I am buying an apartment in Chepstow. My Conveyancer is not on the bank approved panel. Can I still retain my Chepstow conveyancing solicitor notwithstanding that they are excluded from the mortgage company panel?
Various options include
- Complete the deal with your existing Chepstow conveyancer but your bank will no doubt use a conveyancing practitioner on their approved list. The net result is additional charges together with potential frustration.
- Choose a new conveyancing practitioner to act in the purchase, making sure they are on the mortgage company conveyancing panel.
- Convince your conveyancer to seek to join the lender panel
Can I use your services to recommend a Conveyancing solicitor in Chepstow even if I’m not buying or disposing of a house, for example if I want to acquire a shop in Chepstow with a mortgage from Yorkshire Building Society?
Our comparison service is primarily there to get a quote from domestic conveyancing solicitors in Chepstow but we have set out towards the end of this page a few Chepstow commercial conveyancing firms. You should enquire with the company directly to establish if they are also authorised to represent Yorkshire Building Society
I happen to be the only beneficiary of my late father’s estate and I have everything in my name now, including the house in Chepstow. The Chepstow property was put into my name in February. I plan to dispose of the property. I understand that there is a Mortgage Lenders 6 month 'rule', meaning my property ownership may be treated the same way as if I'd bought the property in February. Do I have to wait half a year to sell?
The Council of Mortgage Lenders’ handbook mandates solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be impacted by that. How sensible a view mortgage companies take of it, depend on the bank as this obligation chiefly exists to capture the purchase and immediately sell or the flipping of properties.
We had appointed conveyancers based in Chepstow on the RBS solicitor panel. They have just invoiced me a supplemental sum for handling the RBS mortgage. Is this an additional conveyancing fee specified by RBS?
Provided it is contained in their Terms of Engagement or estimate then yes your solicitor can charge a fee for this. The charge is not dictated by RBS but by your Chepstow conveyancing practitioner. Numerous firms on the RBS panel will levy an ‘acting for lender’ fee and others do not.
I have decided to exercise my right to buy my property in Chepstow off the council. I have a mortgage offer with TSB. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with TSB, you will need to appoint a solicitor on the TSB conveyancing panel.
I note that there are debates on Chancel Insurance on online forums. Do I need chancel insurance when acquiring a residence in Chepstow? or Apparently there is historic law that could mean that homeowners living in a parish church boundary may be liable to contribute towards maintenance to the chancel in proximity to the church. Is this appropriate for conveyancing in Chepstow?
Unless a previous acquisition of the house completed post 12 October 2013 you can take it that lawyers conducting conveyancing in Chepstow to remain encouraging a chancel search and or chancel repair liability insurance.
I'm refinancing my primary home to a buy to let mortgage with Chelsea Building Society and intend to use the remaining equity as a down payment on another property. The area we are interested in is Chepstow. Will your lawyers be able to act for the two lenders and link together the conveyances?
Do use our comparison tool on this page to check that the lawyers are approved by both lenders. Having checked that they are your lawyer should be able to tie up the two transactions but you should talk with you conveyancer and make apparent your expectations and needs.
Do you have any advice for leasehold conveyancing in Chepstow with the aim of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Chepstow can be reduced where you instruct lawyers the minute you market your property and ask them to collate the leasehold documentation which will be required by the purchasers’ conveyancers. In the event that you altered the property did you need the Landlord’s consent? Have you, for example laid down wooden flooring? Chepstow leases often stipulate that internal structural alterations or laying down wooden flooring require a licence from the Landlord consenting to such changes. Where you dont have the consents to hand you should not communicate with the landlord without contacting your lawyer before hand. If you are supposed to have a share in the freehold, you should ensure that you have the original share certificate. Arranging a re-issued share certificate can be a lengthy formality and frustrates many a Chepstow home move. If a duplicate share is needed, you should approach the company officers or managing agents (if relevant) for this at the earliest opportunity. The majority of freeholders or managing agents in Chepstow charge for providing management packs for a leasehold property. You or your lawyers should find out the fee that they propose to charge. The management information sought on or before finding a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Chepstow. Some Chepstow leases require Licence to Assign from the landlord. If this applies to your lease, you should notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference should make it clear that the buyer is financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their lawyers.
Chepstow Conveyancing for Leasehold Flats - Sample of Queries Prior to buying
What is the length of the lease? Best to be warned if redecorating or some other major work is pending to be shared between the leasehold owners and will materially increase the the service charges or necessitate a specific payment. Generally speaking the outlay for major works tend not to be included within maintenance charges, albeit that a few managing agents in Chepstow ask leasehold owners to pay into a reserve fund created for the specific purpose of establishing a fund for larger repairs or maintenance.