My wife and I are looking to acquire a flat in Risca and have appointed a Risca conveyancing firm. Within the past 48 hours our property lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. Platform Home Loans Ltd have this evening contacted us to inform me that there is now an issue as our Risca lawyer is not on their approved list of lawyers. What do we do from here?
If you are buying a property needing a mortgage it is usual for the purchasers' solicitors to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the bank's conveyancing panel and you may continue to use your own Risca solicitors, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
I am considering applying for a Coventry BS mortgage for purchase of a newly converted (under development) in Risca with 65 per cent LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Coventry BS ?
There is nothing to stop you using your solicitor, but Coventry BS will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
Are there restrictive covenants that are commonly picked up during conveyancing in Risca?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Risca. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Yesterday I discovered that there is a flying freehold element on a house I have offered on last month in what should have been a simple, no chain conveyancing. Risca is the location of the property. Is there any guidance you can give?
Flying freeholds in Risca are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Risca you would need to get your solicitor to go through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Risca may decide 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 residence.
Is it possible to change solicitor as I have to appoint a firm on the Leeds Building Society conveyancing list. I was using a high street conveyancing solicitor in Risca round the corner but he is not approved by Leeds Building Society
We will our best to assist in finding you a conveyancing solicitor in Risca on the Leeds Building Society panel. Please note that the conveyancers that we on the directory do not pay us fee if you instruct them and are under regulation of the Solicitors Regulation Authority who oversee all conveyancing solicitors in Risca. In utilising the find a conveyancing solicitor tool on this site, you can compare and instruct different solicitors and conveyancers both nationally and in Risca.
I am thinking of using an online solicitor ahead of a Risca conveyancing practice. Should I ‘stay local’?
Advantages do exist in being able to attend a local Risca conveyancing solicitor for instance
- signing papers on short notice
- having one on one explanations of things that you need help with
- the ability to complain if things need to addressed
When analysing estimates, look out for hidden extras. The majority decent Risca high street solicitors give an all-inclusive figure. Often online agents seem to offer cheap prices, yet have hidden 'extras' in the in the terms and conditions.