I am progressing with the sale of my ground floor flat in New Quay and the EA has just e-mailed to advise that the purchasers are swapping property lawyer. The excuse is that the mortgage company will only engage with solicitors on their approved list. Why would a big named mortgage company only engage with certain law firms rather the firm that they want to select to handle their conveyancing in New Quay ?
Mortgage companies have always had an approved set of law firms that can act for them, but in the last few years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for over 25 years.
Banks point to the increase in fraud by way of justification for the cull – criteria have been stiffened as a smaller panel is easier to monitor. 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. The buyers are unlikely to have any impact on this.
I am buying a new build duplex in New Quay and my conveyancer is advising me that she has to the mortgage company to disclose incentives from the seller. I am under pressure to sign contracts and I would rather not prolong deal. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your lawyer. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Will commercial conveyancing searches reveal planned roadworks that could affect a commercial estate in New Quay?
Its becoming the norm that commercial conveyancing solicitors in New Quay will execute a SiteSolutions Highways report as it reduces the time that conveyancers spend in researching accurate data on highways that impact buildings and development assets in New Quay. The search result sets out definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in New Quay.
For each commercial conveyancing transaction in New Quay it is crucial to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been addressed adequately may result in delays to New Quay commercial conveyancing deals as well as pose a risk to future plans for the site. These searches are not carried out for residential conveyancing in New Quay.
I've recently found out that there is a flying freehold element on a house I put an offer in last month in what was supposed to be a straight forward, chain free conveyancing. New Quay is the location of the property. Can you offer any advice?
Flying freeholds in New Quay are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside New Quay you must be sure that your lawyer goes through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in New Quay may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
I need to instruct a conveyancing solicitor for sale conveyancing in New Quay. I happened to stumble across a web site which seems to have the ideal solution If there is a chance to get all the legals completed via web that would be preferable. Should I be concerned? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
What advice can you give us when it comes to choosing a New Quay conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a conveyancer for lease extension works (regardless if they are a New Quay conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We recommend that you talk with two or three firms including non New Quay conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions could be useful:
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What volume of lease extensions have they completed in New Quay in the last twenty four months? How experienced is the firm with lease extension legislation?
New Quay Conveyancing for Leasehold Flats - Sample of Questions you should ask before Purchasing
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It is important to be aware whether changing the roof or some other major work is anticipated to be shared by the tenants and could well materially increase the the service charges or require a one off payment. Are there any major works on the horizon that could add a premium to the maintenance fees? Who is in charge of the block?