I am nearing exchange of contracts for my house in Cwmcarn and the EA has just e-mailed to advise that the buyers are switching law firm. The excuse is that the lender will only deal with solicitors on their conveyancing panel. On what basis would a major lender only work with specific lawyers rather the firm that they want to appoint for their conveyancing in Cwmcarn ?
Lenders have always had panels of law firms that can act for them, but in the past few years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Lending institutions point to the increase in fraud by way of justification for the reduction – criteria have been tightened as a smaller panel is easier to maintain. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Plenty of firms do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The buyers are unlikely to have any sway in the decision.
How can we tell if a Cwmcarn conveyancing solicitor on the Virgin Money panel is any good?
When it comes to conveyancing in Cwmcarn getting recommendations is a good start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always recommend that you speak with the solicitor conducting your transaction.
My partner and I have arranged the release of further monies on our mortgage from Clydesdale as we want to conduct a loft conversion to our home in Cwmcarn. Are we obliged to appoint a nearby Cwmcarn solicitor on the Clydesdale conveyancing panel to deal with the legals?
Clydesdale don't usually appoint firms on their conveyancing panel to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Clydesdale list.
I am buying a property in Cwmcarn. One unusual aspect is that the roof has a solar panel. Nottingham have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As you are obtaining a mortgage with Nottingham your lawyer must check the conveyancing instructions outlined in Part two of UK Finance Lenders’ Handbook for Nottingham. The CML Handbook includes minimum requirements for solar panel roof-space leases, and lawyers are required to report to Nottingham where a lease does not meet these conditions. The specifications relate to the installation of panels on properties countrywide and is not limited to Cwmcarn.
What does a local search reveal about the house I am buying in Cwmcarn?
Cwmcarn conveyancing often commences with the submitting local authority searches directly from your local Authority or through a personal search company for example Xpress Legal The local search plays a central part in many a Cwmcarn conveyancing purchase; as long as you don’t want any nasty surprises after you move into your new home. The search will reveal data on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic sections.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in two weeks back in what should have been a quick, no chain conveyancing. Cwmcarn is where the house is located. Can you shed any light on this issue?
Flying freeholds in Cwmcarn are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Cwmcarn you would need to get your solicitor to go through the deeds thoroughly. Your bank 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 property.
In my capacity as executor for the will of my father I am selling a house in Monmouth but I am based in Cwmcarn. My solicitor (based 235 kilometers from merequires that I sign a statutory declaration ahead of completion. Can you recommend a conveyancing practitioner in Cwmcarn to witness and place their company stamp on the document?
Technically speaking you are not likely to be required to have the documents witnessed by a conveyancing solicitor. Ordinarily or notary public or solicitor will do regardless of whether they are based in Cwmcarn
I am employed by a reputable estate agent office in Cwmcarn where we have witnessed a number of leasehold sales derailed due to leases having less than 80 years remaining. I have received conflicting advice from local Cwmcarn conveyancing solicitors. Can you shed some light as to whether the seller of a flat can instigate the lease extension process for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I acquired a split level flat in Cwmcarn, conveyancing having been completed June 2004. Can you work out an approximate cost of a lease extension? Similar properties in Cwmcarn with over 90 years remaining are worth £202,000. The ground rent is £60 yearly. The lease expires on 21st October 2083
With 57 years remaining on your lease we estimate the premium for your lease extension to be between £28,500 and £33,000 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.