My wife and I are intending to acquire a 3 bedroom flat in Cardiff Bay with a mortgage. We have a Cardiff Bay conveyancer, however the mortgage company advise she’s not on their "panel". It seems we have little choice but to select one of the mortgage company panel firms or retain our Cardiff Bay property lawyer as well as pay for one of their panel lawyers to act for them. This seems very unfair; can we not insist that the lender use our Cardiff Bay property lawyer ?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the bank’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. A further alternative is for your Cardiff Bay conveyancing lawyer to apply to be on the conveyancing panel.
My wife and I are soon to exchange on the purchase of a house in Cardiff Bay but as a consequence of wreckage from the recent storms I have was able negotiate recompense from the seller in the sum of £3k in the form of a adjustment in the price. This was going to be addressed as part of the conveyancing process yet Skipton are not allowing this. Should they have been involved?
Any lawyer that is on a Skipton conveyancing panel is obliged to disclose to Skipton of any amendments to the purchase price. If you were to refuse your conveyancer to notify the price change to Skipton then they would have to discontinue acting for you. In addition, Skipton and you would have to appoint a new conveyancing practitioner for your conveyancing in Cardiff Bay.
How can we know in advance if a Cardiff Bay conveyancing solicitor on the Co-operative panel is any good?
When it comes to conveyancing in Cardiff Bay getting recommendations is a sensible starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always suggest that you speak with the solicitor conducting your conveyancing.
My husband and I have arranged the release of further funds on our mortgage from HSBC as we wish to carry out improvements to our property in Cardiff Bay. Do we need to choose a local Cardiff Bay solicitor on the HSBC conveyancing panel to deal with the legals?
HSBC don't usually require a member of their approved list of lawyers to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the HSBC conveyancing panel.
My partner and I are at the point of looking at apartments in Cardiff Bay and I am now considering a potential offer. Is it advisable to have a lawyer on ‘stand by’? I intend to finance via a mortgage with Principality.
It would be wise to commence your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and forward their details on to the EA. Given that you are obtaining a mortgage with Principality, make sure you remember to check that your lawyer is on the Principality conveyancing panel.
I have been recommended by numerous selling agents in Cardiff Bay to choose a solicitor on your site. What’s the financial incentive for Estate Agents to offer your services over alternative conveyancing organisations?
We don’t offer any financial incentive for pointing buyers and sellers our way. We found it would be just too difficult a fee because members of the public would think, ‘Why is the agent getting a kickback? Why am I not receiving any benefit too?’ So we decided to step away from that.
Expecting to complete next month on a studio apartment in Cardiff Bay. Conveyancing lawyers assured me that they report fully tomorrow. What should I be looking out for?
The report on title for your leasehold conveyancing in Cardiff Bay should include some of the following:
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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. Setting out your legal entitlements in relation to common areas in the block.By way of example, does the lease include a right of way over an accessway or hallways? Whether your lease caters for for a reserve fund? Your conveyancers should enable you to have an understanding of the building insurance obligations
I am the registered owner of a ground floor flat in Cardiff Bay, conveyancing formalities finalised half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in Cardiff Bay with a long lease are worth £206,000. The ground rent is £45 invoiced annually. The lease finishes on 21st October 2092
With just 66 years left to run the likely cost is going to be between £12,400 and £14,200 plus costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.
Should I stop my mortgage payments with Coventry BS as soon as a completion date for my home sale in Cardiff Bay has been agreed?
You are best advised to maintain paying any mortgage payments to Coventry BS until the mortgage is redeemed on completion as part of your Cardiff Bay conveyancing.