we are a couple who are purchasing a newbuild flat in Bassaleg with a residential mortgage from Bank of Ireland.We would like to retain our Bassaleg conveyancing solicitor but Bank of Ireland advised that his firm is not listed on their "panel". We have to appoint a Bank of Ireland panel solicitor or keep our preferred solicitor and fork out for one of their panel ones to act for them. This seems very unfair; is there anything we can do?
No, not really. The mortgage issued to you contains various provisions, a common one being that lawyers needs to be on the Bank of Ireland solicitor panel. Until recently, most mortgage companies 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 lawyer to apply to be on the conveyancing panel for Bank of Ireland
I just bought a house at auction in Bassaleg. Conveyancing is necessary. What are my next steps?
Having for in every practical sense signed on the dotted line you will need to hire the services of a conveyancing practitioner soon as you will have a pending a fixed date to complete the deal. An auction property should have an associated legal set of papers. This will include most,if not all of the documents that your lawyer will need. In the case of leasehold property the legal papers should provide a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork relating to a leasehold property. You should give this to your appointed conveyancing solicitor at the earliest opportunity. Do make sure that your finances are in place to complete the transaction on the set completion date.
It is not clear whether my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Bassaleg bank branch on various occasions and was told they are content with the situation and they will lend. My Bassaleg conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned to say that they would not lend in accordance with their published requirements. I simply don't know who is right.
Provided that the conveyancing practitioner is on the bank approved list, she or he must follow the Council of Mortgage Lenders’ Handbook specifications for the lender. 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 bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Planning on purchasing a apartment in Bassaleg. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Aldermore conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Bassaleg lawyer is on the Aldermore conveyancing panel.
Various web forums that I have frequented warn that are the main reason for obstruction in Bassaleg conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released determinations of research by MoveWithUs that conveyancing searches do not figure within the most frequent causes of delays in the conveyancing process. Local searches are not likely to feature in any slowing down conveyancing in Bassaleg.
I used Stirling Law a few years past for my conveyancing in Bassaleg. I now require my file however the law firm has closed. What do I do?
You should contact the Solicitors Regulatory Authority (SRA) to help locate 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 Bassaleg of the conveyancing firm of solicitors you previously used, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
I'm purchasing my first flat in Bassaleg with a loan from Skipton Building Society. The sellers refused to reduce the amount so I negotiated £7000 of additionals instead. The sale representative advised me not inform my solicitor about this extras as it will affect my loan with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
What does commercial conveyancing in Bassaleg cover?
Bassaleg conveyancing for business premises covers a broad range of advice, offered by regulated solicitors, relating to business property. For instance, this type of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the assignment of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of tenancies.