I am 3 weeks into the sale of my home in Rhiwbina and the estate agent has just e-mailed to advise that the purchasers are changing their solicitor. I am told that this is due to the fact that the lender will only engage with solicitors on their approved list. On what basis would a leading mortgage company only work with certain lawyers rather the firm that they want to choose to handle their conveyancing in Rhiwbina ?
Lenders have always had an approved set of law firms they are content to work with, but in recent years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Lenders blame a rise in fraud by way of justification for the reduction – criteria have been tightened as a smaller panel is easier to oversee. No lender will say 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 sway in the decision.
My partner and I intend to remortgage our apartment in Rhiwbina with Virgin Money. We have a son 18 who lives with us. Our solicitor has asked us to disclose anyone over the age of 17 other than ourselves who lives in the flat. Our lawyer has now e-mailed a document for our son to sign, giving up any rights in the event that the flat is repossessed. I have two questions (1) Is this form unique to the Virgin Money conveyancing panel as he never had to sign this form when we remortgaged 5 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
On the face of it your lawyer has done nothing wrong as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Virgin Money. This is solely used to protect Virgin Money if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Virgin Money had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
There are a variety of conveyancing solicitors in Rhiwbina but how do I know who I should use?
We would encourage you not to base your choice on the lowest Rhiwbina conveyancing fees. You really do get what you pay for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
My conveyancer has informed me that defective lease insurance is required on my purchase. What is the level of cover for Rhiwbina conveyancing?
The appropriate level of defective lease indemnity insurance depends on who your lender is. It would differ for example between Birmingham Midshires and Skipton Building Society. Conveyancing lawyers as opposed to borrowers take out such insurances.
TSB have agreed my home loan in principle, my bid on a flat in Rhiwbina has been accepted, what are the next steps?
The estate agent will wish to know who your solicitors are (ensure that the solicitors are on the lender’s approved list). Telephone TSB or the financial adviser and finalise any appropriate paperwork. TSB will appoint a valuer who will get in contact with the selling agent or owners to arrange a slot for the valuation to happen. Once carried out (assuming no problems) it takes on average a week for the mortgage offer to be issued. TSB will send the offer to you and your lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Rhiwbina.
Will commercial conveyancing searches disclose impending roadworks that could impact a commercial property in Rhiwbina?
Its becoming the norm that commercial conveyancing solicitors in Rhiwbina will perform a SiteSolutions Highways report as it reduces the time that conveyancers spend in looking into accurate data on highways that impact buildings and development assets in Rhiwbina. The report sets out definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Rhiwbina.
For every commercial conveyancing transaction in Rhiwbina it is critical to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been dealt with adequately can cause delays to Rhiwbina commercial conveyancing transactions as well as pose a risk to future intentions for the site. These searches are not ordered for residential conveyancing in Rhiwbina.
I have todaybeen informed that Action Conveyancing have closed. They carried out my conveyancing in Rhiwbina for a purchase of a leasehold apartment 10 months ago. How can I be sure that my home is in my name in the name of the previous owner?
The easiest method to see if the premises is registered to you, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Rhiwbina conveyancing specialists.
I've recently found out that there is a flying freehold issue on a house I put an offer in two weeks back in what should have been a simple, no chain conveyancing. Rhiwbina is the location of the property. Is there any guidance you can impart?
Flying freeholds in Rhiwbina are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Rhiwbina you would need to get your solicitor to go through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Rhiwbina may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.