I am selling my home in Cilfynydd and the EA has just called to advise that the buyers are changing their property lawyer. The reason given is that the lender will only engage with solicitors on their conveyancing panel. Why would a leading lender only engage with specific solicitors rather the firm that they want to choose to handle their conveyancing in Cilfynydd ?
UK lenders have always had an approved set of law firms they are willing to work with, but in the last few years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Lenders attribute this action to a rise in fraud by way of justification for the cull – criteria have been tightened as a smaller panel is easier to keep an eye on. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms that have been removed from panels. Plenty of firms are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The buyers are not going to have any sway in the decision.
I purchased a freehold house in Cilfynydd but nevertheless pay rent, why is this and what is this?
It’s unusual for properties in Cilfynydd and has limited impact for conveyancing in Cilfynydd but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back many centuries, but the Rent Charge Act 1977 barred the generation of fresh rentcharges post 1977.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 is to be extinguished.
My lawyer in Cilfynydd is not on the Leeds Building Society Approved Panel. Can I still continue with my prefered solicitor notwithstanding that they are not on the Leeds Building Society list of approved lawyers?
The limited options available to you here include:
- Complete the purchase with your existing Cilfynydd lawyers but Leeds Building Society will need to retain a conveyancer on their panel. This will result in additional overall legal charges and cause frustration.
- Get an alternative solicitor to to deal with the conveyancing, obviously checking they are Convince your conveyancer to do everything within their powers to join the Leeds Building Society conveyancing panel
I am buying a new build house in Cilfynydd with a loan from Barnsley Building Society. The builders would not move on the amount so I negotiated £7000 of fixtures and fittings instead. The property agent told me not reveal to my solicitor about this side-deal as it would jeopardize my loan with the bank. Should I keep quiet?.
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.
My business partner and I are wishing to lease a unit on a shopping parade. Can you recommend lawyers offering fixed charges for non-domestic conveyancing in Cilfynydd for under £2000?
We are happy to recommend firms who host a wealth of experience of commercial conveyancing in Cilfynydd, including the disposal and purchase of businesses as well as simply property. Whether you are looking to purchase or sell a shop, pub, restaurant, office, retail premises or a whole business we will put you in touch with the right lawyer. As for the charges this will depend on the structure and complexity of the proposed transaction. Let us have your contact information or telephone so as to enable us to provide you with a detailed commercial conveyancing quote.
My father has encouraged me to instruct his conveyancers in Cilfynydd. Do I follow his advice?
There are no two ways about it the best way to choose a conveyancing solicitor is to have guidance from friends or relatives who have used the conveyancer you're contemplating using.