Me and my partner are buying a 3 bedroom flat in Cardiff Bay with a mortgage. We like our Cardiff Bay lawyer, but the mortgage company says she’s not on their "panel". We have to appoint one of the lender panel firms or keep our Cardiff Bay property lawyer and pay for one of their panel ones to act for them. We consider that this is unjust; is there anything we can do?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Cardiff Bay conveyancing solicitor to apply to be on the conveyancing panel.
The Cardiff Bay conveyancing solicitors that just started acting on my house acquisition in Cardiff Bay have suddenly closed. They were on acting for me because I needed a lawyer on the Skipton conveyancing panel and my family Cardiff Bay lawyer was not. I issued them a cheque for £250 in advance. What are my options?
If you have an estate agent involved then let them know immediately so that they advise the vendors that there may be a slight delay due to reasons beyond your control. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Skipton conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors may be able to help.
I have been told that property searches are the main reason for delay in Cardiff Bay house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the conclusions of a review by MoveWithUs that conveyancing searches do not feature amongst the most frequent causes of delays during the legal transfer of property. Searches are unlikely to be the root cause of slowing down conveyancing in Cardiff Bay.
I'm purchasing a new build house in Cardiff Bay with a mortgage from Britannia. The builders would not reduce the amount so I negotiated 6k of extras instead. The sale representative suggested that I not to tell my solicitor about this extras as it may adversely affect my loan with Britannia. 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.
We're new on the property ladder - agreed a price, yet the estate agent told us that the owners will only go ahead if we appoint their preferred solicitors as they need an ‘expedited deal’. We would rather use a local solicitor accustomed to conveyancing in Cardiff Bay
It is improbable the vendors are driving this. If they desire ‘a quick sale', turning down a serious buyer is going to damage their objectives. Avoid the agents and go straight to the sellers and make sure they understand (a)you are genuine purchasers (b)you are ready to progress, with finances arranged © you are unencumbered (d) you intend to proceed fast (e)but you are going to instruct your preferred Cardiff Bay conveyancing solicitors - not the ones that will give their estate agent a commission or hit his conveyancing thresholds demanded by head office.
Looking forward to sign contracts shortly on a garden flat in Cardiff Bay. Conveyancing solicitors inform me that they report fully next week. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Cardiff Bay should include some of the following:
-
The landlord’s rights to access the premises. You should be made aware that your landlord has rights of access as well as be informed how much notice must be provided. Specifying your rights in relation to common areas in the building.For example, does the lease permit a right of way over an accessway or hallways? Changes to the property Repair and maintenance of the property Whether your lease has a provision for a sinking fund?
I bought a studio flat in Cardiff Bay, conveyancing was carried out in 2012. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Cardiff Bay with an extended lease are worth £206,000. The average or mid-range amount of ground rent is £45 levied per year. The lease ceases on 21st October 2091
With just 66 years left to run we estimate the price of your lease extension to range between £12,400 and £14,200 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed investigations. You should not use the figures in tribunal or court proceedings. There may be additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first getting professional advice.