I am nearing exchange of contracts for my maisonette in Cardiff Bay and the EA has just e-mailed to say that the buyers are switching law firm. The reason given is that the bank will only work with property lawyers on their conveyancing panel. On what basis would a leading mortgage company only deal with certain law firms rather the firm that they want to choose to handle their conveyancing in Cardiff Bay ?
UK lenders have always had panels of law firms they are willing to work with, but in the past few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Lenders blame a rise in fraud as the reason for the cull – criteria have been stiffened as a smaller panel is easier to maintain. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms 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. The purchasers are not going to have any sway in the decision.
I am purchasing a property for cash in Cardiff Bay. I have been living for the previous Seventeen years in Cardiff Bay. Conveyancing searches are expensive. As I have knowledge of the area and road intimately should I not bother getting the solicitor to do all the conveyancing searches?
If you not getting a mortgage, then almost all of the Cardiff Bay conveyancing searches are optional. Your solicitor will ’encourage you, no-doubt strongly, that you should have searches done, but she is duty bound to do this. One thing to consider; if you are intend to sell the house in the future, it will likely be be of interest to your future buyer what the searches disclose. Sometimes properties with no practical issues can still throw up adverse search results. A good conveyancing solicitor in Cardiff Bay should be able to give you some constructive advice in this regard.
I am purchasing a property and require a conveyancing solicitor in Cardiff Bay who is on the Nationwide Building Society solicitor. Could you point me in the right direction as regards a solicitor?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Nationwide Building Society in certain locations such as Cardiff Bay. We dont recommend any particular firm.
Do I choose a Licenced Conveyancer or Solicitor for conveyancing in Cardiff Bay?
There are many recorded licenced Conveyancers in Cardiff Bay and Solicitor partnerships in Cardiff Bay who can help with your conveyancing It is important to make clear that both are regulated professionals specialising in the legal aspects of transferring property. The two can deal with associated property related work such as remortgage conveyancing, lease extensions and transfer of equity conveyancing.
Have just purchased a probate house at auction in Cardiff Bay. Conveyancing is needed. What is next?
Now that you have for all intents and purposes signed on the dotted line you now have to hire the services of a conveyancing solicitor as a matter of priority as you are faced with a tight deadline in which to complete the conveyancing. Every auction property will have a corresponding legal set of papers. This should include evidence of title and search results. In the case of leasehold premises the auction papers should include a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork specific to leasehold premises. You must pass this on to your appointed conveyancing solicitor at the earliest opportunity. Do make sure that you have funds organised to complete on the on the contractual date .
Virgin Money have agreed my home loan in principle, my offer on a property in Cardiff Bay has been agreed to, now what?
The property agent will want to know who your solicitors are (be sure the conveyancing practitioners are on the bank’s panel). Call up Virgin Money or your financial adviser and finalise any relevant paperwork. Virgin Money will sellect a valuer who will get in touch with the estate agent or owners to book a time for the valuation to occur. Once carried out (assuming no problems) it takes approximately a week to receive the mortgage offer. Virgin Money will send the offer to you and your solicitors. The legal work will then take it’s course according the nature and complexity of the conveyancing in Cardiff Bay.
I am looking for a conveyancing solicitor in Cardiff Bay for my home move. Can I see a solicitor's complaints history with the profession’s regulator?
One may read presented Solicitor Regulator Association (SRA) decisions resulting from inquisitions from 2008 onwards. Visit Check a solicitor's record. For details Pre 2008, or to check a solicitors record, phone 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For callers outside the UK, use +44 (0)121 329 6800. The SRA may monitor telephone calls for training requirements.
What makes a Cardiff Bay lease unmortgageable?
Leasehold conveyancing in Cardiff Bay is not unique. All leases are unique and drafting errors can result in certain provisions are erroneous. The following missing provisions could result in a defective lease:
-
Clauses dealing with recovering service charges for expenditure on the building or common parts. Maintenance charge proportions which don’t add up to the correct percentage
A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Barnsley Building Society, and Nottingham Building Society all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, obliging the buyer to pull out.
I own a ground floor flat in Cardiff Bay, conveyancing having been completed 5 years ago. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Cardiff Bay with a long lease are worth £175,000. The ground rent is £65 charged once a year. The lease terminates on 21st October 2079
With only 58 years left to run the likely cost is going to be between £23,800 and £27,400 as well as costs.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.