I am progressing with the sale of my house in Beddgelert and the estate agent has just called to advise that the purchasers are swapping law firm. The excuse is that the mortgage company will only deal with property lawyers on their conveyancing panel. Why would a big named lender only work with certain law firms rather the firm that they want to choose for their conveyancing in Beddgelert ?
Lenders have always had panels of law firms they are content to work with, but in recent years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Lenders justify this action to a rise in fraud by way of justification for the reduction – criteria have been tightened as a smaller panel is easier to keep an eye on. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms that have been removed from panels. Plenty of firms 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. Your purchasers are unlikely to have any sway in the decision.
We are expecting a mortgage offer soon. The bank mentioned the home loan came with free conveyancing. Is the implication that I have to appoint their panel lawyer as I would much rather instruct a high street conveyancing solicitor in Beddgelert?
You should check but the chances are that give you one of their panel solicitors if you want the "fee-free" incentive. Contact the bank and see if they offer you a cash alternative. Some banks have previously offered a £250 cashback as a further option in which case you could put that amount towards your preferred conveyancing solicitor in Beddgelert.
I have been told that property searches are the number one reason for obstruction in Beddgelert house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released conclusions of a review by MoveWithUs that conveyancing searches do not feature amongst the common causes of delays during the legal transfer of property. Local searches are unlikely to feature in any delay in conveyancing in Beddgelert.
I own a terraced Edwardian property in Beddgelert. Conveyancing lawyer acted for me and Bank of Ireland. I did a free Land Registry search last week and I saw two entries: one for freehold, another for leasehold with the exact same property. I thought I was buying a freehold how can I check?
You should assess the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Beddgelert and other areas of the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with purchasers. You can also check the position with your conveyancing lawyer who conducted the purchase.
I am buying my first flat in Beddgelert with a loan from Chelsea Building Society. The builders would not reduce the price so I negotiated £7000 of additionals instead. The house builders rep advised me not to tell my lawyer about the deal as it will impact my loan with Chelsea Building Society. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer 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.
I own a leasehold flat in Beddgelert. Conveyancing and Barclays mortgage are in place. I have received a letter from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1995. The conveyancing solicitor in Beddgelert who acted for me is not around. Do I pay?
The first thing you should do is make enquiries of the Land Registry to make sure that this person is indeed the new freeholder. You do not need to instruct a Beddgelert conveyancing lawyer to do this as it can be done on-line for £3. Rest assured that regardless, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I acquired a 1 bedroom flat in Beddgelert, conveyancing formalities finalised half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in Beddgelert with an extended lease are worth £176,000. The ground rent is £50 per annum. The lease runs out on 21st October 2105
You have 80 years left to run we estimate the price of your lease extension to range between £7,600 and £8,800 plus professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of detailed investigations. Do not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not move forward based on this information before seeking the advice of a professional.