Unfortunately I am unable to travel far from Cardiff. Please spell out why all Cardiff solicitors aren't automatically on all mortgage company panels?
Lenders highlight the fact that solicitor-led fraud is considered to be responsible for millions of pounds of fraud every year.The removal of law firms off of lender panels started with the rise in mortgage fraud, which prompted a thematic review by the FSA in 2011. Its outcome included recommendations for mortgage companies to review their conveyancing panels, which triggered a major policy change in the sector. It resulted in banks and building societies culling a number of firms off their panel of approved conveyancers .
I am in a contract race with another buyer for a property in Cardiff. What can I do to expedite the conveyancing process?
In a situation where the seller is applying pressure for your conveyancing we would recommend that your conveyancer is familiar with the location as they will have local relationships and intelligence. It is even conceivable that they may have conducted previousproperties in the same street. Therefore consider using a Cardiff conveyancing solicitor. Second, ensure that the lawyer is on the on the approved list for your mortgage company. It is said that nearly one in five of Cardiff conveyancing deals are delayed or derailed after finding out that a buyer’s conveyancer was not on their mortgage lender’s list of approved solicitors. This can often result in the legal process being held up by an average of three weeks. It is claimed that this issue affects approximately one hundred thousand home moves annually. Almost all Cardiff conveyancing practices can not act for certain mortgage companies so do check at the outset.
When it comes to lenders such as Principality, do Cardiff lawyers have to pay an annual charge to be on the conveyancing panel?
We are not aware of any lender fees to be on their list of approved firms, although some do charge an administration charge to deal with the processing of the conveyancing panel submission.
We have agreed to purchase a house in Cardiff. One unusual aspect is that the roof has a solar panel. HSBC have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that you are obtaining a mortgage with HSBC your lawyer must follow the formal requirements set out in Section 2 of UK Finance Lenders’ Handbook for HSBC. The Council of Mortgage Lenders’ Handbook stipulates minimum specifications for solar panel roof-space leases, and property lawyers are required to report to HSBC where a lease fails to meet these specifications. The requirements relate to the installation of panels on properties countrywide and is not isolated to Cardiff.
My fiancee and I are in the throws of looking at flats in Cardiff and I am now considering a potential offer. Is it too early to have a solicitor in place? I intend to finance via a mortgage with Co-operative.
You should start requesting conveyancing estimates from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their details on to the selling agent. As you are taking out a mortgage with Co-operative, make sure you remember to check that your lawyer is on the Co-operative conveyancing panel.
A colleague suggested that where I am purchasing in Cardiff I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is occasionally quoted for as part of the standard Cardiff conveyancing searches. It is not a small report of about 40 pages, listing and detailing important information about Cardiff around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Cardiff Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Cardiff Education with maps and statistics, Local Amenities and other useful information about Cardiff.
Just had an offer accepted on a new build apartment in Cardiff. Conveyancing is daunting 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 are examples of a few leasehold new build questions that you should expect your new-build leasehold conveyancing in Cardiff
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Please supply a car parking plan. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Please confirm the Lease plans are architect prepared. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
I have just appointed agents to market my 2 bed apartment in Cardiff. Conveyancing solicitors are to be appointed soon, but I have just had a half-yearly service charge demand – what should I do?
The sensible thing to do is clear the maintenance contribution as you normally would given that all rents and maintenance invoices will be allotted on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the subsequent invoice date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I bought a leasehold flat in Cardiff, conveyancing formalities finalised July 2003. How much will my lease extension cost? Similar properties in Cardiff with over 90 years remaining are worth £221,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease comes to an end on 21st October 2096
With 70 years unexpired we estimate the price of your lease extension to be between £9,500 and £11,000 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before seeking the advice of a professional.