My wife and I are approaching an exchange on a property in Nantyglo and my parents have sent the exchange deposit to my conveyancing practitioner. I am now advised that as the deposit has been sent from someone other than me my solicitor needs to make a notification to my bank. Apparently, in also acting for the mortgage company he must advise them that the balance of the purchase price is not just from me. I informed the bank concerning my parents' contribution when I applied for the home loan, so is it really necessary for this now to hold matters up?
Your lawyer is duty bound to clarify with the bank to make sure that they are aware that the balance of the purchase price is not from your own resources. The solicitor can only report this to your lender if you agree, failing which, your lawyer must cease to continue acting.
Are there restrictive covenants that are commonly identified as part of conveyancing in Nantyglo?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Nantyglo. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in Nantyglo differ for newly converted properties?
Most buyers of new build property in Nantyglo come to us having been asked by the seller to sign contracts and commit to the purchase even before the house is ready to move into. This is because developers in Nantyglo typically acquire 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 conveyancing solicitors 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 used to new build conveyancing in Nantyglo or who has acted in the same development.
I am looking for a leasehold apartment up to £245,000 and identified one near me in Nantyglo I like with a park and railway links nearby, however it only has 49 years on the lease. There is not much else in Nantyglo for this price, so just wondered if I would be making a mistake buying a short lease?
If you need a mortgage the shortness of the lease may be an issue. Discount the price by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the premises for at least 2 years you may ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should consult your conveyancing solicitor concerning this.
I am looking for a conveyancing lawyer in Nantyglo for my remortgage. Is it possible to review a firm’s complaints history with the legal regulator?
One can see documented Solicitor Regulator Association (SRA) decisions resulting from investigations from 2008 onwards. Go to Check a solicitor's record. To find details Pre 2008, or to check a solicitors history, ring 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For non-uk callers, use +44 (0)121 329 6800. The regulator could recorded telephone calls for training purposes.
My step-son is embarking on her first house purchase, the home loan was agreed last week in principle. One the offer was accepted on house we contacted the mortgage company to go forward with his. We were shocked to learn that mortgage companies do not accept all solicitor, they need to be on their approved list, is this legal?
Mortgage Companies ordinarily restrict either the type or the number of conveyancing firms on their panel. A common example of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that banks have no responsibility for the quality of advice provided by any Nantyglo lawyer on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Unlikely.