I am selling my ground floor flat in Rudry and the EA has just text me to warn that the buyers are swapping property lawyer. I am told that this is due to the fact that the bank will only work with property lawyers on their conveyancing panel. On what basis would a major lender only work with specific law firms rather the firm that they want to appoint to handle their conveyancing in Rudry ?
Lenders have always had panels of law firms that can act for them, but in recent years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for over 25 years.
Mortgage companies blame a rise in fraud by way of justification for the reduction – criteria have been narrowed as a smaller panel is easier to oversee. Banks tend not to disclose 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. 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. Your buyers are not going to have any sway in the decision.
We are due to exchange on the purchase of a property in Rudry but as a consequence of damage from a small fire at the property I have was able negotiate recompense from the owner of £3k in the form of a reduction in the price. I had intended this to be dealt with as part of the conveyancing process however Santander are not allowing this. Should they have been approached?
Any solicitor that is on the Santander conveyancing panel is duty bound to advise Santander of any changes to the purchase price. If you prohibit your lawyer to report the reduction to Santander then they would have to discontinue acting for you. In addition, Santander and you would have to appoint a new conveyancing practitioner for your conveyancing in Rudry.
I have todaybeen informed that Stirling Law have closed. They carried out my conveyancing in Rudry for a purchase of a leasehold flat 18 months ago. How can I be sure that the property is registered correctly in the name of the previous owner?
The easiest way to see if the property is registered to you, you can make 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 Rudry conveyancing specialists.
About to purchase a new build apartment in Rudry. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below is a sample of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Rudry
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Please provide evidence that the form of Lease proposed has been approved by the Land Registry. There must be mutual enforceability of lessee’s covenants. Please supply a car parking plan. Forfeiture - bankruptcy or liquidation must not apply under this provision. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease.
Is it best to go with a Rudry conveyancing practitioner in close proximity to the house I am hoping to buy? I have an old university friend who can execute the legal formalities however his firm is located 400kilometers drive away.
The benefit of a high street Rudry conveyancing practice is that you can pop in to execute documents, deliver your ID and pester them where appropriate. Having local Rudry know how is a bonus. However it's more important to get someone that will do a good and efficient job. If other friends have instructed your friend and on the whole were happy that must outweigh using an unknown Rudry conveyancing lawyer solely due to them being Rudry based.
One month into buying a house in Rudry. Conveyancing lawyer has told us the title is "Leasehold". Should this make a difference on the marketability of the house?
Rudry conveyancing does not usually involve leasehold houses. The main consideration here is the remaining lease term and the ground rent. If it's 999 years with a nominal rent, it's essentially freehold, so it shouldn't impact the saleability significantly.
On the flip side, if it's, say, 50 years it is bound to have a adverse effect on the value, and most likely wouldn't be acceptable to the lender. The remaining lease term and ground rent will be set out in the lease which should be made available to your conveyancing practitioner.