Me and my partner are purchasing a 3 bedroom flat in Cardigan with a mortgage. We would like to retain our Cardigan conveyancer, but the mortgage company advise he's not on their "panel". It appears that we have little option but to use one of the bank panel conveyancing practices or continue with our Cardigan conveyancing practitioner and pay for one of their panel ones to represent them. This seems very unfair; is there anything we can do?
Unfortunately,no. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Cardigan conveyancing lawyer to apply to be on the conveyancing panel.
Some advice if I may. My Cardigan lawyer is advising me that he has toorder Cardigan conveyancing searches becausethe firm are on the HSBCconveyancing panel. Do I not have any options here?
You have limited options available to you. As you are obtaining a home loan with a bank your property lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your conveyancing practitioner would have previously signed the Terms and Conditions of your lender’s conveyancing panel appointment which obliges them to comply with the Council of Mortgage Lenders’ Handbook requirements . Even if you were a cash buyer you would be ill advised not to carry out Cardigan conveyancing searches.
Should commercial conveyancing searches reveal planned roadworks that could affect a commercial land in Cardigan?
Its becoming the norm that commercial conveyancing solicitors in Cardigan will execute a SiteSolutions Highways report as it reduces the time that conveyancers expend in investigating accurate data on highways that impact buildings and development assets in Cardigan. The report sets out definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Cardigan.
For each commercial conveyancing transaction in Cardigan it is crucial to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been addressed adequately may cause delays to Cardigan commercial conveyancing transactions as well as pose a risk to future plans for the site. These searches are not ordered for residential conveyancing in Cardigan.
Over the last few months I have been searching for a leasehold apartment up to £195,000 and found one near me in Cardigan I like with amenity areas and transport links nearby, however it only has 52 years on the lease. I can't really find anything else in Cardigan in this price bracket, so just wondered if I would be making a grave error acquiring a short lease?
If you require a home loan the shortness of the lease may be an issue. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of 2 years you may ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor about this matter.
Hoping to buy a property located in Cardigan and I am already nervous. I couldn't find anything specific about Cardigan. Conveyancing will be needed in due course but do you know about the Cardigan area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Cardigan. In the meantime here are some basic statistics that we found
Our solicitor in Cardigan has uncovered a defect with the lease for the apartment we are purchasing in Cardigan. The seller’s lawyers have suggested defective title insurance as a workaround. We are happy with insurance and will pay for it. Our lawyer says that as he is on the lender conveyancing panel he must ensure that the lender is happy with this solution. Are we the client or is the mortgage company?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the lender are the client. A precondition to being on the mortgage company approved panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects will the lease so that the mortgage company can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . 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.