My partner and I are looking to purchase a home in Llanfairfechan and are in fact using a Llanfairfechan conveyancing firm. Within the last couple of days our conveyancer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Santander have this evening contacted us to inform me that they have now hit a problem as our Llanfairfechan solicitor is not on their conveyancing panel. What do we do from here?
If you are buying a property with the assistance of a mortgage it is normal for the purchasers' lawyers to also represent the mortgage company. 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 property lawyer should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own Llanfairfechan solicitors, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
I am looking to buy a property and require a conveyancing solicitor in Llanfairfechan who is on the Norwich and Peterborough Building Society conveyancing. Can you recommend a local firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Norwich and Peterborough Building Society in certain locations such as Llanfairfechan. We dont recommend any particular firm.
My wife and I are purchasing a property in Llanfairfechan. I might seem paranoid but how we can trust a lawyer? At some point we have to send money into their account. What is the protection we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
After months of negotiation I have agreed a price on an apartment in Llanfairfechan. My financial adviser recommended their conveyancers. I paid an on account payment of £225. Soon after, the conveyancer called me sheepishly admitting that they were not on the Leeds Building Society conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Leeds Building Society panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
Nationwide have agreed my home loan in principle, my offer on a flat in Llanfairfechan has been accepted, what are the next steps?
The estate agent will want to know who your solicitors are (make sure the solicitors are on the bank’s panel). Telephone Nationwide or the financial adviser and complete any outstanding documentation. Nationwide will sellect a valuer who will get in touch with the selling agent or seller to book an appointment. Once conducted (assuming no problems) it takes approximately a week for the mortgage offer to be issued. Nationwide will send the offer to you and your property lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Llanfairfechan.
Will commercial conveyancing searches reveal planned roadworks that may impact a commercial premises in Llanfairfechan?
Its becoming the norm that commercial conveyancing solicitors in Llanfairfechan will carry out a SiteSolutions Highways report as it dramatically cuts the time that conveyancers expend in investigating accurate data on highways that impact buildings and development assets in Llanfairfechan. The search result provides definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Llanfairfechan.
For every commercial conveyancing transaction in Llanfairfechan it is critical to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been addressed adequately could cause delays to Llanfairfechan commercial conveyancing transactions as well as present a risk to future intentions for the site. These searches are not conducted for residential conveyancing in Llanfairfechan.
I am buying my first flat in Llanfairfechan with a loan from Britannia. The builders refused to budge the amount so I negotiated £7000 of fixtures and fittings instead. The sale representative advised me not reveal to my solicitor about the deal as it could impact my loan with the bank. 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 Llanfairfechan where we have experienced a number of flat sales put at risk due to short leases. I have been given contradictory information from local Llanfairfechan conveyancing firms. Could you confirm whether the seller of a flat can instigate the lease extension process for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to wait 2 years for a lease extension. 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.
Alternatively, it may be possible 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 buyer.
I inherited a garden flat in Llanfairfechan, conveyancing having been completed 6 years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Llanfairfechan with a long lease are worth £192,000. The ground rent is £55 invoiced every year. The lease runs out on 21st October 2079
With 54 years remaining on your lease the likely cost is going to range between £32,300 and £37,400 plus costs.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed due diligence. Do not use the figures in tribunal or court proceedings. There may be other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.