My fiance and I are looking to acquire a property in Croesyceiliog and have instructed a Croesyceiliog conveyancing firm. Within the past 48 hours our lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. Nationwide Building Society have this evening contacted us to inform me that there is now an issue as our Croesyceiliog solicitor is not on their approved list of lawyers. Is this a problem?
When purchasing a property with mortgage finance it is usual for the purchasers' lawyers to also represent the purchaser's lender. 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 lawyers to represent them. You don't have to instruct a firm on the lender’s conveyancing panel as you are at liberty to use your preferred Croesyceiliog lawyers, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
My flat in Croesyceiliog is up for sale and I have a purchaser. Does my lawyer have to be required to be on the Virgin Money conveyancing panel in order to deal with repayment of my mortgage?
Ordinarily, even if your lawyer is not on the Virgin Money conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their conditions fairly frequently in recent years.
We were going to get a AIP from UBS this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do UBS recommend any Croesyceiliog solicitors on the UBS conveyancing panel, or is it better to go independently?
You will need to appoint Croesyceiliog solicitors independently although you'll need to choose one on the UBS conveyancing panel. The solicitor represents both you and UBS through the process.
I have paid off my mortgage with Virgin Money. I assume I don't need a Croesyceiliog solicitor on the Virgin Money panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Virgin Money mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Virgin Money mortgage from the register. Virgin Money, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Virgin Money has sent the Land Registry the discharge electronically, and
- Virgin Money has instructed the Land Registry to do so
Intending to buy a maisonette in Croesyceiliog. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Leeds Building Society conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Croesyceiliog solicitor is on the Leeds Building Society conveyancing panel.
My husband and I are first time buyers - had an offer accepted, yet the estate agent told us that the vendor will only go ahead if we use their preferred solicitors as they need an ‘expedited deal’. We would rather use a local solicitor used to conveyancing in Croesyceiliog
We suspect that the seller is not behind this request. Should the seller desire ‘a quick sale', alienating a motivated purchaser is is going to put the whole deal at risk. Bypass the agents and go straight to the owners and make sure they comprehend that (a)you are motivated buyers (b)you are ready to go, with finances in place © you have nothing to sell (d) you wish to move quickly (e)but you intend to use your own,trusted Croesyceiliog conveyancing firm - not the ones that will earn the estate agent a commission or meet his conveyancing targets set by HQ.
I only have Fifty years remaining on my lease in Croesyceiliog. I need to get lease extension but my landlord is can not be found. What are my options?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the magistrate. You will be obliged to demonstrate that you or your lawyers have used your best endeavours to find the lessor. In some cases an enquiry agent should be useful to carry out a search and prepare an expert document to be used as evidence that the freeholder is indeed missing. It is advisable to get professional help from a conveyancer both on devolving into the landlord’s absence and the vesting order request to the County Court overseeing Croesyceiliog.
I inherited a split level flat in Croesyceiliog, conveyancing was carried out half a dozen years ago. How much will my lease extension cost? Equivalent flats in Croesyceiliog with an extended lease are worth £255,000. The ground rent is £45 yearly. The lease comes to an end on 21st October 2098
With only 73 years left to run we estimate the premium for your lease extension to range between £8,600 and £9,800 as well as legals.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive investigations. Do not use this information in tribunal or court proceedings. There may be additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.
There are a lot of properties in Croesyceiliog on unadopted roads. We are acquiring one such property. Are there any advantages to buying a property on a private road?
Croesyceiliog conveyancing firms will be well versed in dealing homeson private. The lawyer should investigate title to identify any rights or responsibilities. It is possible that there is a management company (wholly owned by residents) that residents pay into to maintain the road. If one exists, the road will likely be maintained and look better than publicly maintained.