My fiance and I are purchasing an apartment in Llanelli. My Conveyancer is not listed on the lender conveyancing panel. Can I still use my Llanelli conveyancing solicitor even though they are not on the mortgage company panel of approved conveyancing solicitors?
You must appoint a conveyancing practitioner to complete the legal work required if you take out a loan to purchase your home. They will conduct all the necessary investigations on the property, ensuring that you will be registered as proprietor and ensure that all the required mortgage paperwork is in place. One can instruct a Llanelli lawyer of your choice. Nevertheless, if the lawyer appointed is not a member of the mortgage company approved list further fees will be incurred as separate legal representation will be need by the bank. Bank panel applications can be submitted, so where your conveyancer has not in the past sought membership they can do so.
My fiance and I are purchasing a purpose built apartment in Llanelli with a mortgage from Chelsea Building Society.We use our Llanelli conveyancing lawyer but Chelsea Building Society advised that his firm is not on their approved list of member firms. we are left little option but to use a Chelsea Building Society panel lawyer or retain our high street solicitor and pay for a Chelsea Building Society panel lawyer to represent them. This seems very unfair; is there anything we can do?
No, not really. The mortgage issued to you is subject to its terms and conditions, one of which will be that lawyers needs to be on the Chelsea Building Society solicitor panel. in the past, most banks had large numbers of solicitors on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your solicitors to apply to be on the conveyancing panel for Chelsea Building Society
I am helping my mother sell her property in Llanelli. Will the solicitor order the energy assessment or should I organise this?
Following the abolition of HIPs, energy assessments was maintained a required element of selling a property. An energy assessment needs to be commissioned prior to the property being placed on the market. This is not as aspect of the sale process that law firms normally organise. Where you are instructing a Llanelli conveyancing lawyer they might be willing to arrange EPC’s given their relationships with long established local providers
Please help - my lawyer says that missing deeds insurance is needed on my purchase. What is the level of cover for Llanelli conveyancing?
The appropriate level of missing deeds indemnity insurance depends on your lender. It would differ for example between Barclays and Skipton Building Society. Conveyancing lawyers as opposed to borrowers take out such insurances.
Is it the case that all Llanelli CQS (Conveyancing Quality Scheme) solicitors are on the Lloyds conveyancing list of approved solicitors?
Some major banks and building societies now make use of CQS as the kick off point for Panel membership such as HSBC and Santander. CQS membership however gives no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for firms wishing to remain on their approved list of firms.
What will a local search reveal regarding the house my wife and I purchasing in Llanelli?
Llanelli conveyancing often starts with the submitting local authority searches directly from your local Authority or through a personal search organisations for example Xpress Legal The local search is essential in every Llanelli conveyancing purchase; that is if you don’t want any nasty surprises after you move into your property. The search will reveal information on, amongst other things, details on planning applications applicable to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen topic areas.
I'm buying a new build house in Llanelli with a mortgage from Norwich and Peterborough Building Society. The builders refused to reduce the amount so I negotiated 6k of additionals instead. The estate agent suggested that I not reveal to my solicitor about this extras as it would impact my mortgage with Norwich and Peterborough Building Society. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I work for a long established estate agent office in Llanelli where we have experienced a number of leasehold sales jeopardised due to short leases. I have been given inconsistent advice from local Llanelli conveyancing firms. Please can you clarify whether the vendor of a flat can instigate the lease extension process for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I purchased a garden flat in Llanelli, conveyancing formalities finalised September 2005. Can you work out an approximate cost of a lease extension? Similar flats in Llanelli with a long lease are worth £176,000. The ground rent is £50 invoiced annually. The lease expires on 21st October 2105
With just 80 years remaining on your lease we estimate the premium for your lease extension to range between £8,600 and £9,800 plus professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.