I am in the process of selling my flat in Clydach and the estate agent has just e-mailed to warn that the buyers are appointing a new conveyancer. The excuse is that the bank will only deal with property lawyers on their conveyancing panel. Why would a big named mortgage company only deal with specific law firms rather the firm that they want to select for their conveyancing in Clydach ?
Mortgage companies have always had panels of law firms that can represent them, but in the past few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Mortgage companies blame a rise in fraud by way of justification for the cull – criteria have been narrowed as a smaller panel is easier to maintain. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Plenty of firms do not even realise 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 unlikely to have any sway in the decision.
I have given 2 months notice to my existing landlord and have to be out of my rented property in Clydach by the end of next month. Conveyancing for my house purchase has just started. Is it possible to complete in a couple of weeks as I wish to avoid having to find short term accommodation?
Generally one should not serve notice for your letting until exchange of contracts has taken place. Assuming that you have not already done so, speak to your lawyer and request that they seek the assistance the sellers side, try to get a realistic time scale from them that all parties will aim to achieve
It is not clear whether my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Clydach bank branch on numerous occasions and was informed it wasn't an issue and they will lend. My Clydach conveyancing solicitor - who is on the lender conveyancing panel- telephoned and was told they refuse to lend in accordance with their published requirements. I simply don't know who is right.
Provided that the lawyer is on the mortgage company panel, they must adhere to the CML Handbook requirements for the bank. Unless your lawyer obtains specific confirmation in writing that the lender 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 lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I am due to exchange contracts on my flat. I had a double glazing fitted in September 2007, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, Bank of Ireland are being problematic. The Clydach solicitor who is on the Bank of Ireland conveyancing panel is saying indemnity insurance will be fine but Bank of Ireland are insisting on a building regulation certificate. Why do Bank of Ireland have a conveyancing panel if they don't accept advice from them?
It is probably the case that Bank of Ireland have referred the matter to their valuer. The reason why Bank of Ireland may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
My offer on a detached house in Clydach has been accepted, the vendors do nevertheless have a connected purchase. The owners have offered on on an apartment, but it’s not been accepted yet, and have viewings of other apartments booked. I have chosen a nearby conveyancing solicitor in Clydach. What should be my next step? At what point should I apply for the mortgage with Yorkshire BS?
It is normal to have apprehensions where there is a chain as you are unlikely to want to be too out of pocket prematurely (mortgage application is approx £1k, then survey, Clydach conveyancing search fees, etc). First, you must ensure that your property lawyer is on the Yorkshire BS conveyancing panel. As to the next steps this very much dictated by the uniqueness of your transaction, desire for this property and on the state of the market. In a rising market some buyers would apply for a home loan with Yorkshire BS and arrange for the valuation and only if it was satisfactory would they ask their lawyer to press on with searches.
My wife and I have a semi-detached Edwardian house in Clydach. Conveyancing practitioner acted for me and Chelsea Building Society. I did a free Land Registry search last week and there are two entries: the first freehold, another for leasehold with the exact same property. Is it worth asking Chelsea Building Society to clarify?
You need to review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Clydach and other areas of the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with purchasers. You can also question the position with your conveyancing practitioner who completed the work.
Taking into account that I will soon part with over three hundred thousand on a terraced house in Clydach I would like to have a conversation with the solicitor regarding thehome move before instructing the firm. Is this something that you can arrange?
This is something that we recommend - we would be delighted to talk to you we do not take any clients on without you speaking to the conveyancer who will be doing your conveyancing in Clydach.There is no ‘factory style conveyancing’ - every client is an important individual, not a file reference. The practices that we put you in touch with believe that the fees you are provided with for residential conveyancing in Clydach should be the figure that you end up paying.
Due to complete next month on a studio apartment in Clydach. Conveyancing solicitors assured me that they report fully within the next couple of days. What should I be looking out for?
Your report on title for your leasehold conveyancing in Clydach should include some of the following:
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if lease provides for a sinking fund? You should be sent a copy of the lease An explanation concerning the obligations in the lease to pay service charges - in relation to the building, and the more general rights a lessee enjoys Does the lease prohibit wood flooring? What you can do if another tenant in the building breaches a clause of their lease?
Clydach Conveyancing for Leasehold Flats - A selection of Queries before Purchasing
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Generally speaking the cost for major works tend not to be incorporated into the service charges, albeit that a few managing agents in Clydach ask leaseholders to contribute towards a reserve fund created for the specific purpose of establishing a fund for larger repairs or maintenance. Where a Clydach lease has no more than 80 years it will impact the salability of the flat. It is worth checking with your bank that they are willing to go ahead with the loan given the lease term. Leases with fewer than 80 years remaining means that you will probably need a lease extension sooner rather than later and it is worth discovering what this will be. Remember, in most cases you will need to own the residence for a couple of years before you are legally able to exercise a lease extension. How much is the ground rent and service charge?