My husband and I are hoping to purchase a property in Tywyn and are in fact using a Tywyn conveyancing practice. Within the last couple of days our conveyancer has sent a preliminary report and documents to look through with a view to exchanging next week. Alliance & Leicester have this evening contacted us to inform me that there is now an issue as our Tywyn lawyer is not on their approved list of lawyers. What do we do from here?
When purchasing a property with the benefit of a mortgage it is usual for the purchasers' lawyers to also represent the purchaser's lender. 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 Accreditation Scheme. Your solicitor should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel as you are at liberty to use your preferred Tywyn lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
I have a decision in principle. The lender mentioned the mortgage came with free conveyancing. Does this mean I have to appoint their panel lawyer as I would prefer to appoint a local conveyancing solicitor in Tywyn?
You should check but the chances are that give you one of their panel conveyancers if you accept the "fee-free" incentive. Call the bank to check if they allow a cash alternative. Some mortgage companies have previously offered a £250 cashback as a further option in which case that money can go towards your preferred conveyancing solicitor in Tywyn.
I am being told by my solicitor that breach of easement insurance is necessary on my purchase. What is the level of cover for Tywyn conveyancing?
The appropriate level of breach of easement indemnity insurance depends on who your lender is. It would differ for example between Birmingham Midshires and Leeds Building Society. Conveyancing lawyers as opposed to borrowers take out such policies.
It is not clear whether my lender requires a lease extension. I have telephoned my Tywyn building society branch on a couple of occasions and was advised it wasn't an issue and they will lend. My Tywyn conveyancing solicitor - who is on the mortgage company conveyancing panel- called to say that they would not lend in accordance with their specific requirements. Who do I believe?
As long as the lawyer is on the lender approved list, she or he must follow the CML Handbook conditions for the bank. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I have instructed a Tywyn lawyer having made sure that they are on the Kent Reliance conveyancing panel. Does my lawyer arrange the survey of the property?
Kent Reliance will need an independent valuation of the property. Your lawyer will not arrange this. Usually Kent Reliance will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your conveyancer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Tywyn postcode. As you are getting a mortgage with Kent Reliance, you could contact them to see if they have a list of approved surveyors in Tywyn.
What does a local search tell me about the property my wife and I purchasing in Tywyn?
Tywyn conveyancing often starts with the ordering local authority searches directly from your local Authority or through a personal search company for instance Searches UK The local search plays a central role in most Tywyn conveyancing purchase; as long as you wish to avoid any unpleasant surprises after you move into your property. The search will reveal information 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 thirteen topic headings.
I am purchasing my first flat in Tywyn benefiting from help to buy. The builders would not budge the amount so I negotiated 6k of additionals instead. The sale representative suggested that I not inform my conveyancer about the extras as it will affect my loan with Halifax. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder 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.
We are a couple of weeks into a leasehold purchase having been directed to a firm by the local agent to execute conveyancing in Tywyn. I am am starting to be disappointed with the level of service. Could you help me find new lawyers?
They would have to be really bad in order to consider diss instructing them. Has your mortgage been sent? If so you need to make them aware of the new contact details and have the mortgage documents are re-sent. Your new solicitor ideally should be on the banks approved list to avoid added expenses and complications. That should be your first question of the new conveyancers. Our find a solicitor tool can help you find a lender approved conveyancer for your conveyancing in Tywyn