I am selling my apartment in Rhymney and the EA has just called to say that the purchasers are switching law firm. I am told that this is due to the fact that the bank will only deal with solicitors on their approved list. On what basis would a leading mortgage company only engage with certain solicitors rather the firm that they want to appoint to handle their conveyancing in Rhymney ?
Mortgage companies have always had panels of law firms they are willing to work with, but in recent years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Banks blame a rise in fraud as the reason for the reduction – 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 says it is hearing daily from firms that have been removed from panels. Some 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. The buyers are not going to have any impact on this.
All was ready to complete my purchase in Rhymney next Thursday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as she informs me that she is duty bound to validate that it is in order for the lender. What does the insurance need to cover?
Any lawyer on acting for banks would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s Part 2 instructions. These obligations are not unique to conveyancing in Rhymney.
Various web forums that I have visited warn that are the number one cause of obstruction in Rhymney conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released determinations of a review by MoveWithUs that conveyancing searches do not figure amongst the top 10 causes of hindrances in the conveyancing process. Local searches are not likely to feature in any holding up conveyancing in Rhymney.
I opted to have a survey done on a house in Rhymney prior to appointing solicitors. I have been told that there is a flying freehold element to the house. My surveyor has said that some mortgage companies will refuse to give a mortgage on this type of home.
It depends who your proposed lender is. Santander has different requirements from Nationwide. If you call us we can check via the relevant lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Rhymney. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Rhymney to see if the conveyancing costs will increase in light of this.
I am 18 days into a leasehold purchase having been directed to conveyancers by the high street agent to execute conveyancing in Rhymney. We are not happy. Can you you assist me in finding new conveyancers?
They would have to be very bad in order to consider replacing them. Has your mortgage offer been sent? If so you need to make them aware of the new conveyancer and ensure the offer are issued to the new lawyers. Your conveyancer needs to be on the lenders approved list to avoid supplemental expenses and delays. So that should be your first question of the new lawyers. Our find a solicitor tool should assist you in finding a lender approved conveyancer for your conveyancing in Rhymney
Back In 2007, I bought a leasehold house in Rhymney. Conveyancing and Nottingham Building Society mortgage organised. I have received a letter from someone saying they have taken over the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1996. The conveyancing solicitor in Rhymney who acted for me is not around. Do I pay?
First make enquiries of the Land Registry to make sure that the individual purporting to own the freehold is indeed the new freeholder. You do not need to incur the fees of a Rhymney conveyancing practitioner to do this as it can be done on-line for less than a fiver. Rest assured that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I inherited a basement flat in Rhymney, conveyancing formalities finalised half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Rhymney with over 90 years remaining are worth £191,000. The ground rent is £55 invoiced annually. The lease ends on 21st October 2079
With 53 years unexpired the likely cost is going to be between £27,600 and £31,800 plus costs.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There may be additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.