My partner and I are hoping to purchase a property in Saundersfoot and have instructed a Saundersfoot conveyancing practice. Within the past 48 hours our solicitor has sent a preliminary report and documents to look through with a view to exchanging next week. Godiva Mortgages Ltd have this afternoon contacted us to inform me that they have now hit a problem as our Saundersfoot conveyancer is not on their conveyancing panel. What do we do from here?
When purchasing a property with mortgage finance it is standard for the purchasers' solicitors to also act for the purchaser's lender. 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 Accreditation Scheme. Your property lawyer 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 lender’s conveyancing panel as you are at liberty to use your preferred Saundersfoot lawyers, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
My god-son is purchasing a house that has just been built in Saundersfoot with a home loan from Nationwide. His solicitor has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The form is intended to provide information to the main parties engaged in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Nationwide conveyancing panel as a standard part of the process, and to the valuer when asked. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Nationwide conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
We have agreed to purchase a house in Saundersfoot. A rare aspect is that the roof has a solar panel. Principality have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As you are obtaining a mortgage with Principality your lawyer must comply with the conveyancing instructions contained in Part two of UK Finance Lenders’ Handbook for Principality. The CML Handbook stipulates minimum requirements for solar panel roof-space leases, and conveyancing practitioners are required to report to Principality where a lease fails to satisfy these provisions. The requirements relate to the installation of panels on properties in England and Wales and is not restricted to Saundersfoot.
I was told three weeks ago that my mortgage has been agreed to by Coventry BS. Is it usual for Coventry BS to only issue the offer once my solicitor in Saundersfoot is approved on their conveyancing panel? Coventry BS have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Coventry BS to deal with your lawyer's application to be on the Coventry BS conveyancing panel. There's no guarantee that your solicitor will be accepted.
Kent Reliance have agreed my mortgage in principle, my offer on a apartment in Saundersfoot has been accepted, now what?
Your estate agent will wish to know who your solicitors are (ensure that the conveyancers are on the bank’s panel). Contact Kent Reliance or your financial adviser and finish off any appropriate forms. Kent Reliance will appoint a valuer who will get in contact with the estate agent or seller to book an appointment. Once carried out (assuming no problems) it takes about ten days to receive the mortgage offer. Kent Reliance will send the offer to you and your property lawyers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Saundersfoot.
What does a local search reveal concerning the house my wife and I buying in Saundersfoot?
Saundersfoot conveyancing often commences with the submitting local authority searches directly from your local Authority or through a personal search organisations for example Xpress Legal The local search is essential in every Saundersfoot conveyancing purchase; as long as you wish to avoid any unpleasant once you have moved into your property. The search should provide information on, amongst other things, details on planning applications applicable to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic sections.
Yesterday I discovered that there is a flying freehold element on a property I have offered on two weeks back in what was supposed to be a simple, no chain conveyancing. Saundersfoot is the location of the property. Is there any guidance you can give?
Flying freeholds in Saundersfoot are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Saundersfoot you would need to get your solicitor to go through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Saundersfoot may determine 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 premises.
I was advised by a few property agents in Saundersfoot to get a quote from a property lawyer using your seach tool. Is there a financial advantage for Estate Agents to recommend your services ahead of alternative conveyancing organisations?
We don’t offer any commission for sending work to this site. We found it would be just too difficult to pay a commission because a client could think, ‘Why is the agent getting a kickback? Why aren’t I receiving any benefit too?’ So we decided to step away from that.