exchange contracts and commit to the purchase even before the property is built. This is because builders in Adamsdown typically acquire the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Adamsdown or who has acted in the same development.
As co-executor for the will of my grandmother I am selling a house in Newport but live in Adamsdown. My lawyer (approximately 250 kilometers from meneeds me to sign a stat dec prior to the transaction finalising. Could you suggest a conveyancing practitioner in Adamsdown who can witness and place their company stamp on the document?
Technically speaking you are not likely to need to have the documents witnessed by a conveyancing solicitor. Normally or notary public or qualified solicitor will be fine regardless of whether they are Adamsdown based