My partner and I are hoping to acquire a property in Llanbedr and have instructed a Llanbedr conveyancing practice. Within the last couple of days our property lawyer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Coventry Building Society have this morning contacted us to inform me that there is now an issue as our Llanbedr solicitor is not on their conveyancing panel. Please explain?
If you are buying a property needing a mortgage it is usual for the purchasers' solicitors 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 property lawyer should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the bank's conveyancing panel and you may continue to use your own Llanbedr solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
My solicitor has uncovered a defect with the lease for the apartment we are buying in Llanbedr. The seller’s lawyers have suggested defective title insurance as a workaround. We are content with insurance and will pay for it. Our property lawyer says that he must be satisfied that the lender is willing to move forward with this solution. Are we the client or is the bank?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the lender are the client. Your property lawyer must comply with the UK Finance Lenders’ Handbook provisions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the mortgage company can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your conveyancing practitioner will have no choice but to discontinue acting for you.
What is the first thing I need to know about purchase conveyancing in Llanbedr?
Not many law firms shout this from the rooftops but conveyancing in Llanbedr and elsewhere in England and Wales is an adversarial process. In other words, when it comes to conveyancing there is plenty of room for confrontation between you and other parties involved in the ownership transfer. E.g., the vendor, selling agent and on occasion a mortgage company. Appointing a law firm for your conveyancing in Llanbedr should not be taken lightly as your conveyancer is your adviser, and is the ONLY person in the legal process whose responsibility is to look after your legal interests and to keep you safe.
Sometimes a third party with a vested interest may try and convince you that it is in your interests to do things their way. As an example, the property agent may claim to be assisting by claiming that your lawyer is wrong. Or your mortgage broker may advise you to do take action that is against your solicitors recommendation. You should always trust your lawyer above all other parties in the home moving process.
Should our solicitor be making enquiries regarding flooding as part of the conveyancing in Llanbedr.
Flooding is a growing risk for solicitors dealing with homes in Llanbedr. Some people will purchase a property in Llanbedr, fully expectant that at some time, it may suffer from flooding. However, aside from the physical damage, where a house is at risk of flooding, it may be difficult to get a mortgage, satisfactory insurance cover, or dispose of the property. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Solicitors are not qualified to give advice on flood risk, but there are a numerous searches that can be undertaken by the purchaser or by their solicitors which can figure out the risks in Llanbedr. The standard information sent to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a usual question of the owner to discover whether the property has ever been flooded. If flooding has previously occurred which is not notified by the seller, then a buyer could commence a compensation claim stemming from an incorrect reply. A purchaser’s solicitors may also conduct an enviro search. This should disclose whether there is a recorded flood risk. If so, further inquiries should be conducted.
I got the keys to my flat on 12 March and the transaction details is yet to be on the land registry website. Any reason for this? My conveyancing solicitor in Llanbedr said it would be concluded in a couple of weeks. Are transfers in Llanbedr particularly slow to register?
There is nothing unique about conveyancing in Llanbedr registration formalities. Rather than based on location, timeframes can adjust subject to the party submitting the application, whether it is in order and if the Land registry have to notify any other parties. As of today approximately three quarters of submission are fully addressed within two weeks but some can be subject to extensive hold-ups. Historically registration is effected once the buyer has moved in to the premises therefore 'speed' is not always top priority but where there is a degree of urgency associated with the registration then you or your lawyers should communicate with the Registry to express the reasoning for the application to be prioritised.
I've recently found out that there is a flying freehold element on a house I put an offer in two weeks back in what was supposed to be a quick, no chain conveyancing. Llanbedr is where the house is located. Is there any advice you can impart?
Flying freeholds in Llanbedr are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Llanbedr 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 Llanbedr 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 residence.