I am one month into the sale of my home in Llantwit Major and the EA has just telephoned to warn that the purchasers are switching solicitor. The excuse is that the lender will only work with property lawyers on their approved list. Why would a leading mortgage company only work with certain lawyers rather the firm that they want to choose for their conveyancing in Llantwit Major ?
Banks have always had an approved set of law firms they are content to work with, but in the past few years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for over 25 years.
Lending institutions point to the increase in fraud as the reason for the cull – criteria have been narrowed as a smaller panel is easier to oversee. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says 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 buyers are not going to have any sway in the decision.
My husband and I swapping mortgage lender for our apartment in Llantwit Major with Kent Reliance. We have a son 19 who lives at home. Our solicitor has asked us to disclose any adults other than ourselves who lives in the flat. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the property is forfeited by the lender. I have two questions (1) Is this document specific to the Kent Reliance conveyancing panel as he did not need to sign this form when we bought 5 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
First, rest assured that your Kent Reliance conveyancing panel solicitor is doing the right thing as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Kent Reliance. This is solely used to protect Kent Reliance if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Kent Reliance had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
There is lots of here concerning conveyancing in Llantwit Major but can you isolate your top tip for selecting the right conveyancer in Llantwit Major
Do not opt for the lowest Llantwit Major conveyancing quote. You really do get what you pay for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
Two weeks ago we had a mortgage agreed in principle with Co-operative. Llantwit Major conveyancing lawyers have been chosen. What is the average time that one could expect to receive a mortgage offer from Co-operative?
Some lenders take longer than others. Have Co-operative completed the valuation? Have you informed Co-operative as to your lawyers' details and checked that your lawyers are on the Co-operative conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I have instructed a Llantwit Major lawyer having checked that they are on the Skipton conveyancing panel. Does my lawyer arrange the survey of the property?
Skipton will need an independent valuation of the property. Your lawyer will not arrange this. Usually Skipton will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your conveyancer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Llantwit Major postcode. As you are getting a mortgage with Skipton, you could contact them to see if they have a list of approved surveyors in Llantwit Major.
I need to retain a conveyancing solicitor for purchase conveyancing in Llantwit Major. I've chance upon a web site which seems to have the perfect offering If there is a chance to get all formalities completed via phone that would be preferable. Do I need to be concerned? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I am a negotiator for a long established estate agency in Llantwit Major where we have experienced a few flat sales jeopardised as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Llantwit Major conveyancing solicitors. Please can you clarify whether the vendor of a flat can start the lease extension process for the purchaser on completion of the sale?
Provided that the seller has owned the lease 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. The benefit of this is that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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 own a basement flat in Llantwit Major, conveyancing having been completed 5 years ago. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Llantwit Major with over 90 years remaining are worth £227,000. The ground rent is £50 yearly. The lease ceases on 21st October 2096
With only 71 years unexpired we estimate the premium for your lease extension to span between £9,500 and £11,000 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first getting professional advice.
Do I need to have a meeting at the offices of the bank conveyancing panel solicitor to sign the legal charge? If so, I will appoint a lawyer who conducts conveyancing in Llantwit Major so that I can attend their offices when needed.
Most conveyancing panel lawyers for the bank undertake all of the work via the post, internet or over the phone. This means that they can undertake your Conveyancing Transaction no matter where you live in England or Wales. YOu dont have to use a conveyancing solicitor in Llantwit Major. it would nevertheless be wise to check if you can still book an appointment to go into appointed conveyancing lawyer if you prefer.