I am selling my apartment in Cardiff and the EA has just e-mailed to advise that the purchasers are appointing a new solicitor. The excuse is that the lender will only deal with solicitors on their approved list. On what basis would a leading lender only deal with specific law firms rather the firm that they want to select for their conveyancing in Cardiff ?
UK lenders have always had an approved set of law firms that can act for them, but in recent years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Mortgage companies blame a rise in fraud by way of justification for the pruning – criteria have been tightened as a smaller panel is easier to monitor. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices 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 buyers are not going to have any sway in the decision.
How does conveyancing in Cardiff differ for newly converted properties?
Most buyers of new build residence in Cardiff approach us having been asked by the seller to exchange contracts and commit to the purchase even before the property is completed. This is because builders in Cardiff typically buy the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Cardiff or who has acted in the same development.
I opted to have a survey completed on a house in Cardiff in advance of retaining lawyers. I have been informed that there is a flying freehold aspect to the property. Our surveyor has said that some lenders may not issue a mortgage on a flying freehold home.
It varies from the lender to lender. Lloyds has different requirements for example to Birmingham Midshires. If you call us we can look into this further with the appropriate lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Cardiff. Conveyancing may be slightly more expensive based on your lender's requirements.
Are there any apps to help locate a Cardiff law firm on the Halifax conveyancing panel? I have a car and am willing to travel upto 25miles to meet the solicitor.
You can use the search on this website. Please pick a lender and your location and you will see a number of Cardiff conveyancing lawyers locally. We have listed some Cardiff conveyancing firms at the bottom of this page and you can telephone them to verify whether they are on the Halifax panel
I've recently bought a leasehold flat in Cardiff. Am I liable to pay service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Cardiff Conveyancing for Leasehold Flats - A selection of Queries before buying
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Its a good idea to discover as much as possible concerning the company managing the building as they will affect your use and enjoyment of the property. As the proprietor of a leasehold property you will be at the mercy of the managing agents from a financial perspective and when it comes to practical matters such as the cleanliness of the common parts. You should not be shy to ask other tenants whether they are happy with them. In conclusion, find out the dates that you are obliged pay the service charge to the managing agents and specifically what you get for your money. How many of the leaseholders are in arrears for their service charge payments? The answer will be helpful as a) areas could cause problems for the building as the communal areas may begin to deteriorate where services remain unpaid b) if the leaseholders have an issue with the running of the building you will wish to know about it
How much will conveyancing in Cardiff cost?
Almost all Cardiff conveyancing firms will charge a set fee. In the event that additional work arise during the transaction your conveyancing practitioner is duty bound to advise you in writing of any supplemental costs for any work immediately it becomes obvious. Some work on a no sale no charge basis, others will levy an bill for a proportion of the agreed fee, calculated based on the point at which the matter does not go ahead.
It is advisable to ask two or three conveyancers to provide you an estimate.