Unfortunately I am unable to travel far from Llanelli. I would like to know the logic why all Llanelli lawyers are not on all lender panels?
Pre- 2008 most mortgage companies had an approach to risk which is different than today. The FSA in 2010 conducted a thematic review into fraud which concluded: know the solicitors on your panel. Accordingly, banks have subsequently looked to extract more data from law firms about their operations and the individuals who work for them and set certain criteria such as completing a minimum number of transactions. Many law practices have found themselves removed from lender panels even though they had an exemplary disciplinary record, no complaints and no claims and didn't just 'dabble' in conveyancing. Many firms were never going to meet the minimum amount of transactions the lenders required.
When will exchange of contracts happen for sale conveyancing in Llanelli and am I required to be at the lawyers office?
If you are near to one of the conveyancing solicitors in Llanelli you are welcome to attend to sign the paperwork. However, the lender approved solicitors we work with supply a national conveyancing service and give just as detailed and professional a job for you when communicating with you by post or email. The signing of the purchase agreement is not when everything is set in stone. A signed contract is necessary for the firm to exchange contracts when the time is right, which is ordinarily shortly after signing. The exchange process is is usually a five minute process, although where a lengthy "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Llanelli)to be in the office at the appropriate time.
Will my lawyer be raising questions regarding flooding as part of the conveyancing in Llanelli.
The risk of flooding is if increasing concern for solicitors specialising in conveyancing in Llanelli. There are those who purchase a house in Llanelli, completely aware that at some time, it may be flooded. However, leaving to one side the physical destruction, if a house is at risk of flooding, it may be difficult to obtain a mortgage, suitable building insurance, or sell the premises. Steps can be carried out during the course of a property purchase to forewarn the buyer.
Conveyancers are not best placed to impart advice on flood risk, however there are a various searches that may be undertaken by the buyer or by their lawyers which can give them a better understanding of the risks in Llanelli. The standard property information forms supplied to a purchaser’s conveyancer (where the Conveyancing Protocol is adopted) contains a usual inquiry of the seller to find out whether the property has historically flooded. In the event that flooding has previously occurred and is not revealed by the seller, then a purchaser may commence a compensation claim stemming from an inaccurate response. A buyer’s lawyers should also carry out an enviro search. This will higlight if there is any known flood risk. If so, further inquiries should be conducted.
I used Stirling Law a few years ago for my conveyancing in Llanelli. I now require my file but the law firm has closed. What do I do?
Do contact the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Llanelli of the conveyancing firm of solicitors you previously hired, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
I am purchasing a new build house in Llanelli with a loan from Clydesdale. The sellers would not move on the price so I negotiated 6k of extras instead. The sale representative told me not disclose to my conveyancer about the side-deal as it would adversely affect my loan with the lender. 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.
Due to the guidance of my in-laws I had a survey completed on a house in Llanelli ahead of retaining solicitors. I have been informed that there is a flying freehold element to the house. The surveyor advised that some mortgage companies tend refuse to issue a mortgage on this type of property.
It varies from the lender to lender. HSBC has different instructions from Birmingham Midshires. Should you wish to call us we can investigate further with the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Llanelli. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Llanelli to see if the conveyancing costs will increase in light of this.