It has come to my attention via my broker that my Cwmcarn property lawyer is not on the bank Solicitor panel. What can I do to check?
Your first step should be to call your Cwmcarn lawyer directly. It is reasonable to expect your lawyer to notify you what has happened. Where they are not on the panel they may recommend you to a Cwmcarn conveyancing firm that is on the conveyancing panel for your lender.
The owners have rather assertive vendors who has suggested a lock out agreement with a deposit 6,000. Are such arrangements the norm for Cwmcarn conveyancing transactions?
This type of arrangement isn't common in Cwmcarn, conveyancers will often encourage clients away from them as they detract from focusing on the primary objective, namely conveyancing and if you end up having your deposit forfeited then the solicitor is left exposed. In addition, there is no guarantee that just because the proprietor has executed a lock out agreement they will complete the sale with you. They may be motivated to break the contract if they receive sufficient incentive to do so because an aggrieved buyer with the benefit of a exclusivity agreement will still have to establish consequential losses from the breach and these may not compare to the financial upside that your seller may gain by breaking the contract, however morally unworthy the behaviour is.
We are buying a flat in Cwmcarn. I might seem paranoid but how we can trust a solicitor? On completion day we will need to deposit our life savings into their account. What is the protection we have from them run away with our money?
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.
A friend informed me that in purchasing a property in Cwmcarn there may be various restrictions as to what one can do in terms of external alterations to a 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 alterations. 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 conveyancing solicitors on the Co-operative conveyancing panel are governed by the SRA?
As a firm of solicitors, in order to be on the Co-operative conveyancing panel they would need to be overseen by the SRA. Many lenders do permit licenced conveyancers on their panel and in such a situation the firms would be overseen by the CLC.
Various web forums that I have visited warn that are the primary cause of hinderance in Cwmcarn conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) released conclusions of a review by MoveWithUs that conveyancing searches do not feature amongst the top 10 causes of delays during the legal transfer of property. Searches are unlikely to feature in any holding up conveyancing in Cwmcarn.
I've recently found out that there is a flying freehold element on a house I have offered on last month in what was supposed to be a straight forward, no chain conveyancing. Cwmcarn is the location of the property. What do you suggest?
Flying freeholds in Cwmcarn are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in 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 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 property.
I own a leasehold flat in Cwmcarn. Conveyancing was finalised in 2010. I have heard that I should not allow the the remaining lease term to fall too low. Is this right?
Cwmcarn domestic long term leases are for a fixed period - usually just under one hundred years when they started. However a significant flats in Cwmcarn were built or converted in the 60’s and so these leases now have under eighty years unexpired. This may sound like a long time however Banks, Building Societies and other mortgage lenders tend to require leases to have a minimum of 75 years remaining to be mortgageable. This means that when you come to sell the property you will need to extend the term of your lease if you are getting close to 75 years. To maximise your property value you should be thinking about whether to extend your lease well in advance of selling the property. Furthermore strong financial reasons to doing so before the lease reaches even 80 years as when the lease falls below eighty years the amount to be paid to extend starts to get a lot more expensive.