My husband and I are planning to buy a house in Tongwynlais and have appointed a Tongwynlais conveyancing firm. Within the last couple of days our conveyancer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Halifax have this morning contacted us to inform me that they have now hit a problem as our Tongwynlais lawyer is not on their approved list of lawyers. Is this a problem?
When purchasing a property with mortgage finance it is usual for the purchasers' solicitors to also act for the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the lender’s conveyancing panel as you are at liberty to use your preferred Tongwynlais lawyers, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
What happens if my solicitor is suspended from the Nottingham Solicitor panel ahead of completing my conveyancing in Tongwynlais?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
What does a local search inform me concerning the house we're purchasing in Tongwynlais?
Tongwynlais conveyancing often starts with the submitting local authority searches directly from your local Authority or via a personal search company such as Searches UK The local search plays an important part in most Tongwynlais conveyancing purchase; that is if you wish to avoid any unpleasant surprises after you move into your property. The search will supply data on, amongst other things, details on planning applications applicable to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 subject headings.
I am purchasing a new build house in Tongwynlais with the aid of help to buy. The sellers refused to budge the amount so I negotiated £7000 of extras instead. The sale representative suggested that I not reveal to my lawyer about this extras as it would adversely affect my mortgage with the bank. Is this normal?.
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.
Due to the guidance of my in-laws I had a survey completed on a property in Tongwynlais before retaining lawyers. I have been told that there is a flying freehold overhang to the property. My surveyor advised that some lenders will not grant a loan on such a premises.
It varies from the lender to lender. Bank of Scotland has different requirements for example to Birmingham Midshires. If you call us we can check with the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Tongwynlais. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Tongwynlais to see if the conveyancing will be more expensive.
Taking into account that I will soon part with £400,000 on 3 bedroom house in Tongwynlais I would like to have a conversation with the conveyancer concerning theconveyancing before appointing the firm. Is this something that you can arrange?
Absolutely - we would be delighted to talk to you we do not take any clients on without you speaking to the solicitor who will be conducting your conveyancing in Tongwynlais.There is no ‘factory style conveyancing’ - every client is an important person, not a case number. The practices that we put you in touch with believe that the fees you are calculated and presented to you for your conveyancing in Tongwynlais should be the figure that you end up paying.