My wife and I are hoping to acquire a flat in Cilfynydd and are in fact using a Cilfynydd conveyancing practice. Within the last couple of days our solicitor has sent a preliminary report and documents to look through with the expectation that exchange is imminent. National Westminster Bank have this evening contacted us to inform me that they have now hit a problem as our Cilfynydd solicitor is not on their approved list of lawyers. What do we do from here?
When purchasing a property with the benefit of a mortgage it is standard 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 mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel as you are at liberty to use your preferred Cilfynydd lawyers, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
I am buying a property for cash in Cilfynydd. I have resided for the last 20 years in Cilfynydd. Conveyancing searches are expensive. Given that I know the road and vicinity very well must I have all the conveyancing searches?
Provided that you do not need a home loan, then the vast majority of the Cilfynydd conveyancing searches are non-obligatory. Your lawyer will 'advise', perhaps strongly, that you should have searches carried out, but he has a professional duty to do this. One thing to bear in mind; if you are going to sell the house one day, it could be of relevance to your prospective purchaser what the searches contain. On occasion houses with no practical issues can still reveal unfavourable search results. A good conveyancing solicitor in Cilfynydd will provide you some practical guidance concerning this.
There are plenty of conveyancing solicitors in Cilfynydd but how do I know who I should use?
We would encourage you not to go for the cheapest Cilfynydd conveyancing costs illustration. You really do get what you’re paying for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
Are all Cilfynydd Conveyancing Quality Solicitors on the Lloyds conveyancing panel?
Some major lenders now utilise CQS as the starting point for Panel approval such as HSBC and Santander. The Law Society’s CQS membership however is no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for firms wishing to remain on their approved list of conveyancing solicitors.
How can we tell if a Cilfynydd conveyancing solicitor on the Santander panel is any good?
When it comes to conveyancing in Cilfynydd obtaining recommendations is a good start. 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 which is cheap as chips. We would always advocate that you speak with the solicitor carrying out your transaction.
It has been four months following my purchase conveyancing in Cilfynydd concluded. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Cilfynydd differ for new build properties?
Most buyers of new build or newly converted property in Cilfynydd approach us having been asked by the seller to sign contracts and commit to the purchase even before the residence is completed. This is because house builders in Cilfynydd tend to acquire the land, 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 Cilfynydd or who has acted in the same development.
Due to the encouragement of my in-laws I had a survey completed on a property in Cilfynydd before appointing lawyers. I have been told that there is a flying freehold element to the house. Our surveyor advised that some banks may not grant a mortgage on a flying freehold property.
It varies from the lender to lender. Santander has different requirements for example to Halifax. If you call us we can look into this further with the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Cilfynydd. Conveyancing will be smoother if you use a solicitor in Cilfynydd especially if they are familiar with such properties in Cilfynydd.