We wanted to use a conveyancing solicitor in Pembrokeshire for our house move. Our financial adviser has since advised us that our mortgage lenders Accord Mortgages Ltd won't deal with them. Surely this is unduly restrictive?
Before the recession most mortgage companies had an appetite for risk which was higher than today. Almost all Pembrokeshire conveyancing firms would have been on most mortgage company panels. The financial services regulator in 2010 completed a thematic review into mortgage fraud which come to the conclusion: know the conveyancing solicitors dealt with. Consequently, lenders have regularly sought more data from law firms concerning their operations and the individuals who work for them as well as establishing certain criteria such a completing on a minimum number of conveyancing. Many Pembrokeshire conveyancing firms that have been excluded from lender panels have Unblemished track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Pembrokeshire is amongst the many areas where the conveyancers showing on our search results are on the panel for Accord Mortgages Ltd.
Should my solicitor be raising enquiries regarding flooding as part of the conveyancing in Pembrokeshire.
The risk of flooding is if increasing concern for solicitors conducting conveyancing in Pembrokeshire. There are those who purchase a house in Pembrokeshire, fully aware that at some time, it may suffer from flooding. However, aside from the physical damage, where a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory insurance cover, or sell the property. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Lawyers are not qualified to offer advice on flood risk, however there are a various searches that can be undertaken by the buyer or by their conveyancers which should give them a better understanding of the risks in Pembrokeshire. The standard completed inquiry forms sent to a purchaser’s conveyancer (where the Conveyancing Protocol is adopted) includes a usual inquiry of the vendor to discover if the property has historically flooded. In the event that flooding has previously occurred and is not disclosed by the vendor, then a purchaser may commence a claim for damages stemming from an incorrect reply. The purchaser’s conveyancers should also conduct an environmental search. This will reveal whether there is any known flood risk. If so, more detailed investigations should be initiated.
My wife and I own a terraced Georgian house in Pembrokeshire. Conveyancing practitioner represented me and Barclays Direct. I did a free Land Registry search last week and there are a couple of entries: one for freehold, another for leasehold with the exact same property. Is it worth asking Barclays Direct to clarify?
You need to review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Pembrokeshire and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also check the position with your conveyancing practitioner who conducted the work.
I am buying my first flat in Pembrokeshire with a loan from Birmingham Midshires. The developers would not reduce the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The house builders rep advised me not disclose to my conveyancer about the extras as it will jeopardize my loan with the lender. Is this normal?.
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.
My husband and I are a couple of weeks into a leasehold purchase having been referred to conveyancers by the high street agent to carry out the conveyancing in Pembrokeshire. I am am starting to be frustrated with the quality of service. Could you help me find new solicitors?
They would have to be really poor in order to consider changing them. Has the mortgage been issued? If so you must inform them of the new contact details and have the loan are re-sent. The conveyancer should be on the mortgage company approved list to avoid added fees and frustration. So that should be your starting point. The search tool should help you find a lender approved solicitor for your home move in Pembrokeshire
Last May I purchased a leasehold property in Pembrokeshire. Am I liable to pay service charges for periods before my ownership?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I bought a 2 bed flat in Pembrokeshire, conveyancing having been completed half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar flats in Pembrokeshire with a long lease are worth £197,000. The average or mid-range amount of ground rent is £55 levied per year. The lease comes to an end on 21st October 2081
With just 56 years unexpired we estimate the price of your lease extension to be between £29,500 and £34,000 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.