Am I correct in assuming that the fact that my conveyancer in Ceredigion is not identified on my lender's conveyancing panel that there is a problem with the quality of her work?
It would be unwise to jump to that conclusion. There are all sorts of perfectly reasonable explanations. Just recently a report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) low volume of transactions (2) the solicitor is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Should you be concerned you should contact the Ceredigion conveyancing practice and enquire why they are no longer on the approved list for your lender.
I am in a contract race with another prospective purchaser for a property in Ceredigion. What can I do to expedite the conveyancing process?
Where the seller is applying pressure for your conveyancing it is highly recommended that your conveyancer is familiar with the area as they will benefit local contacts and insight. It is even conceivable that they would have handled previoushouses in the same road. Therefore consider using a Ceredigion conveyancing lawyer. Second, ensure that the conveyancing firm is on the member panel. It is claimed that 18% of Ceredigion conveyancing transactions are held up or derailed after finding out that a purchaser’s conveyancer was not on their banks list of approved solicitors. This can often result in the transaction being held up by an average of 21 days. It is believed that this issue impacts approximately one hundred thousand home moves every year. Almost all Ceredigion conveyancing firms can not act for certain mortgage companies so do check as early as possible.
Should commercial conveyancing searches disclose planned roadworks that may affect a commercial land in Ceredigion?
Many commercial conveyancing solicitors in Ceredigion will carry out a SiteSolutions Highways report as it dramatically cuts the time that conveyancers spend in investigating accurate data on highways that impact buildings and development assets in Ceredigion. The report provides definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Ceredigion.
For each commercial conveyancing transaction in Ceredigion it is crucial to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been addressed adequately can result in delays to Ceredigion commercial conveyancing deals as well as pose a risk to future intentions for the site. These searches are not carried out for residential conveyancing in Ceredigion.
I am purchasing my first flat in Ceredigion with a mortgage from Lloyds TSB Bank. The developers would not move on the price so I negotiated £7000 of extras instead. The house builders rep suggested that I not to tell my solicitor about the side-deal as it could adversely affect my mortgage with the lender. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer 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.
Due to the guidance of my in-laws I had a survey completed on a property in Ceredigion prior to instructing solicitors. I have been informed that there is a flying freehold overhang to the property. Our surveyor has said that some banks tend refuse to issue a mortgage on such a house.
It depends who your proposed lender is. Santander has different instructions from Birmingham Midshires. If you contact us we can check with the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Ceredigion. Conveyancing may be slightly more expensive based on your lender's requirements.
What makes a Ceredigion lease unacceptable for security purposes?
Leasehold conveyancing in Ceredigion is not unique. All leases are unique and legal mistakes in the legal wording can sometimes mean that certain clauses are erroneous. For example, if your lease is missing any of the following, it could be defective:
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Repairing obligations to or maintain elements of the property Clauses dealing with recovering service charges for expenditure on the building or common parts.
A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. HSBC Bank, Coventry Building Society, and Aldermore all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, forcing the purchaser to withdraw.
Ceredigion Leasehold Conveyancing - Examples of Queries before Purchasing
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The best form of lease structure is if the freehold title is in the ownership of the leaseholders. In this arrangement the tenants benefit from being in charge if their destiny and even though a managing agent is usually employed where the building is larger than a house conversion, the managing agent acts for the leaseholders themselves. Who manages the block?