I am progressing with the sale of my flat in Pembrokeshire and the EA has just text me to warn that the purchasers are appointing a new conveyancer. I am told that this is due to the fact that the bank will only deal with property lawyers on their conveyancing panel. Why would a big named mortgage company only work with certain lawyers rather the firm that they want to appoint to handle their conveyancing in Pembrokeshire ?
Banks have always had an approved set of law firms that can represent them, but in the last few years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 years.
Lenders point to the increase in fraud by way of justification for the reduction – criteria have been tightened as a smaller panel is easier to monitor. Banks tend not to reveal 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. Plenty of firms 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 unlikely to have any sway in the decision.
At what point can the exchange of contracts occur in sale conveyancing in Pembrokeshire and am I required to be at the lawyers branch?
If you are near to our conveyancing solicitors in Pembrokeshire you are invited in to sign contracts. However, the lender approved solicitors we work with supply countrywide coverage for conveyancing and give as equally comprehensive and professional a job for you when dealing with you by post or email. The executing of the contract is not the important part. Signing on the dotted line simply enables the conveyancer to exchange contracts when the time is right, which is ordinarily shortly after signing. The exchange process is nowadays normally dealt with by telephone and can be very rapid, although where an extended "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Pembrokeshire)to be in the office at the appropriate time.
A relative advised me that in buying a property in Pembrokeshire there may be a number of restrictions preventing external alterations to a property. Is this right?
We are aware of anumerous of properties in Pembrokeshire which have some sort of restriction or requirement of consent to perform external alterations. Part of the conveyancing in Pembrokeshire should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
We expect to receive a OIP from UBS this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do UBS recommend any Pembrokeshire solicitors on the UBS conveyancing panel, or is it better to go independently?
You will need to appoint Pembrokeshire solicitors independently although you'll need to choose one on the UBS conveyancing panel. The solicitor represents both you and UBS through the process.
My fiancee and I are at the point of looking at houses in Pembrokeshire and I am now considering a potential offer. Should I already have a property lawyer in place at this stage? I am planning to take a mortgage with Bank of Ireland.
You should start requesting conveyancing quotes from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their details on to the EA. Given that you are seeking a mortgage with Bank of Ireland, ask your prospective lawyers if they are on the Bank of Ireland conveyancing panel otherwise they can't do the mortgage legal work.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in two weeks back in what was supposed to be a straight forward, chain free conveyancing. Pembrokeshire is where the house is located. Is there any guidance you can give?
Flying freeholds in Pembrokeshire are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Pembrokeshire you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Pembrokeshire 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 premises.
I am looking into buying my first house which is in Pembrokeshire and I am already nervous. I couldn't find anything specific about Pembrokeshire. Conveyancing will be needed in due course but do you know about the Pembrokeshire area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Pembrokeshire. In the meantime here are some basic statistics that we found
I work for a reputable estate agent office in Pembrokeshire where we have witnessed a few flat sales put at risk as a result of leases having less than 80 years remaining. I have received conflicting advice from local Pembrokeshire conveyancing firms. Can you clarify whether the vendor of a flat can initiate the lease extension process for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Pembrokeshire Conveyancing for Leasehold Flats - A selection of Questions you should consider before Purchasing
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Who are the managing agents? What is the annual service fee and ground rent?