I am five weeks into the sale of my home in Llandough and the EA has just text me to advise that the buyers are appointing a new conveyancer. The excuse is that the mortgage company will only work with property lawyers on their conveyancing panel. Why would a leading lender only deal with certain solicitors rather the firm that they want to appoint for their conveyancing in Llandough ?
Banks have always had panels of law firms they are willing to work with, but in recent years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Lending institutions blame a rise in fraud by way of justification for the cull – criteria have been tightened as a smaller panel is easier to keep an eye on. 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. Some 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 not going to have any sway in the decision.
All was ready to move into my new home in Llandough next Tuesday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in his capacity as lawyer for the bank. What risks does the bank expect the insurance to cover?
Any lawyer on acting for lenders would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s Part 2 requirements. These requirements are not limited to conveyancing in Llandough.
I am buying a garden flat in Llandough. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Llandough you will have to appoint a solicitor on your mortgage company's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Llandough.
I am purchasing a detached bungalow in Llandough. Our aim is to an extension at the rear at the house.Will the conveyancing process involve investigations to see if these works are allowed?
Your solicitor should review the deeds as conveyancing in Llandough will occasionally reveal restrictions in the title documents which restrict categories of alterations or require the consent of another owner. Some additions call for local authority planning permissions and approval in accordance building regulations. Some areas are designated conservation areas and special planning restrictions apply which frequently prevent or affect extensions. You should check these things with a surveyor ahead of any purchase.
is it true that all Llandough solicitors on the Nottingham conveyancing panel are governed by the SRA?
As solicitors, in order to be on the Nottingham conveyancing panel they would need to be regulated by the SRA. Some mortgage companies do allow licenced conveyancers on their panel and in such a situation the practice would be governed by the CLC.
I have decided to exercise my right to buy my property in Llandough off the council. I have a mortgage offer with Virgin Money. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Virgin Money, you will need to appoint a solicitor on the Virgin Money conveyancing panel.
I have a renovated Georgian house in Llandough. Conveyancing practitioner acted for me and Lloyds TSB Bank. I did a free Land Registry search last week and I saw a couple of entries: one for freehold, another for leasehold with the matching property. I thought I was buying a freehold how can I check?
You need to assess the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Llandough and other areas of the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with purchasers. You can also question the position with the conveyancing practitioner who completed the work.
I today plan to offer on a house that seems to meet my requirements, at a reasonable figure which is making it all the more appealing. I have subsequently found out that the title is leasehold rather than freehold. I am assuming that there are issues purchasing a leasehold house in Llandough. Conveyancing solicitors have not yet been instructed. Will my lawyers set out the risks of buying a leasehold house in Llandough ?
The majority of houses in Llandough are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. It is clear that you are buying in Llandough in which case you should be looking for a Llandough conveyancing practitioner and be sure that they are used to transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a lessee you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as obtaining the freeholder’spermission to conduct changes to the property. It may be necessary to pay a service charge towards the maintenance of the communal areas where the house is part of an estate. Your conveyancer should report to you on the legal implications.
I acquired a leasehold flat in Llandough, conveyancing formalities finalised in 1996. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding properties in Llandough with over 90 years remaining are worth £206,000. The average or mid-range amount of ground rent is £45 per annum. The lease runs out on 21st October 2091
You have 66 years remaining on your lease we estimate the premium for your lease extension to span between £11,400 and £13,200 plus costs.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more detailed due diligence. Do not use the figures in tribunal or court proceedings. There may be other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.