Unfortunately I am unable to travel far from Risca. What is the rationale as to why all Risca property lawyers are not on all bank panels?
Before the recession most mortgage companies exhibited an approach to risk which is different than today. The FSA in 2010 carried out a thematic review into property fraud which concluded: know the lawyers on your panel. Accordingly, banks have subsequently looked to extract more information from law firms regarding their processes and the staff who work for them and set certain criteria such as completing a minimum amount of transactions. Thousands of firms have been excluded from lender panels even though they had 100% healthy track record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Many firms found it impossible meet the criteria of volume of transactions the lenders required.
My partner and I swapping mortgage lender for our flat in Risca with Yorkshire BS. We have a son 18 who lives at home. Our solicitor has asked us to disclose any adults other than ourselves who lives in the flat. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the flat is forfeited by the lender. I have two concerns (1) Is this document specific to the Yorkshire BS conveyancing panel as he never had to sign this form when we purchased 4 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
First, rest assured that your Yorkshire BS conveyancing panel solicitor is doing the right thing 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 Yorkshire BS. This is solely used to protect Yorkshire BS 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 Yorkshire BS 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.
Do I need to attend the offices of the solicitor to sign the legal charge? If so, I will choose one who does conveyancing in Risca so that I can pop in to their offices if required.
These days approved lawyers for lenders undertake the vast majority of work via the post, e-mail or over phone calls. This means that they can undertake the conveyancing transaction no matter where you live in the country. However you can see if you can still book an appointment to visit conveyancing lawyer if you prefer.
I need some expedited conveyancing in Risca as I have pressure to exchange contracts in less than 4 weeks. A mortgage is not required. Can I avoid the conveyancing searches to save fees and time?
As you are are a cash buyer you have the choice not to do searches although no lawyer would recommend that you don't. Drawing on our experience of conveyancing in Risca the following are examples of issues that can arise and adversely affect the marketability of the property: Enforcement Notices, Overdue Charges, Outstanding Grants, Unadopted Roads,...
My wife and I purchased a terraced Victorian property in Risca. Conveyancing practitioner acted for me and Barclays . I happened to do a free search for it on the Land Registry database and I saw a couple of entries: the first freehold, another for leasehold with the matching address. Is it worth asking Barclays to clarify?
You should read the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Risca and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with purchasers. You can also check the situation with your conveyancing practitioner who conducted the purchase.
I'm purchasing my first flat in Risca with a mortgage from Leeds Building Society. The developers would not reduce the amount so I negotiated £7000 of additionals instead. The sale representative suggested that I not inform my solicitor about the extras as it could put at risk my mortgage with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.