I am selling my flat in Ystalyfera and the estate agent has just telephoned to say that the purchasers are changing their property lawyer. The excuse is that the mortgage company will only deal with property lawyers on their conveyancing panel. On what basis would a leading mortgage company only work with specific law firms rather the firm that they want to select for their conveyancing in Ystalyfera ?
UK lenders have always had an approved set of law firms that can represent them, but in the last few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 years.
Banks point to the increase in fraud as the reason for the reduction – criteria have been narrowed as a smaller panel is easier to monitor. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms 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 unlikely to have any impact on this.
I am buying a garden flat in Ystalyfera. Conveyancing solicitors are said to be ‘a necessary evil’ but can I do it myself?
Leaving aside the complexities and merits of DIY conveyancing in Ystalyfera you will have to appoint a solicitor on your mortgage company's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Ystalyfera.
I'm buying my first flat in Ystalyfera with a mortgage from Yorkshire Building Society. The builders refused to move on the price so I negotiated £7000 of extras instead. The sale representative suggested that I not reveal to my lawyer about the deal as it may impact my mortgage with the lender. Is this normal?.
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.
I have been on the look out for a flat up to £305k and identified one round the corner in Ystalyfera I like with amenity areas and transport links in the vicinity, however it's only got 49 years unexpired on the lease. I can't really find anything else in Ystalyfera suitable, so just wondered if I would be making a grave error buying a short lease?
Should you need a home loan the shortness of the lease will likely be problematic. Reduce the price by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the property for at least twenty four months you can request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor concerning this matter.
I'm remortgaging my current property to a BTL mortgage with Bank of Scotland and intend to use the remaining equity as a down payment on further house. The area we are looking at is Ystalyfera. Will your solicitors be able to act for both sets of lenders and tie in the conveyances?
Do use our comparison tool on this site to be sure that the conveyancers are on the appropriate lender panels. Assuming that they are the conveyancer should be able to connect the two conveyancing matters but you should talk with you lawyer and make apparent your desired outcome and requirements.
As co-executor for the estate of my father I am selling a property in Neath but I am based in Ystalyfera. My solicitor (who is 300 miles awayrequires that I sign a stat dec before completion. Can you recommend a conveyancing lawyer in Ystalyfera who can witness this legal document for me?
strictly speaking you are unlikely to need to have the documents attested by a conveyancing solicitor. Normally or notary public or solicitor will do regardless of whether they are based in Ystalyfera