I am in the process of selling my apartment in Neath and the estate agent has just text me to advise that the buyers are appointing a new property lawyer. I am told that this is due to the fact that the lender will only deal with property lawyers on their approved list. Why would a major lender only work with certain solicitors rather the firm that they want to appoint for their conveyancing in Neath ?
Banks have always had panels of law firms they are content to work with, 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 worked with them for more than 25 years.
Lenders justify this action to a rise in fraud by way of justification for the cull – criteria have been stiffened as a smaller panel is easier to keep an eye on. 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 being contacted daily by practices that have been removed from panels. Some do not even realise 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 unlikely to have any impact on this.
I purchased a freehold house in Neath but still pay rent, why is this and what is this?
It is rare for properties in Neath and has limited impact for conveyancing in Neath but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for many centuries, but the Rent Charge Act 1977 barred the generation of new rentcharges post 1977.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 is to be dispensed with completely.
My apartment in Neath is up for sale and I have a buyer. Does the lawyer need to be required to be on the Skipton conveyancing panel in order to deal with the discharge of my mortgage?
Ordinarily, even if your lawyer is not on the Skipton conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their specifications fairly frequently currently.
Various online forums that I have visited warn that are the main cause of obstruction in Neath conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) released determinations of a review by MoveWithUs that conveyancing searches do not figure amongst the common causes of delays during the legal transfer of property. Searches are not likely to feature in any holding up conveyancing in Neath.
I'm purchasing my first flat in Neath benefiting from help to buy. The builders refused to budge the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The house builders rep advised me not reveal to my lawyer about the side-deal as it may adversely affect my loan with the bank. Should I keep quiet?.
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.
I am looking into buying my first house which is in Neath and I am already nervous. I couldn't find anything specific about Neath. Conveyancing will be needed in due course but do you know about the Neath area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Neath. In the meantime here are some basic statistics that we found