I am selling my ground floor flat in Porthmadog and the estate agent has just e-mailed to warn that the purchasers are changing their property lawyer. I am told that this is due to the fact that the bank will only work with solicitors on their conveyancing panel. Why would a major mortgage company only engage with specific law firms rather the firm that they want to choose for their conveyancing in Porthmadog ?
Mortgage companies have always had an approved set of law firms that can act for them, but in the past few years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 25 years.
Lending institutions attribute this action to a rise in fraud by way of justification for the pruning – criteria have been tightened as a smaller panel is easier to monitor. Banks tend not to reveal 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. Plenty of firms 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. Your purchasers are not going to have any sway in the decision.
My wife and I are nearing an exchange on a house in Porthmadog and my parents have transferred the ten percent deposit to my conveyancer. I am now told that as the deposit has been received from someone other than me my conveyancer needs to disclose this to my bank. I am advised that, in also acting for the lender he must inform them that the balance of the purchase price is coming from anyone other than me. I informed the lender concerning my parents' contribution when I applied for the mortgage, so is it really necessary for this now to delay the deal?
The conveyancer is duty bound to check with the bank to ensure that they are aware that the balance of the purchase price is not from your own resources. Your solicitor can only notify this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
My wife and I have recently appointed a conveyancing solicitor in Porthmadog. I I am struggling to find out whether they are on the Yorkshire Building Society approved list of lawyers. Could you or the lender confirm if they are on the panel?
You should e-mail the conveyancer and enquire whether they can act for the bank. Otherwise please call Yorkshire Building Society who may be able to help.
How does conveyancing in Porthmadog differ for newly converted properties?
Most buyers of new build property in Porthmadog contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the house is finished. This is because builders in Porthmadog usually 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 property lawyers 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 Porthmadog or who has acted in the same development.
What does commercial conveyancing in Porthmadog cover?
Porthmadog conveyancing for business premises incorporates a broad range of services, given by qualified solicitors, relating to business premises. By way of example, this area of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the transfer of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of tenancies.
Back In 2000, I bought a leasehold house in Porthmadog. Conveyancing and Accord Mortgages Ltd mortgage are in place. I have received a letter from someone claiming to own the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1992. The conveyancing solicitor in Porthmadog who acted for me is not around. What should I do?
The first thing you should do is make enquiries of HMLR to be sure that this person is in fact the registered owner of the freehold reversion. You do not need to instruct a Porthmadog conveyancing practitioner to do this as it can be done on-line for a few pound. Rest assured that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
Porthmadog Conveyancing for Leasehold Flats - A selection of Queries before buying
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The majority of Porthmadog leasehold properties will be liable to pay a service charge for the upkeep of the block levied on behalf of the management company. If you buy the flat you will have to meet this liability, normally in instalments during the year. This may be anything from a couple of hundred pounds to thousands of pounds for bigger purpose-built buildings. There will also be a rentcharge to be met annual, this is usually not a significant figure, say around £50-£100 but you need to check it because on occasion it could be many hundreds of pounds. Generally speaking the cost for major works are not wrapped into the service charges, albeit that some managing agents in Porthmadog require tenants to contribute towards a reserve fund created for the specific purpose of establishing a fund for larger works. How many of the leaseholders are in arrears for their maintenance charge payments?