My fiance and I are planning to purchase a property in Llanybydder and are in fact using a Llanybydder conveyancing practice. Within the last couple of days our lawyer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. HSBC Bank have this afternoon contacted us to advise us that there is now an issue as our Llanybydder solicitor is not on their approved list of lawyers. What do we do from here?
When purchasing a property with mortgage finance it is usual for the purchasers' solicitors to also act for the purchaser's lender. 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 solicitor should contact your lender 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 are not legally obliged to appoint a law firm on the bank's conveyancing panel as you are at liberty to use your preferred Llanybydder lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
I have been recommended a conveyancing solicitor in Llanybydder. I need to find out whether they are on the TSB conveyancing panel. Can you or the lender confirm if they are on the panel?
You should call the conveyancer and ask them whether they are on the lender panel. Alternatively you can get in touch with TSB who may be able to confirm.
I happen to be the only beneficiary of my late mum's estate and I have everything in my name alone, including the house in Llanybydder. The Llanybydder property was put into my name in December. I plan to dispose of the house. I understand that there is a CML six month 'rule', meaning my proprietorship could be regarded the same way as though I had purchased the house in December. Do I have to wait half a year to sell?
The Council of Mortgage Lenders’ 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 practical a view banks take of it, depend on the mortgage company as this provision chiefly exists to identify subsales or the quick reselling of property.
I was told four weeks ago that my mortgage has been agreed to by Skipton. Is it usual for Skipton to only issue the offer once my solicitor in Llanybydder is approved on their conveyancing panel? Skipton have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Skipton to deal with your lawyer's application to be on the Skipton conveyancing panel. There's no guarantee that your solicitor will be accepted.
I have finally had an offer on a flat in Llanybydder agreed to, but there is a chain. The sellers have put an offer on somewhere, but it’s not yet agreed to, and are looking at other properties in the pipeline. I have selected a nearby conveyancing solicitor in Llanybydder. What should be my next step? When should I get the mortgage application with Coventry BS going?
It is normal to have concerns where there is a chain as you are unlikely to want to incur costs too early (home loan application is approx one thousand pounds, then survey, Llanybydder conveyancing search fees, etc). The first course of action is to check that your conveyancing practitioner is on the Coventry BS conveyancing panel. As to the next phase this very much depends on the circumstances of your transaction, motivation for the property and on the state of the market. In a rising market many buyers will apply for a home loan with Coventry BS and arrange for the valuation and only if it comes back ok would they request their solicitor to move forward with the conveyancing in Llanybydder.
I am selling our home in Llanybydder and according to the buyers it appears that there is a possibility that the property was constructed land that was not decontaminated. Any high street Llanybydder conveyancer would know that there is no such problem. It does beg the question why the buyers used a nationwide conveyancing firm rather than a conveyancing solicitor in Llanybydder. Having lived in Llanybydder for 4 years we know of no issue. Is it a good idea to get in touch with our local Authority to obtain confirmation need.
It sounds as though you may have a conveyancing firm currently acting for you. What do they say? You should enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same illness)
I am buying a new build house in Llanybydder with a mortgage from Yorkshire Building Society. The developers refused to budge the price so I negotiated five thousand pounds worth of extras instead. The property agent told me not reveal to my lawyer about this deal as it may put at risk my loan with the bank. Is this normal?.
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.
How simple is it to use the search facility to find a conveyancing lawyer in Llanybydder on the authorised to act for my lender?
Step one is to pick a lender such as Barclays , Virgin Money or TSB then type in your location a common one being Llanybydder. Conveyancing practices in Llanybydder and nationally will then be identified.