I am in the process of selling my apartment in Bedwas and the estate agent has just telephoned to warn that the purchasers are swapping property lawyer. The excuse is that the bank will only engage with property lawyers on their approved list. Why would a leading lender only deal with specific solicitors rather the firm that they want to appoint for their conveyancing in Bedwas ?
Mortgage companies have always had an approved set of law firms they are content to work with, but in recent years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 25 years.
Lending institutions point to the increase in fraud as the reason for the reduction – criteria have been stiffened as a smaller panel is easier to keep an eye on. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Plenty of firms 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 not going to have any impact on this.
My partner and I are getting closer to an exchange on a property in Bedwas and my parents have transferred the 10% deposit to my conveyancer. I am now informed that as the deposit has not come from me my property lawyer needs to make a notification to my mortgage company. I am advised that, in also acting for the bank he must advise them that the balance of the purchase price is not just from me. I advised the mortgage company regarding my parents' contribution when I applied for the mortgage, so is it really appropriate for this now to delay the deal?
Your property lawyer is duty bound to clarify with lender to ensure that they understand that the balance of the purchase price is not from your own resources. The solicitor can only notify this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
We note that you have a search directory listing law firms on the Aldermore conveyancing panel. Do companies pay you a commission if I instruct them for our own conveyancing in Bedwas?
We are a listing service only for law firms wishing to communicate if they are on the Aldermore conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Bedwas.
In looking at consumer advice sites for a high-quality lawyer in Bedwas, many post that I should instruct a CQS kitemarked solicitor. What is CQS?
Bedwas Conveyancing Quality Scheme solicitors have achieved accreditation under the Law Society's Scheme (CQS) CQS was brought about to promote high standards in the home buying process. CQS enables home movers to recognise solicitor firms that provide a quality residential conveyancing. Bedwas is one of locations in England and Wales in which accredited firms have a presence. The scheme obliges solicitors to undergo a strict assessment, compulsory training, self-reporting, random audits and yearly assessments in order to maintain CQS status. It is open only to members of the Law Society who meet the demanding standards set by the scheme and has the support of the Building Societies Association.
I need to appoint a conveyancing solicitor for leasehold conveyancing in Bedwas. I happened to stumble upon a site which appears to be the perfect solution If it is possible to get all the legals completed via web that would be ideal. Do I need to be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £350,000 maisonette in Bedwas in seven days. The freeholder has quoted £396 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Bedwas?
Bedwas conveyancing on leasehold apartments nine out of ten times necessitates fees being levied by landlords agents :
Addressing pre-contract enquiries
Where consent is required before sale in Bedwas
Supplying insurance information
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
I bought a basement flat in Bedwas, conveyancing having been completed half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable flats in Bedwas with an extended lease are worth £260,000. The ground rent is £50 charged once a year. The lease finishes on 21st October 2096
You have 75 years remaining on your lease we estimate the premium for your lease extension to be between £8,600 and £9,800 plus costs.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.