I am selling my home in Margam and the estate agent has just telephoned to warn that the purchasers are switching solicitor. The excuse is that the lender will only deal with solicitors on their approved list. Why would a leading mortgage company only deal with certain law firms rather the firm that they want to select for their conveyancing in Margam ?
Mortgage companies have always had an approved set of law firms that can act for them, but in recent years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Lending institutions point to the increase in fraud by way of justification for the cull – criteria have been narrowed as a smaller panel is easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices that have been removed from panels. Plenty of firms 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. Your purchasers are unlikely to have any sway in the decision.
My lender has suggested a law firm on their panel based in Margam but I would rather instruct a conveyancing lawyer in Margam round the corner to me. Are you able to assist?
Not all Margam conveyancing practices are approved and listed on all banks conveyancing panel. Use our find an approved solicitor tool to find a Margam conveyancing conveyancer on the on the mortgage company panel.
The estate agent has sent us the confirmation of our purchase of a new build flat in Margam. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Set out below are examples of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Margam
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The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. There must be mutual enforceability of lessee’s covenants. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier?
Am I right to be concerned about brokers that I am dealing with are encouraging me to use an internet conveyancing firm rather than a High Street Margam conveyancing firm?
As is the case with lots of service providers, often referrals from connections can be worth their weight in gold. But there are many players in a conveyancing transaction; estate agents, financial adviser and lenders may suggest lawyers to appoint. Sometimes these solicitors might be known to one of the organisations as one of the best in their field, but sometimes there behind the scenes financial incentive behind the endorsement. You have the discretion to select your preferred lawyer. However, bear in mind that some lenders specify a panel list of law firms you must use for the lender related work in your transaction.
My husband and I are a fortnight into a freehold purchase having been referred to solicitors by the selling agent to handle our conveyancing in Margam. We are not happy. Could you you assist me in finding new solicitors?
A conveyancer would have to be really bad to suggest changing them. Has your loan offer been generated? If so you will need to advise them of the new contact details and ensure the mortgage documents are issued to the new lawyers. Your conveyancer should be on the banks approved list to avoid escalating fees and delays. So that should be your starting point. The search tool should help you find a lender approved lawyer for your conveyancing in Margam
Having had my offer accepted I require leasehold conveyancing in Margam. Before diving in I would like to find out the remaining lease term.
If the lease is recorded at the land registry - and almost all are in Margam - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Leasehold Conveyancing in Margam - Examples of Questions you should consider before buying
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Its a good idea to discover as much as you can concerning the company managing the block as they will affect your use and enjoyment of the property. As the proprietor of a leasehold property you are often at the mercy of the managing agents from a financial perspective and when it comes to practical matters such as the upkeep of the communal areas. Enquire of prospective neighbours what they think of their service. Finally, find out the dates that the service charges are due to the managing agents and specifically what it includes. Are any of leasehold owners in dispute over their service charge payments? What is the length of the lease?