My husband and I are planning to purchase a home in Hengoed and are in fact using a Hengoed conveyancing practice. Within the past 48 hours our conveyancer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Accord Mortgages Ltd have this evening contacted us to advise us that there is now an issue as our Hengoed solicitor is not on their conveyancing panel. What do we do from here?
If you are buying a property needing a mortgage it is usual for the purchasers' lawyers to also represent the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel as you are at liberty to use your preferred Hengoed lawyers, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
The Hengoed conveyancing firm handling our Hengoed conveyancing has spotted a difference between the information in the valuation report and what is revealed within the legal papers for the property. My lawyer informs me that he must ensure that the bank is OK with this discrepancy and is content to go ahead. Is my conveyancer’s course or action legitimate?
Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook conditions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
My colleague recommended that where I am purchasing in Hengoed I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is occasionally included in the estimate for your Hengoed conveyancing searches. It is not a small document of about 40 pages, listing and detailing important information about Hengoed around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Hengoed Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Hengoed Education with plans and statistics, Local Amenities and other useful information concerning Hengoed.
I am looking for a ground for flat up to £235,500 and identified one close by in Hengoed I like with amenity areas and station in the vicinity, the downside is that it only has 49 years unexpired on the lease. There is not much else in Hengoed for this price, so just wondered if I would be making a grave error buying a lease with such few years left?
If you need a home loan that many years will be an issue. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least 2 years you could ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor about this.
I need to instruct a conveyancing solicitor for leasehold conveyancing in Hengoed. I've land on a site which appears to be the ideal solution If it is possible to get all this stuff done via email that would be preferable. Do I need to be concerned? 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?
What should I expect to pay for conveyancing in Hengoed?
The amount you are charged for Hengoed conveyancing fees are likely to be calculated at:
- a fixed fee; or
- an hourly rate (i.e. the time spent on the particular case).
In reality you seldom hear of Hengoed conveyancing solicitors invoice on an hourly basis