I can't travel far from Bryncoch. Is there a reason why all Bryncoch lawyers are not on all bank panels?
Pre- 2008 most lenders exhibited an approach to risk which differs from the current day. The FSA in 2010 instigated a thematic review into property fraud which concluded: know the lawyers on your panel. Consequently, lenders have subsequently soughtmore information from law firms concerning their processes and the individuals who work for them and set certain criteria such as completing a minimum number of transactions. Many law practices have been removed from lender panels even though they had 100% healthy disciplinary record, no complaints and no claims and didn't just 'dabble' in conveyancing. Many firms were never going to meet the minimum volume of transactions the lenders required.
I am purchasing a property mortgage free in Bryncoch. I have lived for the last Seventeen years in Bryncoch. Conveyancing searches are a lot of money. As I have knowledge of the area and road very well should I not bother getting the solicitor to do all the conveyancing searches?
If you not getting a mortgage, then the vast majority of the Bryncoch conveyancing searches are at your discretion. Your lawyer will ’encourage you, perhaps strongly, that you should have searches done, but she is duty bound to do this. One thing to take into account; if you are likely to dispose of the house one day, it will likely be be of relevance to your prospective purchaser what the searches contain. There are plenty of instances where properties with day to day issues can still reveal detrimental search results. A competent conveyancing solicitor in Bryncoch should provide you some helpful advice in this regard.
Do all mortgage companies provide you with an approved list of Bryncoch conveyancing solicitors? How do you know who is on the Coventry BS conveyancing panel?
Bryncoch conveyancing firms themselves provide us confirmation that they are on the Coventry BS conveyancing panel as opposed to being supplied with a list from Coventry BS directly.
My stepmother pointed out to me me that in buying a property in Bryncoch there could be various restrictions affecting the ability to carry out external changes to a property. Is this right?
We are aware of a number of properties in Bryncoch which have some sort of restriction or requirement of consent to external changes. Part of the conveyancing in Bryncoch should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
Is it correct that all Bryncoch CQS (Conveyancing Quality Scheme) solicitors are on the Aldermore conveyancing panel?
It is true that some lenders now use CQS as the starting point for Panel membership such as HSBC and Santander. The Law Society’s CQS accreditation however gives no guarantee to lender panel acceptance. Nevertheless,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitor practices wishing to join their panels.
After months of negotiation I have agreed a price on a house in Bryncoch. My financial adviser pressured me to appoint their conveyancer. I paid an on account payment of £150. Soon after, the conveyancer contacted me to say that they were not on the Santander conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Santander panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
It has been 3 months since my purchase conveyancing in Bryncoch took place. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I work for a long established estate agent office in Bryncoch where we have witnessed a number of leasehold sales jeopardised as a result of short leases. I have been given conflicting advice from local Bryncoch conveyancing firms. Please can you clarify whether the vendor of a flat can initiate the lease extension process for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I bought a garden flat in Bryncoch, conveyancing having been completed in 2010. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Bryncoch with over 90 years remaining are worth £221,000. The ground rent is £50 charged once a year. The lease terminates on 21st October 2096
With only 70 years remaining on your lease we estimate the premium for your lease extension to span between £9,500 and £11,000 plus costs.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.