When will exchange of contracts happen for sale conveyancing in Margam and am I required to attend the solicitors branch?
Where you are in close proximity to our conveyancing solicitors in Margam you are invited in to sign the paperwork. That being said, the firms we recommend supply countrywide coverage for conveyancing and provide just as detailed and professional a job for you when communicating with you by post or email. The signing of the contract is not the important part. A signed contract simply enables the conveyancer to officially exchange at the suitable time, which is ordinarily shortly after signing. The procedure is is usually a five minute process, although where an extended "chain" is involved, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Margam)to be in the office at the appropriate time.
We are expecting a mortgage offer soon. The bank mentioned the home loan came with free conveyancing. Is the implication that I have to appoint their panel solicitor as I would prefer to use a Margam based conveyancing firm?
Do check but the chances are that give you one of their panel lawyers where you take up the "fee-free" incentive. Speak to the mortgage company and see if they offer you a cash alternative. It is not unheard for a lender to give a £250 cashback as an alternative in which case that money can go towards your preferred conveyancing solicitor near Margam.
My partner and I have arranged the release of further monies on our mortgage from UBS as we want to carry out alterations to our house in Margam. Do we need to select a high street Margam solicitor on the UBS conveyancing panel to handle the legals?
UBS don't usually require firms on their conveyancing panel to handle the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the UBS list.
I recently had an offer agreed on an apartment in Margam. My mortgage broker suggested a property lawyer. I paid an upfront payment of £200. A few days later, the lawyer contacted me sheepishly admitting that they were not on the Coventry BS conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Coventry BS panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I have finally had an offer on a flat in Margam accepted, but there is a chain. The vendors have offered on on an apartment, but it’s not been accepted yet, and have viewings of other properties booked. I have selected a local conveyancing solicitor in Margam. What do I do now? When do I get the mortgage application with Leeds Building Society going?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket prematurely (home loan application is approx £1k, then survey, Margam conveyancing search fees, etc). First, you should ensure that your solicitor is on the Leeds Building Society approved list. Concerning the subsequent steps this very much depends on the circumstances of your transaction, attraction to this property and on the state of the market. In a buoyant market many buyers would apply for a home loan with Leeds Building Society and arrange for the valuation and only if it was satisfactory would they ask their lawyer to press on with the conveyancing in Margam.
I have been told that property searches are the primary reason for stalling in Margam house deals. Is this right?
The Council of Property Search Organisations (CoPSO) released conclusions of a review by MoveWithUs that conveyancing searches do not feature within the common causes of delays in the conveyancing process. Searches are unlikely to feature in any delay in conveyancing in Margam.
Over the last few months I have been searching for a flat up to £245,000 and found one round the corner in Margam I like with amenity areas and transport links nearby, however it only has 52 years on the lease. There is not much else in Margam for this price, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you require a home loan the remaining unexpired lease term will likely be an issue. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for a minimum of 2 years you could request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this.
My solicitors in Margam have advised me that they can not locate my conveyancing file. At the time of my purchase I took out a mortgage with the bank. Is it case that being on the mortgage company conveyancing panel they need to have retained the file for a prescribed period?
Different lenders have different requirements but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the bank Conveyancing Panel Terms. It might be worth you contacting the lender directly.