I require conveyancing for an apartment in a relatively new development (five years built) in Cwmbran. The vast majority the properties have already been occupied. Do I need carry out the conveyancing searches for my conveyancing in Cwmbran?
If you are purchasing a property with the assistance of a mortgage, your lender will insist on some (many) of the searches so you'll have no choice. If not, then Cwmbran conveyancing searches are for you to decide upon. Your lawyer, will 'advise', perhaps in the strongest possible terms, that you should have the searches done, but he or she has a professional duty to do this. One thing to bear in mind; if you are likely to sell the house one day, it may be of interest to your future buyer what the searches contain. Sometimes houses with no practical issues can still throw up adverse search results. But if you demand that your lawyer to proceed without searches then your lawyer will have to follow your instructions or you will need to change to another solicitor for your conveyancing in Cwmbran.
I purchased a freehold premises in Cwmbran but still pay rent, why is this and what is this?
It’s unusual for properties in Cwmbran and has limited impact for conveyancing in Cwmbran but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for hundreds of years, but the Rent Charge Act 1977 barred the generation of new rentcharges post 1977.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 is to be extinguished.
Are all Cwmbran Conveyancing Quality Solicitors on the Bank of Ireland conveyancing panel?
It is true that some lenders now use the accreditation scheme as the starting point for Panel approval such as HSBC and Santander. The Law Society’s CQS membership however is no guarantee to lender panel acceptance. Nevertheless,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to remain on their panels.
We previously chose solicitors with offices in Cwmbran on the Principality solicitor approved list. They are now charging me a supplemental fee for the legal aspects of the Principality mortgage. Is this an additional conveyancing fee specified by Principality?
Provided it is contained in their Terms of Engagement or Quote then yes your lawyer can charge a fee for this. The fee is not dictated by Principality but by your Cwmbran conveyancing practitioner. Some firms on the Principality panel will levy an ‘acting for lender’ fee but some firms include it on their overall fee.
Two weeks ago we had a mortgage agreed in principle with Leeds Building Society. Cwmbran conveyancing lawyers are selected. What is the average time that one could expect to receive a mortgage offer from Leeds Building Society?
There is no definitive answer here. Have Leeds Building Society completed the survey? Have you informed Leeds Building Society as to your lawyers' details and checked that your lawyers are on the Leeds Building Society conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
How does conveyancing in Cwmbran differ for new build properties?
Most buyers of new build or newly converted property in Cwmbran contact us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is constructed. This is because house builders in Cwmbran usually acquire the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Cwmbran or who has acted in the same development.
Am I right to be concerned about third parties that I am dealing with are encouraging me to use a web based conveyancing firm as opposed to a High Street Cwmbran conveyancing practice?
As with many professional services, often suggestions from family and friends can be worth their weight in gold. But there are many players in a conveyancing matter; estate agents, financial adviser and mortgage companies might all put forward conveyancers to use. On occasion these conveyancers might be known to one of the organisations as being good in their field, but occasionally there might be a commercial relationship behind the recommendation. You are free to appoint your own lawyer. You need to be aware that most lenders operate an approved list of lawyers you have to use for the lender aspect of your conveyancing.
I need to retain a conveyancing solicitor for sale conveyancing in Cwmbran. I happened to stumble upon a site which appears to be the perfect solution If it is possible to get all the legals done via web that would be preferable. Do I need to be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?