I am six weeks into the sale of my ground floor flat in Llantrisant and the estate agent has just telephoned to say that the purchasers are changing their property lawyer. The reason given is that the lender will only engage with solicitors on their conveyancing panel. Why would a leading lender only engage with certain law firms rather the firm that they want to appoint to handle their conveyancing in Llantrisant ?
UK lenders have always had an approved set of law firms that can represent them, but in recent years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 25 years.
Lending institutions point to the increase in fraud by way of justification for the reduction – 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 claims that it is hearing daily from firms that have been removed from panels. Some are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The purchasers are not going to have any impact on this.
Would the conveyancing lawyers identified via your search tool conduct conveyancing in Llantrisant by way of an attended exchange?
We do have a number of conveyancing experts carrying out one day exchanges. Please e-mail us to receive a conveyancing quote and details as to availability.
I purchased a freehold property in Llantrisant but nevertheless charged rent, why is this and what is this?
It’s unusual for properties in Llantrisant and has limited impact for conveyancing in Llantrisant but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for many centuries, but the Rent Charge Act 1977 barred the generation of new rentcharges from 1977 onwards.
Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 is to be dispensed with completely.
Having spent time looking at moneysavingexpert.com for a conveyancing solicitor in Llantrisant, many comment that I should instruct a CQS accredited lawyer. What is CQS?
Llantrisant Conveyancing Quality Scheme practices have been granted certification under the Law Society's Scheme (CQS) CQS was created to establish evidence of quality standards in the in the legal transfer of properties. CQS helps home movers to identify practices that provide a quality residential conveyancing. Llantrisant is one of the many areas in England and Wales in which CQS have a presence. The scheme obliges practices to undergo a strict assessment, compulsory training, self-certification, spot checks and yearly assessments in order to maintain CQS status. It is available to solicitors and not licensed conveyancers and has the support of the Council of Mortgage Lenders.
Is it necessary to take out insurance to protect me from financial exposure to chancel repairs when purchasing a house in Llantrisant?
Unless a prior purchase of the property took place after 12 October 2013 you could expect solicitors handling conveyancing in Llantrisant to continue to propose a a chancel search and or chancel repair liability insurance.
I have been on the look out for a ground for flat up to £195,000 and identified one close by in Llantrisant I like with a park and station in the vicinity, the downside is that it only has 51 years unexpired on the lease. There is not much else in Llantrisant suitable, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you need a home loan the remaining unexpired lease term will likely be problematic. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least twenty four months you could request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer about this matter.