My Llandysul solicitor has spotted a discrepancy when comparing the surveyor’s assumptions in the valuation report and what is in the title deeds. My solicitor informs me that he is duty bound to check that the lender is happy with this discrepancy and is content to go ahead. Is my lawyer’s course or action correct?
Your conveyancer must comply with the UK Finance Lenders’ Handbook conditions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
Will my conveyancing lawyers need to check that the building insurance when buying a house in Llandysul. My lender is Platform
Platform have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 2/5/2024, the requirements read as follows :
I had a mortgage agreed in principle with Coventry BS. Llandysul conveyancing solicitors are appointed. How long does it take for Coventry BS to send the offer to the conveyancing practitioner?
Some lenders take longer than others. Have Coventry BS completed the survey? Have you advised Coventry BS as to your lawyers' details and checked that your lawyers are on the Coventry BS conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
We expect to receive a DIP from Leeds Building Society this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Leeds Building Society recommend any Llandysul solicitors on the Leeds Building Society conveyancing panel, or is it better to go independently?
You will need to appoint Llandysul solicitors independently although you'll need to choose one on the Leeds Building Society conveyancing panel. The solicitor represents both you and Leeds Building Society through the process.
I am due to exchange contracts on my flat. I had a double glazing fitted in February 2006, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Lloyds are being difficult. The Llandysul solicitor who is on the Lloyds conveyancing panel is saying indemnity insurance will be fine but Lloyds are requiring a building regulation certificate. Why do Lloyds have a conveyancing panel if they don't accept advice from them?
It is probably the case that Lloyds have referred the matter to their valuer. The reason why Lloyds 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.
How does conveyancing in Llandysul differ for new build properties?
Most buyers of new build property in Llandysul contact us having been asked by the seller to exchange contracts and commit to the purchase even before the house is constructed. This is because new home sellers in Llandysul usually acquire the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Llandysul or who has acted in the same development.
Yesterday I discovered that there is a flying freehold element on a property I have offered on two weeks back in what was supposed to be a quick, chain free conveyancing. Llandysul is where the house is located. What do you suggest?
Flying freeholds in Llandysul are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Llandysul you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Llandysul 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 premises.
I am hoping to put an offer on a small detached house that appears to be perfect, at a reasonable figure which is making it all the more appealing. I have subsequently found out that the title is leasehold rather than freehold. I am assuming that there are issues buying a leasehold house in Llandysul. Conveyancing solicitors have are soon to be appointed. Will they explain the issues?
The majority of houses in Llandysul are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. We note that you are buying in Llandysul in which case you should be looking for a Llandysul conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as obtaining the freeholder’sconsent to carry out alterations. You may also be required to pay a service charge towards the maintenance of the estate where the house is located on an estate. Your conveyancer will report to you on the legal implications.
Llandysul Leasehold Conveyancing - Sample of Queries before buying
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How many of the leaseholders are in arrears for their service charge payments? Generally speaking the outlay for major works tend not to be included within service charges, albeit that a few managing agents in Llandysul ask leaseholders to pay into a sinking fund created for the specific intention of establishing a fund for larger repairs or maintenance. The answer will be useful as a) areas can result in problems in the building as the communal areas may start to deteriorate if services are not paid for b) if the leasehold owners have an issue with the running of the building you will want to know about it