I can't travel far from Mountain Ash. What is the rationale as to why all Mountain Ash property lawyers are not on all lender panels?
As unjust as it may appear for banks to restrict who can act for them, from the public’s or lawyer’s standpoint, the other side of the coin is that lending institutions are increasingly anxious and feel it essential to protect them from illegal activities. As a result of this concern banks are limiting their panel of approved conveyancing lawyers to a size that they are happy to control.
Me and my partner are purchasing a house in Mountain Ash. I might seem paranoid but how we can trust a conveyancer? On completion day we will need to send our life savings into their account. What is the protection we have from them run away with our money?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
The mortgage over my property is with RBS for my property in Mountain Ash. Conveyancing has been completed 12 months ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform RBS?
RBS must be informed of your intention before renting your property as this is likely to be a breach of RBS’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact RBS directly. It should not be necessary to do this via a RBS conveyancing panel lawyer.
I had an offer accepted on a property in Mountain Ash on 30/10/2024, valuation was booked five days later, received a clean bill of health. Solicitor instructed, so the only thing outstanding was my mortgage offer. Having made daily calls to Leeds Building Society and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the Leeds Building Society conveyancing panel. Are Leeds Building Society entitled to hold back the Mortgage pending the lawyer being on the approved list?
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Leeds Building Society to deal with your lawyer's application to be on the Leeds Building Society conveyancing panel. There's no guarantee that your solicitor will be accepted.
Various internet forums that I have frequented warn that are a common reason for hinderance in Mountain Ash conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) has noted the conclusions of a review by MoveWithUs that conveyancing searches do not figure within the top 10 causes of hindrances during the legal transfer of property. Local searches are not likely to be the root cause of holding up conveyancing in Mountain Ash.
It has been 2 months since my purchase conveyancing in Mountain Ash concluded. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I'm remortgaging my existing house to a buy to let mortgage with Lloyds TSB Bank and I will use the rest of the raised equity as a down payment on another house. The neighborhood we are interested in is Mountain Ash. Will your lawyers be able to act for the two lenders and tie in the conveyances?
Make use of our search tool on this site to check that the solicitors are on the appropriate lender panels. On the basis that they are the conveyancer will be able to connect the two conveyancing matters but you should talk with you lawyer and specify your desired outcome and requirements.
Why can't I complete our conveyancing in Mountain Ash on Easter Monday?
Because on completion the sale price needs to be transferred electronically between the banks of the buyer and seller's lawyer and at present this can only occur on a business day. So you can't complete on a weekend either.