My partner and I are planning to buy a property in Cardiff Bay and are in fact using a Cardiff Bay conveyancing practice. Within the past 48 hours our lawyer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. HSBC Bank have this afternoon contacted us to advise us that there is now an issue as our Cardiff Bay solicitor is not on their approved list of lawyers. What do we do from here?
When purchasing a property with mortgage finance it is usual for the purchasers' lawyers to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyer should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the bank's conveyancing panel and you may continue to use your own Cardiff Bay solicitors, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
Is it possible for conveyancing in Cardiff Bay to be finalised inside 3 weeks?
First, If you are under time constraints to exchange we would recommend that your conveyancer is familiar with the location as they will make use of local relationships and know-how. It is possible that they would have transacted previousproperties in the same road. You would be best advised to use a Cardiff Bay conveyancing firm. In addition, be sure that the conveyancing firm is on the lender panel. It is said that just under twenty per cent of Cardiff Bay conveyancing deals are suspended or jeopardised after discovering a buyer’s conveyancer was not on their banks list of approved solicitors. In many cases this discovery resulted in the transaction being held up by almost 21 days. It is claimed that this issue impacts in the region of 100,000 home sales annually. Almost all Cardiff Bay conveyancing practices can not represent certain banks so do check at the outset.
We are buying a property and need a conveyancing solicitor in Cardiff Bay who is on the Clydesdale conveyancing panel. Can you recommend a local solicitor?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for Clydesdale . We don't recommend any particular firms conducting conveyancing in Cardiff Bay.
I am buying a new build apartment in Cardiff Bay. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below are examples of a few leasehold new build questions that you should expect your new-build leasehold conveyancing in Cardiff Bay
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If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier?
I opted to have a survey done on a house in Cardiff Bay ahead of appointing solicitors. I have been advised that there is a flying freehold aspect to the property. Our surveyor has said that some mortgage companies will not give a mortgage on a flying freehold premises.
It varies from the lender to lender. Lloyds has different requirements from Nationwide. Should you wish to call us we can look into this further via the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Cardiff Bay. Conveyancing may be slightly more expensive based on your lender's requirements.
I need to instruct a conveyancing lawyer in Cardiff Bay for my remortgage. Is there any facility to review a firm’s complaints history with the profession’s regulator?
You can read presented Solicitor Regulator Association (SRA) determinations resulting from inquisitions commenced on or after Jan 2008. Visit Check a solicitor's record. For details about the period before 1 January 2008, or to check a firm's record, ring 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For callers outside the UK, call +44 (0)121 329 6800. The regulator sometimes monitor telephone calls for training reasons.