We are buying a 2 bedroom apartment in Penrhyndeudraeth with a mortgage. We have a Penrhyndeudraeth solicitor, however the lender says he's not on their "panel". We have to appoint one of the lender panel solicitors or keep our Penrhyndeudraeth conveyancer and pay for one of their panel lawyers to act for them. We regard this is inequitable; is there anything we can do?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Penrhyndeudraeth conveyancing lawyer to apply to be on the conveyancing panel.
What does my ID and proof of funds have anything to do with my conveyancing in Penrhyndeudraeth? Is this really necessary?
Penrhyndeudraeth conveyancing solicitors and indeed property practitioners accross the UK have an obligation under Anti-terror and anti-money-laundering rules to verify the identity of any client with a view to ensure that clients are who they say they are.
Conveyancing clients are required to disclose two forms of certified ID; proof of identity (typically a Passport or Driving Licence) and evidence of address (usually a Bank Statement less than 3 months old).
Confirmation of source of funds is also necessary under the money laundering laws as conveyancers are required to ensure that the monies you are using to acquire a property (whether it be the deposit for exchange or the total purchase monies if you are buying without a mortgage) has originated from legitimate source (such as employment savings) and is not the fruits of illegitimate activity.
We are getting a further advance on our mortgage from RBS as we intend to carry out a loft conversion to our property in Penrhyndeudraeth. Are we obliged to choose a bricks and mortar Penrhyndeudraeth solicitor on the RBS conveyancing panel to deal with the paperwork?
RBS do not ordinarily instruct a member of their approved list of lawyers to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the RBS panel.
I am purchasing a property in Penrhyndeudraeth. An unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Lloyds be concerned?
Given that your lender is Lloyds your lawyer must follow the conveyancing requirements set out in Section 2 of UK Finance Lenders’ Handbook for Lloyds. The Council of Mortgage Lenders’ Handbook contains minimum requirements for solar panel roof-space leases, and solicitors are required to report to Lloyds where a lease does not satisfy these specifications. The provisions relate to the installation of panels on properties nationwide and is not isolated to Penrhyndeudraeth.
Planning on purchasing a flat in Penrhyndeudraeth. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Virgin Money conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Penrhyndeudraeth conveyancer is on the Virgin Money conveyancing panel.
Are there restrictive covenants that are commonly picked up during conveyancing in Penrhyndeudraeth?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Penrhyndeudraeth. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I have been on the look out for a leasehold apartment up to £235,500 and found one round the corner in Penrhyndeudraeth I like with amenity areas and transport links nearby, however it only has 49 remaining years left on the lease. There is not much else in Penrhyndeudraeth for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you require a mortgage that many years may be problematic. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least 2 years you can ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this matter.
Is it true that a Penrhyndeudraeth conveyancing company got sued by a client for failing to conduct comprehensive conveyancing searches?
We are not aware of such a Penrhyndeudraeth conveyancing matter but it has been reported that, clients buying a property elsewhere in England successfully won a case against their property lawyer due to development plans to construct a wind farm failing to be identified in conveyancing searches.
Where you are purchasing in Penrhyndeudraeth It is important that your lawyer purchase all Penrhyndeudraeth conveyancing searches required to ensure you have accurate and current information ahead of purchasing a property.