We are getting closer to an exchange on a property in Clun and my parents have sent the ten percent deposit to my solicitor. I am now advised that as the deposit has not arrived from me my conveyancing practitioner needs to make a notification to my lender. Apparently, in also acting for the bank he must inform them that the balance of the purchase price is not just from me. I advised the lender regarding my parents' contribution when I applied for the home loan, so is it really necessary for this now to hold matters up?
The conveyancer is legally required to clarify with lender to make sure that they understand that the balance of the purchase price is not from your own resources. The solicitor can only report this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
We are looking to buy a house and require a conveyancing solicitor in Clun who is on the TSB approved 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 TSB . We don't recommend any particular firms conducting conveyancing in Clun.
Does a directory service exist listing RBS panel solicitors in Clun on the Building Society Association’s Website?
Unfortunately not yet. There is no such directory service on the CML or Building Society Association websites. Very few lending institutions make their panel listings visible on the web. If you are seeking to appoint a Clun conveyancing practitioner on the RBS please make the most of our facility.
My wife and I are at the point of viewing flats in Clun and I am now considering a potential offer. Should I already have a lawyer appointed at this stage? I am planning to take a mortgage with Bank of Ireland.
You should start requesting conveyancing estimates from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their contact information on to the selling agent. As you are taking out a mortgage with Bank of Ireland, ask your prospective lawyers if they are on the Bank of Ireland conveyancing panel otherwise they can't do the mortgage legal work.
It is unclear whether my bank requires a lease extension. I have telephoned my Clun building society branch on numerous occasions and was told they are content with the situation and they would lend. My Clun conveyancing solicitor - who is on the lender conveyancing panel- telephoned and was told they refuse to lend based on their published requirements. Who do I believe?
As long as the conveyancing practitioner is on the mortgage company panel, she or he must comply with the CML Handbook provisions for the bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
I have been told that property searches are the main reason for hinderance in Clun conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) published determinations of a review by MoveWithUs that conveyancing searches do not figure amongst the top 10 causes of delays in the conveyancing process. Searches are not likely to feature in any slowing down conveyancing in Clun.
I have been recommended by a number of estate agents in Clun to get a quote from a solicitor using your seach tool. What’s the financial upside for Estate Agents to offer your services ahead of a competitor’s?
We refuse to make any referral fee for directing people to this site. We thought it would be too underhand to pay a commission because home movers will think, ‘How come the agent getting a kickback? Why am I not receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
I am a negotiator for a reputable estate agency in Clun where we have witnessed a few flat sales put at risk as a result of short leases. I have been given inconsistent advice from local Clun conveyancing firms. Please can you clarify whether the vendor of a flat can commence the lease extension formalities for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Clun Leasehold Conveyancing - Sample of Questions you should ask before Purchasing
-
The best form of lease arrangement is if the freehold reversion is in the ownership of the leaseholders. In this arrangement the leaseholders benefit from control and notwithstanding that a managing agent is often employed where the building is larger than a house conversion, the managing agent is directed by the tenants. Who is in charge of the building?