Our lawyer has identified a defect with the lease for the property we are purchasing in Colwyn Bay. The seller’s lawyers have put forward title insurance as a solution. We are happy with insurance and will pay for it. Our solicitor says that he must check that the bank is happy with this solution. Who is the client here, us or the lender?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. Your property lawyer must comply with the UK Finance Lenders’ Handbook specifications. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your conveyancing practitioner will have no choice but to discontinue acting for you.
After reviewing consumer advice sites for a cheap lawyer in Colwyn Bay, many advise that I should look for a CQS accredited solicitor. Can you explain what CQS is?
The Conveyancing Quality Scheme (CQS) provides a recognised quality standard for residential conveyancing practices issued by the Law Society. Membership achievement establishes a level of credibility for member firms with stakeholders (regulators, lenders, insurers and consumers) based upon: * the integrity of the senior responsible officer and other key conveyancing staff * the firm's adherence to good practice management standards * compliance with best practice conveyancing processes through the scheme protocol the standard covers numerous firms who execute conveyancing in Colwyn Bay.
We are buying a flat in Colwyn Bay. I might seem paranoid but how we can trust a conveyancer? At some point we will need to deposit funds into their account. What protection do we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
Is it the case that all Colwyn Bay CQS (Conveyancing Quality Scheme) solicitors are on the Leeds Building Society conveyancing list of approved solicitors?
A selection of banks and building societies now make use of CQS as the starting point for Panel membership such as HSBC and Santander. The Law Society’s CQS accreditation however gives 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 join their approved list of firms.
My partner and I have arranged a further advance on our mortgage from Skipton as we intend to carry out alterations to our house in Colwyn Bay. Are we obliged to appoint a high street Colwyn Bay solicitor on the Skipton conveyancing panel to handle the paperwork?
Skipton would not normally require a member of their conveyancing panel to handle the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Skipton list.
We are buying a house and the solicitor has identified Chancel Repair for which the property could be obligated to pay as it falls into the area of such a church. He has suggested insurance. Is this really appropriate for conveyancing in Colwyn Bay
Unless a previous purchase of the premises took place after 12 October 2013 you may assume that conveyancing practitioners handling conveyancing in Colwyn Bay to continue to advocate a chancel search and or chancel repair liability insurance.
I've recently found out that there is a flying freehold element on a property I have offered on two weeks back in what was supposed to be a straight forward, chain free conveyancing. Colwyn Bay is the location of the property. Can you shed any light on this issue?
Flying freeholds in Colwyn Bay are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Colwyn Bay you must be sure that your lawyer goes through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Colwyn Bay may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
My husband and I are first time buyers - agreed a price, but the agent advised that the owners will only proceed if we use their preferred conveyancers as they want a ‘quick sale’. My instinct tells me that we should use a local solicitor used to conveyancing in Colwyn Bay
It is improbable the owners are driving this. If they require ‘a quick sale', taking such a hostile approach to a motivated buyer is not the way to achieve this. Speak to the vendors direct and make the point that (a)you are keen to buy (b)you are ready to progress, with mortgage lined up © you have nothing to sell (d) you intend to proceed fast (e)but you are going to appoint your preferred Colwyn Bay conveyancing firm - as opposed tothose that will provide their negotiator at the agency a referral fee or meet his conveyancing targets pre-set by head office.