I am one month into the sale of my home in Tenby and the estate agent has just text me to say that the buyers are swapping law firm. I am told that this is due to the fact that the mortgage company will only engage with solicitors on their approved list. Why would a big named lender only work with specific law firms rather the firm that they want to appoint for their conveyancing in Tenby ?
Lenders have always had an approved set of law firms that can act for them, but in recent years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Lending institutions blame a rise in fraud as the reason for the pruning – criteria have been stiffened as a smaller panel is easier to keep an eye on. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices that have been removed from panels. Some are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your purchasers are not going to have any sway in the decision.
Are there restrictive covenants that are commonly identified during conveyancing in Tenby?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Tenby. 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…’
About to purchase a new build flat in Tenby. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Here are examples of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Tenby
-
Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. There must be mutual enforceability of lessee’s covenants. Please confirm the Lease plans are architect prepared.
I've recently found out that there is a flying freehold issue on a house I have offered on two weeks back in what was supposed to be a simple, chain free conveyancing. Tenby is where the house is located. Can you shed any light on this issue?
Flying freeholds in Tenby are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Tenby 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 Tenby may ascertain 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 property.
Having had my offer accepted I require leasehold conveyancing in Tenby. Before I get started I would like to find out the unexpired term of the lease.
If the lease is registered - and 99.9% are in Tenby - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Tenby Leasehold Conveyancing - Sample of Queries before buying
-
How is the lease structured? Who are the managing agents? The prefered form of lease structure is a share of the freehold. In this scenario the tenants have being in charge if their destiny and notwithstanding that a managing agent is often retained where it is larger than a house conversion, the managing agent is directed by the tenants.
At what point do I pay stamp duty due for my purchase in Tenby?
Your conveyancer will complete a stamp duty return on your behalf during your Tenby conveyancing transaction for signature. On completion your conveyancer will submit the Land Transaction application to the Tax Authorities and - assuming they have the funds - discharge any land tax due on your behalf.