I am not well enough to travel far from St Mellons. Is there a reason why all St Mellons lawyers aren't automatically on all lender panels?
Pre- 2008 most mortgage companies displayed an approach to risk which is different from today. The Financial Services Authority in 2010 instigated a thematic review into property fraud which concluded: know the solicitors on your panel. Consequently, banks have since requiredmore information from law firms regarding their operations and the staff employed by them and set certain criteria such as completing a minimum number of transactions. Many firms have been excluded from lender panels even though they had an exemplary track record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Such firms were never going to meet the criteria of volume of transactions the mortgage companies required.
If you had a top tip for selecting a conveyancing solicitor in St Mellons what would it be?
Do not opt for the lowest St Mellons conveyancing quote. You really do get what you pay for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in advance.
When it comes to lenders such as TSB, do St Mellons lawyers incur an annual charge to be on the conveyancing panel?
We are not aware of any bank fees to be on their panel, although some do levy an administration fee to deal with the processing of the conveyancing panel application.
After what feels like an age I have had an offer on a flat in St Mellons accepted, but there is a chain. The owners have placed an offer on somewhere, but it’s not yet tied up, and are looking at other flats in the pipeline. I have instructed a nearby conveyancing solicitor in St Mellons. What should be my next step? At what stage should I apply for the mortgage with TSB?
It is normal to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (home loan application is approx one thousand pounds, then survey, St Mellons conveyancing search costs, etc). First, you must check that your solicitor is on the TSB conveyancing panel. Regarding the next phase this very much depends on the circumstances of your case, desire for the property and on the state of the market. During a rising market some purchasers would apply for the mortgage with TSB and arrange for the valuation and only if it comes back ok would they pay their conveyancing practitioner to move forward with the conveyancing in St Mellons.
We are planning on selling our home in St Mellons and the buyers lawyers are claiming that there is a possibility that the property was constructed on contaminated land. A high street St Mellons conveyancer would know this is not the case. It does beg the question why the purchasers instructed a factory type conveyancing outfit rather than a conveyancing solicitor in St Mellons. We have lived in St Mellons for 4 years we know of no issue. Should we contact our local Authority to obtain confirmation that there is no issue.
It sounds as though you may have a conveyancing firm already. Are they able to advise? You should check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same sickness)
Are there restrictive covenants that are commonly identified during conveyancing in St Mellons?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in St Mellons. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I'm buying my first flat in St Mellons with the aid of help to buy. The developers would not reduce the amount so I negotiated five thousand pounds worth of extras instead. The sale representative told me not inform my conveyancer about this deal as it would impact my mortgage with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer 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.
How and when do I incur stamp duty chargeable for my purchase in St Mellons?
The majority of lawyers tend to complete a stamp duty return on your behalf as part of your St Mellons purchase transaction for signature. On completion your lawyer will submit the Land Transaction application to the Tax Authorities and - as long as they have the funds - settle any tax bill payable on your behalf.