Our conveyancer has uncovered a a legal deficiency with the lease for the flat we are buying in Llay. The seller’s lawyers have offered defective title insurance as a solution. We are happy with insurance and will pay for it. Our solicitor has advised that he must check that the mortgage company is content with this solution. Are we the client or is the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. Your property lawyer must comply with the UK Finance Lenders’ Handbook specifications. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the lender can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your conveyancer will have no choice but to discontinue acting for you.
Can I use your services to locate a Conveyancing solicitor in Llay even if I’m not buying or selling a house, for instance if I intend to acquire an office in Llay with a loan from Bank of Scotland?
Our comparison service is predominantly utilised to help choose residential conveyancing solicitors in Llay but we have listed at the bottom of this page some Llay commercial conveyancing firms. You should enquire with the company directly to establish if they can also act for Bank of Scotland
I am buying a 4 bedroom semi-detached house in Llay. Our aim is to an extension at the rear at the property.Will the conveyancing process include checks to see if these alterations are permitted?
Your property lawyer will review the registered title as conveyancing in Llay can sometimes identify restrictions in the title deeds which prohibit certain changes or require the consent of a 3rd party. Some extensions require local authority planning consent and approval in accordance building regulations. Certain locations are designated conservation areas and special planning restrictions apply which often prevent or affect extensions. You should check these things with a surveyor prior to committing yourself to a purchase.
I am the sole recipient of my late mum's estate and I have everything in my name alone, including the my former home in Llay. Conveyancing formalities meant that the Land Registry date was in October. I now wish to sell up. I do know about the Mortgage Lenders six month 'rule', meaning my property ownership could be regarded the same way as though I had purchased the property in October. Will no one buy the property for half a year?
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." By the strict wording you might be caught by that. How practical a view mortgage companies take of it, depend on the mortgage company as this obligation is primarily there to pick up on the purchase and immediately sell or the flipping of property.
It is unclear whether my lender requires a lease extension. I have called into my local Llay building society branch on a couple of occasions and was told it does not impact the mortgage offer and they would lend. My Llay conveyancing solicitor - who is on the lender conveyancing panel- called to say that they refuse to lend based on their published requirements. Who do I believe?
As long as the conveyancer is on the lender panel, she or he must comply with the CML Handbook conditions for the bank. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
I used Stirling Law a few years past for my conveyancing in Llay. Now, I need my files however the law firm is no longer operating. What do I do?
You should contact the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Llay of the conveyancing firm of solicitors you previously retained, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
How does conveyancing in Llay differ for newly converted properties?
Most buyers of new build residence in Llay come to us having been asked by the developer to sign contracts and commit to the purchase even before the property is completed. This is because house builders in Llay tend to buy the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Llay or who has acted in the same development.
My friend mentioned that when selecting a conveyancing firm they need approved by your lender. It happens to be my first home move but I have an AIP via HSBC and I already have a family conveyancing lawyer in Llay on standby. Will Virgin Money require an approved conveyancer to be used? If so, where can I find that list for my conveyancing in Llay?
You should use a solicitor that is on the Virgin Money panel. Just ring your preferred Llay conveyancing solicitor to check if they are on the Virgin Money panel. If they are not approved you have a number of choices available to you here:
- Proceed with your chosen Llay solicitor but Virgin Money will no doubt instruct a conveyancing practitioner from their conveyancing panel. The net result is additional charges together with potential delay.
- Choose a new solicitor to conduct the conveyancing, making sure they are on the Virgin Money conveyancing panel.
- Appeal to your solicitor to seek to join the bank panel.