I am in the process of selling my house in Trefriw and the EA has just text me to advise that the purchasers are appointing a new law firm. I am told that this is due to the fact that the mortgage company will only deal with property lawyers on their conveyancing panel. Why would a big named mortgage company only engage with certain solicitors rather the firm that they want to select for their conveyancing in Trefriw ?
UK lenders have always had panels of law firms that can represent them, but in the last few 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 more than 25 years.
Lending institutions point to the increase in fraud as the reason for the pruning – criteria have been tightened as a smaller panel is easier to maintain. No lender will say 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. Plenty of firms 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 purchasers are not going to have any sway in the decision.
I own a freehold residence in Trefriw yet pay rent, why is this and what is this?
It is rare for properties in Trefriw and has limited impact for conveyancing in Trefriw but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back hundreds of years, but the Rent Charge Act 1977 barred the creation of new rentcharges post 1977.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 will be extinguished.
Should my lawyer be raising questions about flooding as part of the conveyancing in Trefriw.
Flooding is a growing risk for conveyancers dealing with homes in Trefriw. There are those who buy a property in Trefriw, completely expectant that at some time, it may suffer from flooding. However, aside from the physical destruction, where a house is at risk of flooding, it may be difficult to obtain a mortgage, suitable insurance cover, or sell the property. There are steps that can be taken during the course of a property purchase to forewarn the buyer.
Conveyancers are not qualified to offer advice on flood risk, however there are a various checks that may be undertaken by the purchaser or by their solicitors which can give them a better understanding of the risks in Trefriw. The conventional set of completed inquiry forms given to a buyer’s solicitor (where the Conveyancing Protocol is adopted) contains a standard question of the vendor to determine if the property has suffered from flooding. In the event that the property has been flooded in past and is not disclosed by the seller, then a purchaser may bring a claim for damages as a result of such an inaccurate answer. The purchaser’s conveyancers may also commission an environmental report. This should reveal if there is any known flood risk. If so, more detailed investigations will need to be made.
Is it simple use your search app to choose a conveyancing solicitor in Trefriw on the authorised to act for my mortgage?
First select a bank such as HSBC Bank, Barnsley Building Society or Clydesdale then specify your preferred area such as Trefriw. Conveyancing firms in Trefriw and beyond should be listed.
Can you offer any advice when it comes to finding a Trefriw conveyancing practice to deal with our lease extension?
When appointing a property lawyer for lease extension works (regardless if they are a Trefriw conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We recommend that you speak with two or three firms including non Trefriw conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions could be useful:
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How many lease extensions have they completed in Trefriw in the last twenty four months? If the firm is not ALEP accredited then what is the reason?
Trefriw Leasehold Conveyancing - Examples of Queries Prior to buying
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How much is the service charge and ground rent on the property? What is the the remaining lease term? Its a good idea to find out as much as you can concerning the company managing the building as they will impact your use and enjoyment of the property. Being a leasehold owner you are often at the mercy of the managing agents from a financial perspective and when it comes to daily issues like the upkeep of the common parts. You should not be afraid to ask prospective neighbours what they think of them. Finally, find out the dates that you are obliged pay the maintenance charge to the relevant party and specifically what it includes.
My husband and I are purchasing a 2 room ground floor flatin Trefriw with a mortgage from a lender. We have a conveyancer in Trefriw yet our lender advise she’s not on their "panel". Apparently we need to choose one of the our lender panel firms or stay with our Trefriw conveyancer and incur the extra legals for one of their panel ones to represent our bank. This seems very unfair; is there anything we can do?
Unfortunately,no. The mortgage company home loan offered to you is subject to conditions, one of which will be that solicitors will on the bank's conveyancing panel. in the past, most banks had large numbers of law firms on their panels, including most conveyancing solicitors in Trefriw : a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for your lender.