I am nearing exchange of contracts for my home in Croesyceiliog and the estate agent has just called to advise that the buyers are swapping law firm. I am told that this is due to the fact that the lender will only engage with solicitors on their conveyancing panel. Why would a major mortgage company only engage with specific lawyers rather the firm that they want to select for their conveyancing in Croesyceiliog ?
UK lenders have always had an approved set of law firms that can represent them, but in recent years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 years.
Lenders blame a rise in fraud by way of justification for the cull – criteria have been tightened as a smaller panel is easier to oversee. 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. Some 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. Your buyers are not going to have any sway in the decision.
It is a dozen years since I bought my home in Croesyceiliog. Conveyancing lawyers have just been retained on the sale but I can't locate my title documents. Will this jeopardise the sale?
Don’t worry too much. First there is a possibility that the deeds will be with the lender or they may be archived with the solicitor who acted in the purchase. Secondly in most cases the property will be recorded at the land registry and you will be able to prove you are the registered owner by your conveyancing lawyers procuring current official copies of the land registers. Nearly all conveyancing in Croesyceiliog involves registered property but in the rare situation where your property is unregistered it adds to the complexity but is not insurmountable.
My relative suggested that where I am buying in Croesyceiliog I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is sometimes included in the estimate for your Croesyceiliog conveyancing searches. It is a large document of more than thirty pages, listing and detailing important information about Croesyceiliog around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Croesyceiliog Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Croesyceiliog Education with plans and statistics, Local Amenities and other useful information about Croesyceiliog.
My father has encouraged me to use his lawyers for conveyancing in Croesyceiliog. Should I use them?
There are no two ways about it it’s preferable to select a conveyancing practitioner is to have guidance from friends or relatives who have actually used the firm that you are considering.
I have just appointed agents to market my 2 bed flat in Croesyceiliog. Conveyancing solicitors are to be appointed soon, but I have just received a quarterly maintenance charge demand – should I leave it to the buyer to sort out?
The sensible thing to do is discharge the invoice as usual given that all rents and maintenance payments will be apportioned on completion, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the subsequent invoice date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
Leasehold Conveyancing in Croesyceiliog - Examples of Questions you should consider before buying
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How many of the leaseholders are in arrears for their maintenance charge payments? Are there any major works on the horizon that will likely add a premium to the maintenance fees? The prefered form of lease structure is a share of the freehold. In this arrangement the tenants have being in charge if their destiny and notwithstanding that a managing agent is frequently retained if it is larger than a house conversion, the managing agent retained by the leaseholders.
Why am I unable to complete our conveyancing in Croesyceiliog on Easter Monday?
Because on completion the money needs to be transferred electronically between the banks of the purchaser and seller's conveyancing practitioner and currently this can only happen on a business day. It is not possible to complete on a weekend either.