I am progressing with the sale of my ground floor flat in Bryncoch and the EA has just telephoned to say that the purchasers are switching conveyancer. The excuse is that the bank will only deal with solicitors on their conveyancing panel. On what basis would a major lender only deal with specific law firms rather the firm that they want to choose to handle their conveyancing in Bryncoch ?
UK lenders have always had panels of law firms that can act for them, but in the last few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 years.
Mortgage companies point to the increase in fraud as the reason for the pruning – criteria have been tightened as a smaller panel is easier to maintain. Banks tend not to reveal 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 do not even realise 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 not going to have any impact on this.
Should conveyancers request an advanced payment when it comes to conveyancing in Bryncoch?
Where you are retaining lawyers for conveyancing in Bryncoch your solicitor will request that you to provide them with funds to cover the the cost of the conveyancing searches. Normally this is needed to cover the fees of the conveyancing searches. If any deposit is payable against the sale price then this should be asked for immediately in advance of exchange of contracts. The final balance that is due will be payable a couple of days prior to the completion date.
It is not clear whether my bank requires a lease extension. I have called into my local Bryncoch bank branch on numerous occasions and was informed it wasn't a problem and they would lend. My Bryncoch conveyancing solicitor - who is on the bank conveyancing panel- telephoned and was told they would not lend in accordance with their published requirements. I simply don't know who is right.
As long as the conveyancing practitioner is on the lender approved list, she or he must comply with the CML Handbook conditions for the bank. Unless your lawyer obtains specific confirmation in writing that the lender 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 mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I am selling my flat. I had a double glazing fitted in July 2007, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, Santander are being pedantic. The Bryncoch solicitor who is on the Santander conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Santander are insisting on a building regulation certificate. Why do Santander have a conveyancing panel if they don't accept advice from them?
It is probably the case that Santander have referred the matter to their valuer. The reason why Santander may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
At last I have had an offer on a flat in Bryncoch agreed to, but there is a chain. The owners have placed an offer on somewhere, however it’s not yet tied up, and are looking at other flats booked. I have chosen a nearby conveyancing solicitor in Bryncoch. What should be my next step? When should I get the mortgage application with Leeds Building Society started?
It is understandable to have apprehensions where there is a chain as you are unlikely to want to be too out of pocket prematurely (home loan application is in the region of one thousand pounds, then valuation, Bryncoch conveyancing search charges, etc). The first thing to do is check that your conveyancing practitioner is on the Leeds Building Society approved list. As to the next stages this very much dictated by the uniqueness of your transaction, attraction to the property and on the state of the market. During a hot market many purchasers will apply for a home loan with Leeds Building Society and pay for the valuation and only if it was satisfactory would they pay their conveyancer to move forward with the conveyancing in Bryncoch.
I am purchasing my first flat in Bryncoch with a mortgage from Norwich and Peterborough Building Society. The sellers would not reduce the price so I negotiated 6k of fixtures and fittings instead. The property agent advised me not reveal to my lawyer about the extras as it will jeopardize my mortgage with the lender. Is this normal?.
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.
I've found a house that seems to meet my requirements, at a great price which is making it more attractive. I have since been informed that the title is leasehold rather than freehold. I would have thought that there are particular concerns purchasing a leasehold house in Bryncoch. Conveyancing lawyers have are about to be appointed. Will they explain the issues?
The majority of houses in Bryncoch are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are buying in Bryncoch in which case you should be shopping around for a Bryncoch conveyancing solicitor and check that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. As a tenant you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example requiring the freeholder’spermission to carry out changes to the property. You may also be required to pay a service charge towards the upkeep of the communal areas where the property is located on an estate. Your solicitor will appraise you on the various issues.
I purchased a ground floor flat in Bryncoch, conveyancing formalities finalised March 2012. Can you work out an approximate cost of a lease extension? Comparable properties in Bryncoch with a long lease are worth £222,000. The ground rent is £50 invoiced every year. The lease ceases on 21st October 2094
With 70 years left to run we estimate the premium for your lease extension to range between £9,500 and £11,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.
I require the services of a mortgage company panel solicitor in Bryncoch. Could you help me?
Unfortunately it’s not apparent why you need a Bryncoch panel solicitor but in any event, if you can not find one on our search tool you will need to speak directly to the lender to find out which solicitors in Bryncoch are on their panel . If you do find such a firm in Bryncoch not listed please direct them to our site to list. After all the cost is only one £1 a month