I am progressing with the sale of my home in Porthcawl and the EA has just telephoned to say that the buyers are switching solicitor. I am told that this is due to the fact that the lender will only work with property lawyers on their conveyancing panel. Why would a leading mortgage company only work with certain lawyers rather the firm that they want to choose for their conveyancing in Porthcawl ?
Mortgage companies have always had an approved set of law firms they are content to work with, but in the past few years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 25 years.
Lenders blame a rise in fraud by way of justification for the cull – criteria have been narrowed 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 claims that it is hearing daily from firms 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 unlikely to have any sway in the decision.
It is is a decade since I bought my property in Porthcawl. Conveyancing lawyers have now been retained on the sale but I am unable to locate my title deeds. Will this cause complications?
You need not be too concerned. Firstly the deeds may be retained by the mortgage company or they may stored with the solicitor who handled your purchase. Secondly in all probability the land will be registered at the land registry and you will be able to establish that you own the property by your conveyancing solicitors acquiring up to date copy of the land registers. Nearly all conveyancing in Porthcawl relates to registered property but in the rare situation where your property is not registered it adds to the complexity but is resolvable.
My bid for a property was accepted at auction in Porthcawl. Conveyancing is necessary. What happens now?
Having for all intents and purposes signed on the dotted line you will need to instruct a conveyancing lawyer quickly as you are facing a pending a fixed date to complete the property. Every auction property will ordinarily have an associated legal pack. This will include evidence of title and search results. In the case of leasehold property the legal pack should provide a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork relating to a leasehold property. You should give this to your appointed conveyancing solicitor as soon as possible. Do make sure that you have funds in place to complete on the date specified in the contract.
I am the single beneficiary of my late father’s estate and I have everything in my name alone, including the house in Porthcawl. Conveyancing formalities meant that the Land Registry date was in August. I plan to dispose of the property. I do know about the CML 6 month 'rule', meaning my proprietorship may be regarded the same way as though I had purchased the house in August. Is the property unsalable for six months?
The CML handbook requires conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you could be impacted by that. How sensible a view lenders take of it, depend on the bank as this clause is primarily there to pick up on subsales or the quick reselling of property.
The mortgage over my property is with Lloyds for my property in Porthcawl. Conveyancing was finalised some time ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Lloyds?
Lloyds must be informed of your intention in advance of renting your property as this is likely to be a breach of Lloyds’s mortgage conditions. It may be that Lloyds will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Lloyds directly. It should not be necessary to do this via a Lloyds conveyancing panel lawyer.
What can a local search reveal about the property we're buying in Porthcawl?
Porthcawl conveyancing often commences with the submitting local authority searches directly from your local Authority or via a personal search organisations for example Xpress Legal The local search is essential in every Porthcawl conveyancing purchase; as long as you wish to avoid any unpleasant once you have moved into your property. The search will supply data on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 subject sections.
The deeds to my property are lost. The solicitors who dealt with the conveyancing in Porthcawl 4 years ago have long since closed. What are my options?
These day there are duplicates made of almost everything, and your conveyancer will be aware exactly where to locate all the suitable documentation so you may purchase or dispose of your house without any difficulty. Where copies can’t be found, your lawyer may be able to arrange cover in the form of insurance or indemnities against possible claims on your property.
Why can't I complete our conveyancing in Porthcawl on May bank holiday?
This is due to the fact that on completion the funds will pass between the banks of the purchaser and owner’s conveyancer and currently this can only occur on a working day. So you can't complete on a weekend either.