My partner and I are looking to acquire a property in Aberdaron and are in fact using a Aberdaron conveyancing practice. Within the last couple of days our property lawyer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Birmingham Midshires have this morning contacted us to advise us that they have now hit a problem as our Aberdaron solicitor is not on their approved list of lawyers. Please explain?
If you are buying a property needing a mortgage it is conventional for the purchasers' lawyers to also represent the mortgage company. 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 property lawyer should contact your lender 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 don't have to instruct a firm on the bank's conveyancing panel and you may continue to use your own Aberdaron solicitors, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
We note that you have a search directory identifying law firms on the Barclays conveyancing panel. Do companies pay you a referral fee if I appoint them for our conveyancing in Aberdaron?
We are a listing service only for law firms wishing to communicate if they are on the Barclays conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Aberdaron.
I am the sole beneficiary of my late grandmother’s will and I have everything in my name alone, including the my former home in Aberdaron. The Aberdaron property was put into my name in September. I want to move. I do know about the Mortgage Lenders six month 'rule', meaning my proprietorship will be regarded the same way as though I had purchased the house in September. Do I have to wait 6 months to sell?
The Council of Mortgage Lenders’ handbook requires conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be caught by that. How sensible a view mortgage companies take of it, depend on the mortgage company as this obligation is chiefly there to capture the purchase and immediately sell or the quick reselling of property.
My wife and I have arranged the release of further funds on our mortgage from Kent Reliance as we intend to conduct improvements to our home in Aberdaron. Are we obliged to choose a bricks and mortar Aberdaron solicitor on the Kent Reliance conveyancing panel to deal with the legals?
Kent Reliance would not normally require firms on their approved list of lawyers to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Kent Reliance list.
I recently had an offer accepted on a house in Aberdaron. My mortgage broker recommended their conveyancers. I paid an upfront payment of £200. A couple of days later, the conveyancer called me sheepishly admitting that they were not on the Kent Reliance conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Kent Reliance panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I have been told that property searches are a common reason for hinderance in Aberdaron house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the conclusions of research by MoveWithUs that conveyancing searches do not feature within the top 10 causes of hindrances during the legal transfer of property. Searches are not likely to feature in any delay in conveyancing in Aberdaron.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Aberdaron. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below is a sample of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Aberdaron
Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Please supply a car parking plan. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Please confirm the Lease plans are surveyor prepared. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease.
I'm remortgaging my primary home to a buy to let loan with Bank of Scotland and intend to use the remaining equity towards a second property. The area we are interested in is Aberdaron. Will your conveyancers be able to act for both sets of banks and tie in the two deals?
Make use of our comparison tool on this site to ensure that the conveyancers are approved by both lenders. Having checked that they are the lawyer should be able to tie up the two conveyancing matters but you should have a chat with you solicitor and make apparent your desired outcome and needs.