I am progressing with the sale of my maisonette in Swansea East and the EA has just e-mailed to say that the buyers are swapping conveyancer. I am told that this is due to the fact that the mortgage company will only engage with solicitors on their conveyancing panel. Why would a big named lender only deal with specific solicitors rather the firm that they want to choose for their conveyancing in Swansea East ?
Banks have always had panels of law firms that can represent them, but in the last few years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Mortgage companies point to the increase in fraud as the reason for the pruning – criteria have been stiffened as a smaller panel is easier to monitor. 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 hearing daily from firms 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 unlikely to have any sway in the decision.
As someone not used to the Swansea East conveyancing process what is the number one tip you can impart concerning the legal transfer of property in Swansea East
You may not hear this from too many lawyers but conveyancing in Swansea East and elsewhere in England and Wales is an adversarial process. In other words, when it comes to conveyancing there is lots of room for friction between you and others involved in the house moving process. For instance, the seller, property agent and even potentially a bank. Selecting a solicitor for your conveyancing in Swansea East is a critical decision as your conveyancer is your adviser, and is the ONE person in the transaction whose responsibility is to look after your legal interests and to keep you safe.
We are witnessing a distinct ongoing adversarial element to conveyancing- someone has to be blamed for the process being so protracted. You must always trust your lawyer above the other players in the home moving process.
Should our solicitor be raising enquiries concerning flooding as part of the conveyancing in Swansea East.
The risk of flooding is if increasing concern for solicitors specialising in conveyancing in Swansea East. Plenty of people will purchase a house in Swansea East, fully aware that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, where a property is at risk of flooding, it may be difficult to obtain a mortgage, adequate building insurance, or dispose of the premises. There are steps that can be taken during the course of a house purchase to forewarn the purchaser.
Solicitors are not qualified to impart advice on flood risk, but there are a numerous searches that can be carried out by the purchaser or on a buyer’s behalf which can give them a better appreciation of the risks in Swansea East. The conventional set of completed inquiry forms supplied to a purchaser’s solicitor (where the Conveyancing Protocol is adopted) incorporates a standard question of the seller to discover if the premises has suffered from flooding. If flooding has previously occurred and is not disclosed by the owner, then a purchaser could issue a claim for damages as a result of such an inaccurate answer. The buyer’s solicitors will also conduct an enviro search. This should disclose if there is a recorded flood risk. If so, additional investigations should be carried out.
Just bought a detached house in Swansea East , What is the estimated time for the Land Registry to deal with the formalities evidencing my proprietorship? My Swansea East conveyancing solicitor has been painfully slow, so I want to be certain that my ownership is registered.
As far as conveyancing in Swansea East is concerned, registration is no quicker or slower than the rest of the country. As opposed to being determined by geographic area, timeframes can vary subject to the party submitting the application, whether there are errors and whether the Land registry need to notify any 3rd parties. At present in the region of three quarters of submission are completed in less than three weeks but occasionally there can be extensive hold-ups. Historically registration occurs after the new owner has moved in to the property thus 'speed' is not always an essential issue but if there is a degree of urgency associated with the registration then you or your lawyers must contact the land registry and explain the circumstances.
I am purchasing my first flat in Swansea East with a loan from Virgin Money. The builders refused to reduce the amount so I negotiated 6k of additionals instead. The estate agent suggested that I not reveal to my solicitor about the deal as it will adversely affect my loan 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.
If all goes to plan we aim to complete the disposal of our £175,000 apartment in Swansea East on Thursday in a week. The landlords agents has quoted £384 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Swansea East?
Swansea East conveyancing on leasehold apartments more often than not involves the buyer’s lawyer sending questions for the landlord to answer. Although the landlord is not legally bound to respond to these enquiries most will be content to assist. They are entitled to invoice a reasonable administration fee for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is £350, in some transactions it is above £800. The management information fee demanded by the landlord must be accompanied by a synopsis of rights and obligations in respect of administration charges, otherwise the invoice is technically not due. Reality however dictates that you have no option but to pay whatever is demanded should you wish to complete the sale of your home.
I own a studio flat in Swansea East, conveyancing formalities finalised in 1995. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in Swansea East with an extended lease are worth £176,000. The average or mid-range amount of ground rent is £50 yearly. The lease runs out on 21st October 2075
With 50 years left to run we estimate the price of your lease extension to range between £31,400 and £36,200 plus professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more detailed due diligence. You should not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action based on this information without first seeking the advice of a professional.