I am selling my maisonette in Radyr and the estate agent has just text me to warn that the purchasers are swapping law firm. The excuse is that the lender will only work with property lawyers on their approved list. Why would a leading mortgage company only work with certain solicitors rather the firm that they want to select for their conveyancing in Radyr ?
Banks have always had an approved set of law firms that can act for them, but in recent years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 25 years.
Lending institutions point to the increase in fraud by way of justification for the cull – criteria have been tightened as a smaller panel is easier to maintain. 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 being contacted daily by practices that have been removed from panels. Plenty of firms do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your buyers are not going to have any impact on this.
My lawyer in Radyr is not listed on the The Mortgage Works Conveyancing Panel. Can I still retain my prefered solicitor even though they are excluded from the The Mortgage Works panel of approved conveyancing solicitors?
The limited options open to you here include:
- Complete the purchase with your preferred Radyr lawyers but The Mortgage Works will need to instruct a lawyer on their list of acceptable firms. This will result in additional total legal charges as well as cause delays.
- Get an alternative practitioner to act in the purchase, obviously checking they are The Mortgage Works approved.
- Persuade your The Mortgage Works solicitor to seek to join the The Mortgage Works panel
I am selling our property in Radyr and the buyers lawyers are claiming that there is a possibility that the property was built land that was not decontaminated. A high street Radyr lawyer would know this is not the case. It does beg the question why the purchasers instructed an internet conveyancing outfit rather than a conveyancing solicitor in Radyr. We have lived in Radyr for 4 years we know that this is a non issue. Is it a good idea to contact our local Authority to obtain clarification need.
It sounds as though you may have a conveyancing solicitor already. Are they able to advise? You need to enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same ailment)
I'm converting the mortgage on my current property to a BTL loan with Barclays and intend to use the remaining equity towards further property. The neighborhood we are interested in is Radyr. Will your lawyers be able to act for both sets of mortgage companies and tie in the conveyances?
Do use our search tool on this page to be sure that the solicitors are approved by both mortgage companies. Assuming that they are the lawyer will be able to tie up the two transactions but you should have a chat with you lawyer and make apparent your expectations and requirements.
I am tempted by the attractive purchase price for a couple of flats in Radyr which have in the region of fifty years remaining on the lease term. should I be concerned?
A lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease shortens the marketability of the lease deteriorates and it becomes more expensive to acquire a lease extension. This is why it is generally wise to extend the lease term. It is often difficult to sell a property with a short lease because mortgage lenders may be reluctant to lend money on such properties. Lease enfranchisement can be a protracted process. We advise that you get professional assistance from a solicitor and surveyor with experience in this arena.
I inherited a studio flat in Radyr, conveyancing was carried out December 1998. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Radyr with over 90 years remaining are worth £206,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease finishes on 21st October 2092
With just 66 years left to run we estimate the price of your lease extension to span between £12,400 and £14,200 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 comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.
I have just had an offer accepted on an apartment in Radyr and the mortgage adviser that we are using suggested his conveyancer. They quoted £900 plus VAT and disbursements. Does this sound steep?
Don't just go on 1 quote. You should seek like-for-like quotes for your conveyancing in Radyr. Then choose one that you trust and crucially, is on the approved panel of the bank that you are sourcing your mortgage from.