Is the fact that my solicitor in Pencoed is not listed on my lender's conveyancing panel that there is a problem with the quality of his work?
It would not be wise to jump to that conclusion. There are all sorts of perfectly plausible explanations. Just recently a report by the solicitors regulator revealed that over three quarters of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) low volume of transactions (2) the solicitor is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Should you be concerned you should contact the Pencoed conveyancing practice and ask them why they are no longer on the approved list for your bank.
Will conveyancers ask for an advanced payment when it comes to conveyancing in Pencoed?
Where you are retaining lawyers for conveyancing in Pencoed your lawyer will request that you put them with funds to cover the the cost of the conveyancing searches. Ordinarily this is needed to cover the fees of the Local Authority Search. If any down payment is payable against the purchase price then this will be asked for shortly before exchange of contracts. The closing balance that is due should be transferred shortly before completion.
How does conveyancing in Pencoed differ for newly converted properties?
Most buyers of new build residence in Pencoed come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the residence is built. This is because new home sellers in Pencoed tend to acquire the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Pencoed or who has acted in the same development.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in a fortnight ago in what was supposed to be a quick, no chain conveyancing. Pencoed is the location of the property. Can you shed any light on this issue?
Flying freeholds in Pencoed are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Pencoed you must be sure that your lawyer goes through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Pencoed 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.
Are there frequently found deficiencies that you witness in leases for Pencoed properties?
Leasehold conveyancing in Pencoed is not unique. Most leases are individual and drafting errors can result in certain sections are missing. For example, if your lease is missing any of the following, it could be defective:
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Repairing obligations to or maintain parts of the property A duty to insure the building
You could have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, Chelsea Building Society, and Bank of Ireland all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, forcing the purchaser to pull out.
Pencoed Leasehold Conveyancing - A selection of Queries before buying
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What is the length of the lease? Can you inform me if there are any major works on the horizon that will likely increase the maintenance fees?
We are midway through buying a residence in Pencoed. Conveyancing solicitor has called to say the property is "Leasehold". Does this impact the marketability of the house?
Pencoed conveyancing does not ordinarily involve leasehold houses. The main consideration here is the length of lease and the ground rent. If it's 999 years with a nominal rent, it's virtually freehold, so it’s unlikely to impact the marketability significantly.
At the other end of the spectrum, if it's, say, 50 years it will have a material impact on the value, and probably wouldn't be acceptable to the mortgage company. The length of lease and ground rent will be specified in the lease which should be made available to your property lawyer.