I am in the process of selling my ground floor flat in Mumbles and the estate agent has just called to say that the buyers are swapping solicitor. I am told that this is due to the fact that the mortgage company will only deal with solicitors on their approved list. Why would a big named mortgage company only work with specific lawyers rather the firm that they want to choose to handle their conveyancing in Mumbles ?
UK lenders have always had an approved set of law firms that can act for them, but in the past few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Lending institutions justify this action to a rise in fraud by way of justification for the cull – criteria have been narrowed as a smaller panel is easier to oversee. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms 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 buyers are not going to have any impact on this.
Can you clarify what the consequences are if my solicitor is expelled from the Barclays Conveyancing panel ahead of completing my conveyancing in Mumbles?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
I'm purchasing my first flat in Mumbles with a loan from Chelsea Building Society. The sellers would not move on the price so I negotiated 6k of additionals instead. The estate agent suggested that I not to tell my conveyancer about this extras as it would affect my mortgage with the bank. Do I keep my lawyer in the dark?.
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 straightforward is it to use your search tool to locate a conveyancing lawyer in Mumbles on the panel for my bank?
Step one is to choose a mortgage company such as Birmingham Midshires, Bank of Scotland or Nottingham Building Society then choose your preferred area a common one being Mumbles. Conveyancing practices in Mumbles and across England and Wales will then be listed.
I am tempted by the attractive purchase price for a two flats in Mumbles which have about 50 years unexpired on the leases. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Mumbles. The lease is a right to use the premises for a period of time. As a lease shortens the value of the lease decreases and results in it becoming more costly to acquire a lease extension. For this reason it is advisable to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease because mortgage lenders may be unwilling to lend money on such properties. Lease enfranchisement can be a difficult process. We advise that you seek professional help from a solicitor and surveyor with experience in this arena.
I inherited a 2 bed flat in Mumbles, conveyancing formalities finalised half a dozen years ago. Can you work out an approximate cost of a lease extension? Corresponding flats in Mumbles with over 90 years remaining are worth £185,000. The ground rent is £65 invoiced annually. The lease finishes on 21st October 2087
You have 61 years unexpired we estimate the premium for your lease extension to range between £18,100 and £20,800 plus legals.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first getting professional advice.
What do I do if I am unhappy with the lawyer who handled my conveyancing in Mumbles?
We live in an imperfect world, and unfortunately every so often things do go wrong. That being said there is recourse if you were unhappy with your conveyancing in Mumbles. This varies from trying to resolve matters directly with them, through to reporting a conveyancer to their regulator. If you remain unhappy you may consider getting in touch with the Legal Ombudsman.