My husband and I are hoping to acquire a home in Llandaff and are in fact using a Llandaff conveyancing firm. Within the past 48 hours our solicitor has sent a preliminary report and documents to look through with a view to exchanging next week. Virgin Money have this morning contacted us to advise us that they have now hit a problem as our Llandaff lawyer is not on their approved list of lawyers. What do we do from here?
If you are buying a property with the assistance of a mortgage it is conventional 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 Accreditation Scheme. Your solicitor 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 are not legally obliged to appoint a law firm on the bank's conveyancing panel and you may continue to use your own Llandaff solicitors, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
My wife and I are getting closer to an exchange on a house in Llandaff and my parents have sent the exchange deposit to my solicitor. I am now informed that as the deposit has not come from me my conveyancing practitioner needs to disclose this to my bank. I am advised that, in also acting for the bank he must advise them that the balance of the purchase price is not just from me. I informed the mortgage company concerning my parents' contribution when I applied for the home loan, so is it really necessary for this now to be an issue?
Your solicitor is obliged to check with lender to ensure that they know that the balance of the purchase price is not from your own funds. Your solicitor can only report this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
Are there restrictive covenants that are commonly identified as part of conveyancing in Llandaff?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Llandaff. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in Llandaff differ for new build properties?
Most buyers of new build premises in Llandaff approach us having been asked by the seller to exchange contracts and commit to the purchase even before the property is finished. This is because new home sellers in Llandaff usually acquire the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Llandaff or who has acted in the same development.
I am thinking of appointing a conveyancing solicitor in Llandaff for my home move. Is there any facility to check a firm’s record with the legal regulator?
Anyone can read published Solicitor Regulator Association (SRA) decisions stemming from investigations commenced on or after 1 January 2008. Visit Check a solicitor's record. For information about the period before 1 January 2008, or to check a firm's history, call 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. International callers, use +44 (0)121 329 6800. The SRA may recorded telephone calls for training requirements.
I am just shy of a 10% deposit on my house purchase in Llandaff , but I am keen exchange. Do I have options?
You can agree a lower deposit. Many property owners will accept a lower deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last second