My fiance and I are purchasing property in Llanwrtyd Wells. My lawyer has never been on on the bank conveyancing panel. Am I still permitted to retain my Llanwrtyd Wells conveyancing solicitor even though they are not on the mortgage company panel?
Various options include
- Carry on with your preferred Llanwrtyd Wells property lawyer but your mortgage company will undoubtedly instruct a conveyancing practitioner from their approved panel. The net result is additional charges and potential delay.
- Appoint a fresh property lawyer to act in the purchase, obviously checking they are on the mortgage company conveyancing panel.
- Convince your lawyer to seek to join the mortgage company panel
The housing market in Llanwrtyd Wells is hotting up. What can be done to hasten the conveyancing process?
In the event that you are under a tight deadline to exchange it is advisable to make sure that your solicitor is familiar with the area as they will benefit local connections and knowledge. It is possible that they would have transacted otherhouses in the same road. Therefore consider using a Llanwrtyd Wells conveyancing solicitor. Second, ensure that the conveyancing firm is on the on the approved list for your mortgage company. It is estimated that 18% of Llanwrtyd Wells conveyancing deals are delayed or derailed after finding out that a buyer’s lawyer was not on their mortgage lender’s member panel. In many cases this discovery resulted in the legal transfer of property being held up by an average of 21 days. It is understood that this issue impacts in the region of 100,000 home moves annually. Most Llanwrtyd Wells conveyancing practices can not act for certain banks so do check as early as possible.
My partner and I have organised the release of further funds on our mortgage from Co-operative as we wish to carry out a loft conversion to our house in Llanwrtyd Wells. Do we need to appoint a bricks and mortar Llanwrtyd Wells solicitor on the Co-operative conveyancing panel to deal with the legals?
Co-operative don't usually instruct firms on their conveyancing panel to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Co-operative panel.
I am due to exchange contracts on my apartment. I had a double glazing fitted in January 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, Co-operative are being problematic. The Llanwrtyd Wells solicitor who is on the Co-operative conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Co-operative are insisting on a building regulation certificate. Why do Co-operative have a conveyancing panel if they don't accept advice from them?
It is probably the case that Co-operative have referred the matter to their valuer. The reason why Co-operative may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
About to purchase maisonette in Llanwrtyd Wells. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Santander conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Llanwrtyd Wells solicitor is on the Santander conveyancing panel.
I have a semi-detached Victorian property in Llanwrtyd Wells. Conveyancing solicitor acted for me and Birmingham Midshires. I did a free Land Registry search last week and I saw two entries: the first freehold, another for leasehold under the exact same property. If a house is not a freehold shouldn't I have been informed?
You need to assess the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Llanwrtyd Wells and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with lenders. You can also enquire as to the situation with the conveyancing practitioner who conducted the work.
I opted to have a survey carried out on a house in Llanwrtyd Wells ahead of appointing lawyers. I have been told that there is a flying freehold overhang to the house. My surveyor has said that some banks tend not grant a loan on a flying freehold home.
It depends who your proposed lender is. Lloyds has different requirements for example to Birmingham Midshires. If you call us we can look into this further with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Llanwrtyd Wells. Conveyancing may be slightly more expensive based on your lender's requirements.
I am a negotiator for a reputable estate agency in Llanwrtyd Wells where we have experienced a few leasehold sales put at risk due to short leases. I have received conflicting advice from local Llanwrtyd Wells conveyancing solicitors. Please can you clarify whether the owner of a flat can initiate the lease extension process for the purchaser on completion of the sale?
As long as 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. 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 prior to, or simultaneously with completion of the disposal of the property.
An alternative approach is 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.
Leasehold Conveyancing in Llanwrtyd Wells - A selection of Questions you should consider Prior to buying
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What is the name of the managing agents? The majority of Llanwrtyd Wells leasehold flats will incur a service charge for maintenance of the block set by the management company. If you buy the flat you will have to pay this charge, usually in instalments throughout the year. This may differ from several hundred pounds to thousands of pounds for large purpose-built blocks. In all likelihood there will be a ground rent for you to pay yearly, this is usually not a significant amount, say approximately £50-£100 but you need to check as sometimes it can be surprisingly expensive. Is the freehold reversion owned collectively by the tenants?