Am I correct in assuming that the fact that my solicitor in Saundersfoot is not on my bank's solicitor panel that there is a problem with the standard of her work?
That would most likely be a wrong assumption to make. There are all sorts of perfectly plausible explanations. Just recently a report by the solicitors regulator indicated that over three quarters of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) lack of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should simply call the Saundersfoot conveyancing practice and ask them why they are no longer on the approved list for your lender.
I am expecting a DIP from Nottingham this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Nottingham recommend any Saundersfoot solicitors on the Nottingham conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Saundersfoot solicitors independently although you'll need to choose one on the Nottingham conveyancing panel. The solicitor represents both you and Nottingham through the process.
The mortgage over my property is with Nottingham for my property in Saundersfoot. Conveyancing has been completed months ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Nottingham?
You must advise Nottingham before letting out your property as this is likely to be a breach of Nottingham’s mortgage conditions. It may be that Nottingham will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Nottingham directly. It should not be necessary to do this via a Nottingham conveyancing panel lawyer.
I recently had an offer agreed on an apartment in Saundersfoot. My mortgage broker pressured me to appoint their solicitor. I paid an upfront payment of £200. A couple of days later, the property lawyer contacted me embarrassingly acknowledging that they were not on the Virgin Money conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Virgin Money panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Saundersfoot. Conveyancing is necessary evil 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 conveyancing.
Set out below is a sample of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Saundersfoot
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Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? 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. 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.
Due to the encouragement of my in-laws I had a survey completed on a property in Saundersfoot prior to appointing conveyancers. I have been advised that there is a flying freehold element to the property. The surveyor has said that some banks will refuse to give a loan on a flying freehold home.
It varies from the lender to lender. HSBC has different requirements for example to Birmingham Midshires. If you e-mail us we can look into this further via the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Saundersfoot. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Saundersfoot to see if the conveyancing costs will increase in light of this.
What makes a Saundersfoot lease unacceptable for security purposes?
Leasehold conveyancing in Saundersfoot is not unique. Most leases are unique and drafting errors can result in certain clauses are wrong. The following missing provisions could result in a defective lease:
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Insurance obligations
A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, Virgin Money, and Barclays Direct all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, forcing the purchaser to withdraw.
Saundersfoot Conveyancing for Leasehold Flats - Examples of Queries Prior to Purchasing
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Is there a share of the freehold? Is anyone aware of any major works anticipated that will likely add a premium to the service costs? Does this lease have in excess of 82 years left?
Is planning permission needed to convert a house into two flats in Saundersfoot? This has occurred to a property adjacent to my house in Saundersfoot and was unaware of the conversion until it was complete.
Planning Consent yes. Building Regulations yes.