I can't travel far from Swansea East. Please spell out why all Swansea East property lawyers are not on all mortgage company panels?
Banks highlight the fact that solicitor-led fraud is considered to be responsible for millions of pounds of fraud every year.The removal of law firms off of lender panels started with the rise in mortgage fraud, which prompted a thematic review by the Financial Services Authority in 2011. Its conclusions included recommendations for lending institutions to review their conveyancing panels, which triggered a major policy change in the sector. It led to banks and building societies purging a number of firms off their panel of approved property lawyers .
Our conveyancer has discovered a defect with the lease for the apartment we are purchasing in Swansea East. The seller’s lawyers have suggested defective title insurance as a workaround. We are happy with insurance and will cover the costs. Our property lawyer has advised that he must ensure that the lender is willing to move forward with this solution. Who is the client here, us or the mortgage company ?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the lender are the client. Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook conditions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the mortgage company can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
My uncle passed away last year and as sole heir and executor I was left the property in Swansea East. The house had a relatively small loan left on it of around £8000. I want to transfer the title deeds into my name whilst I re-mortgage to Yorkshire BS, pay off the mortgage. Is this allowed?
Given you plan to re-mortgage then Yorkshire BS will require that you use a conveyancer on the Yorkshire BS conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Yorkshire BS conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Yorkshire BS mortgage is registered as a charge at the Land Registry.
We are getting a further advance on our mortgage from Barclays as we wish to conduct a loft conversion to our home in Swansea East. Are we obliged to select a bricks and mortar Swansea East solicitor on the Barclays conveyancing panel to handle the paperwork?
Barclays do not ordinarily require firms on their approved list of lawyers to deal with such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Barclays list.
We have a mortgage agreed in principle with Aldermore. Swansea East conveyancing lawyers are selected. What is the average time that one could expect to receive a mortgage offer from Aldermore?
There is no definitive answer here. Have Aldermore completed the survey? Have you advised Aldermore as to your lawyers' details and checked that your lawyers are on the Aldermore conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
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 Swansea East 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.
Do commercial conveyancing searches reveal impending roadworks that may affect a commercial estate in Swansea East?
Many commercial conveyancing solicitors in Swansea East will conduct a SiteSolutions Highways report as it reduces the time that conveyancers expend in sourcing accurate data on highways that impact buildings and development assets in Swansea East. The search result provides definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Swansea East.
For every commercial conveyancing transaction in Swansea East it is crucial to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been addressed adequately can cause delays to Swansea East commercial conveyancing deals as well as present a risk to future plans for the site. These searches are not carried out for domestic conveyancing in Swansea East.
It may have been a long time coming a loan offer from a mortgage company for the refinancing of my 3 bedroom garden flat is to be issued within the next few days. Are you able to recommend a low cost remortgage conveyancing law firm in Swansea East ?
You are on the wrong site if you are in need of a cheap conveyancing solicitors in Swansea East. We can offer you excellent value conveyancing but we do not aim to work with the cheapest lawyers. Resist the temptation to appoint companies offering low cost conveyancing in Swansea East.In your best case scenario, in opting for cheap conveyancing, you will get what you pay for and at worst you will end up invoiced for extras and still not get the service required.