My fiance and I are planning to acquire a property in Croesyceiliog and are in fact using a Croesyceiliog conveyancing practice. Within the last couple of days our lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. The Royal Bank of Scotland have this evening contacted us to advise us that there is now an issue as our Croesyceiliog conveyancer is not on their conveyancing panel. Is this a problem?
When purchasing a property with the benefit of a mortgage it is conventional for the purchasers' solicitors to also act for 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 bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the bank's conveyancing panel and you may continue to use your own Croesyceiliog solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
My son-in-law is purchasing a new build apartment in Croesyceiliog with a home loan from RBS. His conveyancer has advised him of a delay in completing the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The form is intended to provide information to the main parties involved in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the RBS conveyancing panel as a standard part of the process, and to the surveyor when asked. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the RBS conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I had intended to instruct a property lawyer in Croesyceiliog for our house purchase. Our broker has since notified us that our mortgage company The Royal Bank of Scotland won't deal with them. Why is this not regarded as unfair competition?
A lender can require a panel solicitor act for it. Borrowers are liable to bear the cost of this. Do use our tool to find a solicitor to conduct conveyancing in Croesyceiliog on the The Royal Bank of Scotland approved list of solicitors.
Have just purchased a repossessed house at auction in Croesyceiliog. Conveyancing is necessary. What is next?
Given that you are now exchanged you will need to appoint a conveyancing solicitor quickly as you are facing a fast approaching deadline in which to complete the property. An auction property will ordinarily have an associated legal set of papers. This should include the copy title deeds, local authority and drainage searches. In the case of leasehold premises the legal papers may contain a copy of the lease, management information and a sellers leasehold information form and associated conveyancing documentation relating to a leasehold property. You need to pass this on to your appointed conveyancing solicitor as soon as possible. You also need to ensure that that you have the requisite funding organised to complete on the date specified in the contract.
We are due to move property in February. Should my conveyancing solicitor liaise with the removal company on the day of completion. As an aside, can you suggest a removal company in Croesyceiliog. Conveyancing lawyer was chosen before I stumbled across your site.
On the afternoon of completion you can pick up the house keys from your property agent but this should only be done once the sellers solicitors advise the agent that the monies to complete are in and the keys can be passed over. After that you can advise the removal company that you are ready to move in. As a matter of policy we do not suggest a particular removal organisation but can help you find a residential property solicitor in Croesyceiliog or a lawyer that specialises in conveyancing in Croesyceiliog.
Completion of my purchase has taken place for my property in Croesyceiliog. Conveyancing was satisfactory but I feel I should register my dissatisfaction about the lender. How do I make a complaint?
Almost all lenders have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Services Department at head office. In most cases complaints to a lender are resolved effectively and efficiently. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR with full details of your complaint.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in last month in what was supposed to be a simple, chain free conveyancing. Croesyceiliog is where the house is located. Can you offer any guidance?
Flying freeholds in Croesyceiliog are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Croesyceiliog you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Croesyceiliog may decide 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.
I am hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a great price which is making it all the more appealing. I have just discovered that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Croesyceiliog. Conveyancing lawyers have are about to be appointed. Will my lawyers set out the risks of buying a leasehold house in Croesyceiliog ?
Most houses in Croesyceiliog are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. We note that you are buying in Croesyceiliog in which case you should be shopping around for a Croesyceiliog conveyancing solicitor and check that they have experience in advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as obtaining the landlord’spermission to carry out changes to the property. It may be necessary to pay a service charge towards the maintenance of the communal areas where the property is located on an estate. Your lawyer will report to you on the legal implications.
I acquired a 2 bed flat in Croesyceiliog, conveyancing formalities finalised in 2003. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Croesyceiliog with a long lease are worth £192,000. The ground rent is £55 invoiced every year. The lease expires on 21st October 2080
With only 54 years remaining on your lease the likely cost is going to be between £32,300 and £37,400 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.