The sellers of the house we are looking to purchase have appointed a conveyancing solicitor in Llantrisant who has recommended a preliminary agreement with a payment 10k. Are such agreements sensible?
There are two primary drawbacks with signing a lock out agreement (occasionally termed an exclusivity agreement) is that it diverts attention away from progressing with the conveyancing process, so unless it requires limited or no negotiation then it may transpire to be a cause of frustration and delay. It is not strongly advocated amongst Llantrisant conveyancing lawyers for this reason. The other main issue is the extent of the remedies available - an aggrieved buyer should not expect to be granted injunctive relief to bar the seller completing the sale to a third party, so the only remedy open via the agreement will be the recovery of wasted charges and, in limited scenarios, the additional payment of penalties.
Are the BSA planning on creating a searchable register to to identify law firms on the Melton Mowbray Building Society conveyancing panel for example in Llantrisant?
We have not been informed any plans on the part of the BSA to develop such a tool.
This question may be naive but I am unexperienced as a 1st time buyer of a garden flat in Llantrisant. Do I pick up the keys to the premises on completion from my lawyer? If this is the case, I will appoint a High Street conveyancing solicitor in Llantrisant?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will electronically transfer the completion advance to the vendor’s solicitors, and shortly after the monies have arrived, you will be called to receive the keys from the selling Agents and move into your new home. This tends to happen between 1 and 3pm.
I'm the only beneficiary of my late grandmother’s estate with all property in now in my sole name, including the my former home in Llantrisant. Conveyancing formalities meant that the Land Registry date was in June. I want to move. I do know about the Mortgage Lenders six month 'rule', meaning my property ownership will be considered the same way as though I had purchased the house in June. Do I have to wait half a year to sell?
The CML handbook requires conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be impacted by that. How sensible a view banks take of it, depend on the bank as this provision principally exists to capture the purchase and immediately sell or the wholesaling and assigning of property.
I am buying a property in Llantrisant. One unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender TSB be concerned?
As you are obtaining a mortgage with TSB your lawyer must check the conveyancing requirements contained in Section two of UK Finance Lenders’ Handbook for TSB. The Council of Mortgage Lenders’ Handbook includes minimum conditions for solar panel roof-space leases, and property lawyers are required to report to TSB where a lease does not satisfy these specifications. The specifications relate to the installation of panels on properties nationwide and is not limited to Llantrisant.
I am purchasing my first flat in Llantrisant with a loan from TSB. The sellers refused to reduce the amount so I negotiated 6k of fixtures and fittings instead. The sale representative advised me not disclose to my conveyancer about the deal as it will jeopardize my loan with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer 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 advice of my in-laws I had a survey completed on a house in Llantrisant ahead of instructing lawyers. I have been told that there is a flying freehold aspect to the property. My surveyor has said that some banks may not issue a mortgage on such a house.
It varies from the lender to lender. Lloyds has different requirements for example to Halifax. If you e-mail us we can investigate further with the relevant bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Llantrisant. Conveyancing may be slightly more expensive based on your lender's requirements.
Builders have suggested I use a property lawyer and I've sought an estimate from them. It's almost £250 less expensive than my preferred Llantrisant conveyancing practitioner. Should I use them?
Builders often have panels of solicitors who expedite matters and who know the builder's documentation and conveyancing practitioner. As many developers offer an incentive to select a preferred conveyancing practitioner for this reason, any increased charges can be avoided and a builder will not put forward a conveyancing warehouse and run the risk of having the conveyancing delayed when they want exchange inside a month. A counter-argument for not agreeing to use the suggested property lawyer is that they may prove unwilling to 'push' your interests at the risk of alienating the developer. Where you have concerns that this may be the case you should stick with your local Llantrisant lawyer.