My wife and I are purchasing a 3 bedroom flat in Bassaleg with a mortgage. We have a Bassaleg lawyer, however the bank advise he's not on their "panel". We have to appoint one of the lender panel solicitors or keep our Bassaleg solicitor and pay for one of their panel firms to act for them. This feels very unfair; can we not insist that the lender use our Bassaleg conveyancing practitioner ?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: 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. A further alternative is for your Bassaleg conveyancing lawyer to apply to be on the conveyancing panel.
What is the difference between a licensed conveyancer and conveyancing solicitor in Bassaleg
Two types of professional can conduct conveyancing in Bassaleg namely CLC regulated conveyancers or solicitors. Both professionals provide conveyancing services that you need to complete the sale or acquisition of property. They are both obliged to perform Bassaleg conveyancing to the same standards and guidelines so you can be sure that your conveyancing will be properly conducted and that the requirements and steps will be appropriately adhered to.
Is it the case that all Bassaleg solicitor practices on the Santander conveyancing panel are overseen by the SRA?
As solicitors, in order to be on the Santander conveyancing panel they would need to be overseen by the Solicitors Regulatory Authority. Some lenders do allow licenced conveyancers on their panel in which case such firms would be regulated by the CLC.
I am due to exchange contracts on my apartment. I had a double glazing fitted in February 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, TSB are being problematic. The Bassaleg solicitor who is on the TSB conveyancing panel is saying indemnity insurance will be fine but TSB are insisting on a building regulation certificate. Why do TSB have a conveyancing panel if they don't accept advice from them?
It is probably the case that TSB have referred the matter to their valuer. The reason why TSB may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
Will my solicitor be making enquiries about flooding during the conveyancing in Bassaleg.
Flooding is a growing risk for conveyancers conducting conveyancing in Bassaleg. There are those who buy a house in Bassaleg, fully expectant that at some time, it may be flooded. However, leaving to one side the physical damage, where a house is at risk of flooding, it may be difficult to obtain a mortgage, adequate building insurance, or dispose of the property. There are steps that can be taken during the course of a house purchase to forewarn the purchaser.
Conveyancers are not qualified to give advice on flood risk, but there are a various checks that can be undertaken by the buyer or by their lawyers which will give them a better understanding of the risks in Bassaleg. The standard property information forms given to a purchaser’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a usual inquiry of the vendor to determine if the premises has ever been flooded. If flooding has previously occurred which is not disclosed by the vendor, then a buyer could issue a claim for damages stemming from an misleading response. A buyer’s lawyers may also conduct an environmental search. This should indicate if there is a recorded flood risk. If so, further investigations should be initiated.
I'm purchasing my first flat in Bassaleg benefiting from help to buy. The developers refused to move on the price so I negotiated five thousand pounds worth of extras instead. The sale representative suggested that I not disclose to my conveyancer about the deal as it will adversely affect my loan with the lender. Do I keep my lawyer in the dark?.
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.
I've recently found out that there is a flying freehold element on a property I put an offer in two weeks back in what was supposed to be a quick, no chain conveyancing. Bassaleg is the location of the property. Is there any guidance you can give?
Flying freeholds in Bassaleg are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Bassaleg you would need to get your solicitor to go through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Bassaleg may decide 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.
We are 17 days into a leasehold purchase having been directed to solicitors by the high street agent to carry out the conveyancing in Bassaleg. I am am extremely dissatisfied with the level of service. Could you you assist me in finding new solicitors?
A solicitor would need to be very bad in order to consider replacing them. Has your mortgage offer been sent? In the event that it has you must make them aware of the new contact details and have the mortgage documents are issued to the new lawyers. Your new conveyancer should be on the banks panel to avoid added expenses and frustration. That should be your starting point. The find a solicitor tool will help you find a lender approved lawyer for your home move in Bassaleg