My lawyer has discovered a a problem with the lease for the apartment we are purchasing in Roath. The seller’s lawyers have put forward defective title insurance as a workaround. We are happy with insurance and will cover the costs. Our conveyancer has advised that he must be satisfied that the bank is willing to move forward with this solution. Who is the client here, us or the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. Your solicitor must comply with the UK Finance Lenders’ Handbook specifications. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the mortgage company can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your solicitor will have no choice but to discontinue acting for you.
Are all Roath Conveyancing Quality Solicitors on the Coventry BS conveyancing panel?
Some major banks and building societies now make use of CQS as the starting point for Panel membership such as HSBC and Santander. The Law Society’s CQS membership however is no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for solicitors wishing to join their approved list of conveyancing solicitors.
I have decided to exercise my right to buy my property in Roath off the council. I have a mortgage agreed with RBS. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with RBS, you will need to appoint a solicitor on the RBS conveyancing panel.
I've digested plenty of mortgage guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Roath solicitor - who is on the Leeds Building Society conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Leeds Building Society will need an independent valuation of the property. Your lawyer will not arrange this. Usually Leeds Building Society will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Roath surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
My friend advised me that where I am buying in Roath I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is sometimes quoted for as part of the standard Roath conveyancing searches. It is a large report of more than thirty pages, listing and detailing important information about Roath around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Roath Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Local Education with plans and statistics, Local Amenities and other useful information concerning Roath.
The deeds to our house can not be found. The lawyers who conducted the conveyancing in Roath 4 years ago have long since closed. Will I be able to sell the house?
Assuming you have a registered title the details of your ownership will be held by the Land Registry under a Title Number. It is possible to execute a search at the Land Registry, identify your property and obtain current copies of the Registered Entries for a small fee. Where the title is Leasehold then the Land Registry will also normally retain a certified copy of the Registered Lease and again, a copy can be obtained for a small fee.
Over the last few months I have been searching for a flat up to £305k and found one close by in Roath I like with amenity areas and station nearby, the downside is that it's only got 49 remaining years left on the lease. I can't really find anything else in Roath for this price, so just wondered if I would be making a grave error acquiring a short lease?
If you need a mortgage that many years will be a potential deal breaker. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the property for at least 2 years you could request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this.
I am a couple of weeks into a leasehold purchase having been recommend to a firm by the selling agent to do our conveyancing in Roath. I am not happy. Could you you assist me in finding new conveyancers?
They would need to be very bad in order to consider diss instructing them. Has the mortgage been generated? If so you need to make them aware of the replacement solicitor and get the loan are re-issued. Your solicitor ideally needs to be on the lenders approved list to avoid supplemental fees and delays. So that should be your starting point. The find a solicitor tool should assist you in finding a bank approved conveyancer for your home move in Roath