I am nearing exchange of contracts for my apartment in Penylan and the estate agent has just called to say that the buyers are appointing a new conveyancer. The excuse is that the bank will only deal with solicitors on their conveyancing panel. On what basis would a big named mortgage company only work with certain solicitors rather the firm that they want to choose to handle their conveyancing in Penylan ?
Banks have always had an approved set of law firms they are willing to work with, but in the past few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for over 25 years.
Mortgage companies blame a rise in fraud by way of justification for the reduction – criteria have been stiffened as a smaller panel is easier to maintain. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Some are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The purchasers are not going to have any sway in the decision.
I am selling my home in Penylan. Does my property lawyer have to be required to be on the Coventry BS conveyancing panel in order to deal with repayment of my mortgage?
Ordinarily, even if your lawyer is not on the Coventry BS conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their panel criteria fairly frequently currently.
This question may be naive but I am unexperienced as a first time buyer of a ground floor flat in Penylan. Do I receive the keys to the premises on the completion date from my solicitor? If so, I will find a High Street conveyancing solicitor in Penylan?
On the day of completion you do not need to go to the conveyancers office in Penylan. Your solicitors will arrange to send the purchase money to the owner’s lawyers, and shortly after the monies have arrived, you should be called to collect the keys from the selling Agents and start moving into the property. Usually this happens early afternoon.
I have paid off my mortgage with Barclays. I assume I don't need a Penylan conveyancer on the Barclays panel to remove the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Barclays mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Barclays mortgage from the register. Barclays, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Barclays has sent the Land Registry the discharge electronically, and
- Barclays has instructed the Land Registry to do so
I am currently in the process of buying my council flat in Penylan. I have a mortgage agreed with UBS. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with UBS, you will need to appoint a solicitor on the UBS conveyancing panel.
I have been sourcing a conveyancing lawyer in Penylan for my home move. Can I review a firm’s record with the profession’s regulator?
Members of the public may read presented Solicitor Regulator Association (SRA) determinations stemming from investigations started on or after 1 January 2008. Visit Check a solicitor's record. For records about the period before 1 January 2008, or to check a solicitors record, call 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. International callers, call +44 (0)121 329 6800. The regulator sometimes recorded call for training requirements.
Frank (my husband) and I may need to let out our Penylan garden flat temporarily due to taking a sabbatical. We instructed a Penylan conveyancing firm in 2003 but they have since shut and we did not have the foresight to seek any guidance as to whether the lease permits subletting. How do we find out?
The lease governs relations between the landlord and you the leaseholder; specifically, it will set out if subletting is prohibited, or permitted but only subject to certain conditions. The rule is that if the lease contains no expres ban or restriction, subletting is allowed. The majority of leases in Penylan do not contain strict prohibition on subletting – such a provision would undoubtedly devalue the property. In most cases there is a basic requirement that the owner notifies the freeholder, possibly sending a copy of the sublease.
I acquired a 1st floor flat in Penylan, conveyancing formalities finalised in 2007. 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? Equivalent properties in Penylan with a long lease are worth £202,000. The average or mid-range amount of ground rent is £60 per annum. The lease comes to an end on 21st October 2082
With just 56 years remaining on your lease we estimate the price of your lease extension to span between £29,500 and £34,000 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before seeking the advice of a professional.
How and when do I incur the Stamp Duty Land Tax due for my house transaction in Penylan?
The majority of conveyancers tend to fill out a stamp duty return for you during your Penylan purchase transaction for signature. On completion your property lawyer will submit your Land Transaction application to the Tax Authorities and - assuming they have the funds - discharge any Stamp Duty due on your behalf.