My husband and I are purchasing a brand new apartment in Caersws and my solicitor is telling me that she is duty bound to the mortgage company to disclose incentives from the seller. I am nearing the developer’s deadline to exchange and I would rather not delay matters. Is my lawyer right?
You should not exchange unless you have been advised to do so by your lawyer. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Will lawyers request money up-front for my conveyancing in Caersws?
If you are buying a property in Caersws your solicitor will request that you to provide them with funds to cover the the cost of the conveyancing searches. Ordinarily this is needed to cover the fees of the conveyancing searches. If any down payment is payable against the sale price then this should be asked for immediately before exchange of contracts. The closing balance that is needed will be payable a couple of days ahead of the day of completion.
What happens if my solicitor is expelled from the Virgin Money Solicitor panel ahead of completing my conveyancing in Caersws?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
Due to the advice of my in-laws I had a survey completed on a property in Caersws ahead of retaining lawyers. I have been informed that there is a flying freehold aspect to the house. Our surveyor advised that some mortgage companies tend refuse to grant a mortgage on a flying freehold property.
It depends who your proposed lender is. HSBC has different instructions from Halifax. Should you wish to call us we can check via the relevant bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Caersws. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Caersws to see if the conveyancing costs will increase in light of this.
I am using a search engine for the term cheap conveyancing in Caersws it brings up many conveyancerslocally. How do I determine which is the right solicitor for the sale of my house?
The ideal method of finding a suitable conveyancer is through a trusted recommendation, so seek the opinion of friends and those you trust who have purchased a property in Caersws or a local estate agent or mortgage broker. Charges for conveyancing in Caersws vary, so it's sensible to secure at least three fee calculations from different law firms. Make sure that you clarify that the fees are fixed.
My wife and I are selling a Caersws apartment left to us six years ago in 2010. I have over twenty years conveyancing knowledge and, although retired, intend to conduct the legal work. The buyer's conveyancing practitioner has informed me that their mortgage company will not allow us to do our own conveyancing as they require the funds to be sent to a solicitor's bank account.
Mortgage instructions to conveyancers from all CML members specify that If the seller does not have legal representation the purchaser’s lawyers should check whether the bank needs to be informed so that a decision can be reached as to whether they are prepared to proceed.