I was advised today by my mortgage broker that my Cwmcarn lawyer is not on the bank Solicitor panel. What can I do to be sure that this is correct?
The first thing you need to do is to contact your Cwmcarn conveyancer. You lawyer should advise you what has happened. Where they are not on the panel they may recommend you to a Cwmcarn conveyancing practice that is on the approved list of lawyers for your mortgage company.
The owners have rather assertive vendors who has insisted on a lock out contract with a deposit of 5k. Are such contracts the norm for Cwmcarn conveyancing transactions?
This form of preliminary agreement is not the norm in Cwmcarn, conveyancers are often inclined to veer clients away from them as they detract from the main conveyancing focus and if you end up having your deposit forfeited then the lawyer is left exposed. In addition, there is no certainty that just because the owner has executed a lock out agreement they will sell to you. They may breach the contract if they are offered a large enough financial inducement to do so because a wronged party with the benefit of a exclusivity agreement will still be legally obliged to establish consequential losses from the breach and these may not equalise the extra amount that the owner may obtain by reneging on the contract, however morally reprehensible the behaviour is.
My wife and I are purchasing a apartment in Cwmcarn. I might seem paranoid but how we can trust a solicitor? At some point we have to put our life savings into their account. What protection do we have from them run away with our deposit?
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.
My uncle pointed out to me me that in purchasing a property in Cwmcarn there may be various restrictions as to what one can do in terms of external changes to the property. Is this right?
There are a number of properties in Cwmcarn which have some sort of restriction or requirement of consent to perform external variations. Part of the conveyancing in Cwmcarn should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
Is it the case that all Cwmcarn solicitor practices on the RBS conveyancing panel are overseen by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the RBS approved list of solicitors they would need to be overseen by the SRA. Many mortgage companies do allow licenced conveyancers on their panel and in that case the organisation would be regulated by the CLC.
I have been told that property searches are the primary reason for obstruction in Cwmcarn conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) published determinations of research by MoveWithUs that conveyancing searches do not feature within the most frequent causes of delays during the legal transfer of property. Local searches are not likely to feature in any holding up conveyancing in Cwmcarn.
I've recently found out that there is a flying freehold issue on a property I put an offer in two weeks back in what was supposed to be a simple, chain free conveyancing. Cwmcarn is the location of the property. Is there any advice you can impart?
Flying freeholds in Cwmcarn are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Cwmcarn you must be sure that your lawyer goes through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Cwmcarn 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 residence.
I own a leasehold flat in Cwmcarn. Conveyancing was finished in 2009. I have been told that I mustn’t let the the remaining lease term to get too low. Is this correct?
Cwmcarn leasehold properties are for a set period - normally 99 years when they commenced. However a significant flats in Cwmcarn were constructed or converted in the 70’s80’s and so such leases now have under 80 years remaining. This may seem like plenty of time but Banks, Building Societies and other mortgage companies generally require leases to have a minimum of seventy five years left to be mortgageable. This means that when you come to sell the property you will need a lease extension if you are approaching seventy five years. To increase your property value you should be considering whether or not to extend your lease long before you come to sell it. You should note that there are advantages to doing so before the lease hits 80 years as when the lease is less than 80 years the premium to be paid to extend starts to escalate.