I am selling my house in New Quay and the EA has just called to warn that the purchasers are switching law firm. The reason given is that the bank will only engage with solicitors on their conveyancing panel. On what basis would a leading lender only work with certain law firms rather the firm that they want to select to handle their conveyancing in New Quay ?
UK lenders have always had an approved set of law firms that can represent them, but in recent years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Mortgage companies attribute this action to a rise in fraud as the reason for the reduction – 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 says it is hearing daily from firms 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 purchasers are not going to have any sway in the decision.
I am under pressure from the seller of a property in New Quay to sign contracts within four weeks. What can be done to speed up the conveyancing process?
In a situation where you are under time constraints for your conveyancing we would recommend that your conveyancer is familiar with the location as they will make use of local connections and knowledge. It is possible that they could have transacted previoushouses in the same street. You would be best advised to use a New Quay conveyancing firm. In addition, check that the conveyancing firm is on the on the approved list for your mortgage company. It is understood that 18% of New Quay conveyancing deals are frustrated or jeopardised after discovering a buyer’s solicitor was not on their banks member panel. This can often result in the transaction being delayed by as much as 21 days. It is understood that this issue impacts approximately 100,000 home moves every year. Almost all New Quay conveyancing firms can not represent certain banks so do check at the outset.
My wife and I are downsizing from our property in New Quay and the buyers lawyers are claiming that there is a possibility that the property was constructed on contaminated land. Any high street New Quay conveyancer would know this is not the case. It does beg the question why the purchasers are using a factory type conveyancing outfit rather than a conveyancing solicitor in New Quay. We have lived in New Quay for three years we know that this is a non issue. Should we contact our local Authority to get confirmation that there is no issue.
It would appear that you have a conveyancing lawyer currently acting for you. Are they able to advise? You need to check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same illness)
About to purchase a new build flat in New Quay. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Here are examples of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in New Quay
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There must be mutual enforceability of lessee’s covenants. Please supply a car parking plan. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Please supply evidence that the form of Lease proposed has been approved by the Land Registry. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided.
Yesterday I discovered that there is a flying freehold element on a property I have offered on two weeks back in what should have been a straight forward, no chain conveyancing. New Quay is where the house is located. What do you suggest?
Flying freeholds in New Quay are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside New Quay you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in New Quay may decide 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 property.
In my capacity as executor for the estate of my grandfather I am selling a house in Newport but reside in New Quay. My solicitor (who is 235 miles from merequires that I sign a statutory declaration before the transaction finalising. Can you recommend a conveyancing practitioner in New Quay to attest this legal document for me?
strictly speaking you are not likely to be required to have the documents witnessed by a conveyancing solicitor. Ordinarily any notary public or qualified solicitor will be fine regardless of whether they are based in New Quay