I am progressing with the sale of my apartment in Dolwyddelan and the EA has just called to advise that the buyers are appointing a new conveyancer. I am told that this is due to the fact that the mortgage company will only work with property lawyers on their approved list. Why would a leading lender only engage with certain solicitors rather the firm that they want to select for their conveyancing in Dolwyddelan ?
UK lenders have always had panels of law firms they are willing to work with, but in the past few years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Banks point to the increase in fraud by way of justification for the pruning – criteria have been tightened as a smaller panel is easier to keep an eye on. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that 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.
In what way does my ID and proof of funds have anything to do with my conveyancing in Dolwyddelan? What am I being asked for?
Dolwyddelan conveyancing solicitors as well as nationwide property lawyers accross the UK have an obligation under money laundering regulations to check the identity of any client in order to satisfy themselves that clients are who they say they are.
Conveyancing clients are required to provide two forms of certified ID; proof of identity (typically a Passport or Driving Licence) and proof of address (usually a Utility Bill less than 3 months old).
Confirmation of the origin of funds is also required in compliance with the money laundering regulations as conveyancers are duty bound to investigate that the funds you are using to acquire a property (whether it be the deposit for exchange or the total purchase price where you are buying without a mortgage) has originated from an acceptable source (such as an inheritance) and is not the proceeds of illegitimate activity.
Due to the input of my in-laws I had a survey completed on a property in Dolwyddelan prior to instructing conveyancers. I have been told that there is a flying freehold element to the house. My surveyor has said that some mortgage companies tend not issue a loan on such a home.
It varies from the lender to lender. Santander has different requirements for example to Birmingham Midshires. Should you wish to telephone us we can investigate further via the relevant lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Dolwyddelan. Conveyancing will be smoother if you use a solicitor in Dolwyddelan especially if they are familiar with such properties in Dolwyddelan.
I'm converting the mortgage on my current property to a buy to let mortgage with Nationwide Building Society and I will use the rest of the raised equity towards another property. The neighborhood we are looking at is Dolwyddelan. Will your conveyancers be able to act for the two banks and link together the conveyances?
Make use of our search tool on this site to be sure that the conveyancers are on the appropriate lender panels. Assuming that they are your solicitor will be able to connect the two conveyancing matters but you should talk with you lawyer and specify your expectations and needs.
My wife and I purchased a leasehold house in Dolwyddelan. Conveyancing and Birmingham Midshires mortgage organised. I have received a letter from someone saying they have taken over the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1995. The conveyancing practitioner in Dolwyddelan who previously acted has long since retired. Any advice?
The first thing you should do is make enquiries of the Land Registry to make sure that the individual purporting to own the freehold is indeed the new freeholder. It is not necessary to incur the fees of a Dolwyddelan conveyancing practitioner to do this as it can be done on-line for £3. You should note that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I bought a leasehold flat in Dolwyddelan, conveyancing having been completed 3 years ago. Can you give me give me an indication of the likely cost of a lease extension? Corresponding flats in Dolwyddelan with a long lease are worth £192,000. The ground rent is £55 yearly. The lease ceases on 21st October 2080
With 54 years remaining on your lease we estimate the premium for your lease extension to span between £32,300 and £37,400 plus professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed due diligence. Do not use the figures 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 move forward based on this information before getting professional advice.
Having used your search tool I can't find the lawyer I was hoping to instruct as being on the lender conveyancing panel. My lawyer has said that they are on the lender approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the mortgage company conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the bank solicitor panel.