I am 3 weeks into the sale of my flat in Deganwy and the estate agent has just called to say that the buyers are appointing a new law firm. The reason given is that the mortgage company will only engage with property lawyers on their approved list. Why would a major mortgage company only deal with specific solicitors rather the firm that they want to choose to handle their conveyancing in Deganwy ?
UK lenders have always had an approved set of law firms they are willing to work with, but in the last few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Mortgage companies blame a rise in fraud as the reason for the cull – criteria have been tightened as a smaller panel is easier to monitor. Banks tend not to disclose 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 do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The buyers are unlikely to have any sway in the decision.
I am buying a flat and require a conveyancing solicitor in Deganwy who is on the Barnsley Building Society approved. Can you recommend a local conveyancing firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Barnsley Building Society in certain locations such as Deganwy. We dont recommend any particular firm.
I have a mortgage with Nottingham for my property in Deganwy. Conveyancing has been completed a year ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Nottingham?
You must advise Nottingham prior to letting out your property as this is likely to be a breach of Nottingham’s mortgage conditions. It may be that Nottingham will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Nottingham directly. You need not do this via a Nottingham conveyancing panel lawyer.
I recently had an offer accepted on a house in Deganwy. My mortgage broker suggested a conveyancing practitioner. I paid an advanced payment of £175. Not long after, the conveyancer called me to say that they were not on the Nottingham conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Nottingham panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
After what seems like an age I have had an offer on an apartment in Deganwy accepted, the sellers do nevertheless have a connected purchase. The sellers have offered on a property, but it’s not been accepted yet, and have viewings of other flats booked. I have selected a nearby conveyancing solicitor in Deganwy. What do I do now? When should I get the mortgage application with Yorkshire BS going?
It is understandable to have anxieties where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is in the region of one thousand pounds, then valuation, Deganwy conveyancing search charges, etc). First, you must ensure that your conveyancing practitioner is on the Yorkshire BS approved list. As to the next steps this very much dictated by the circumstances of your transaction, attraction to this property and on the state of the market. During a buoyant market many home buyers will apply for the mortgage with Yorkshire BS and pay for the valuation and only if it was satisfactory would they pay their solicitor to press on with the conveyancing in Deganwy.
I am buying a new build flat in Deganwy. Conveyancing is a frightening process 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 is a sample of a few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Deganwy
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Forfeiture - bankruptcy or liquidation must not apply under this provision. Please supply evidence that the form of Lease proposed has been approved by the Land Registry. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?
I've recently found out that there is a flying freehold element on a house I put an offer in last month in what should have been a simple, no chain conveyancing. Deganwy is the location of the property. Is there any guidance you can impart?
Flying freeholds in Deganwy are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Deganwy you must be sure that your lawyer goes through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Deganwy may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
Expecting to complete next month on a garden flat in Deganwy. Conveyancing solicitors inform me that they report fully next week. What should I be looking out for?
Your report on title for your leasehold conveyancing in Deganwy should include some of the following:
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Specifying your legal entitlements in relation to common areas in the building.E.G., does the lease provide for a right of way over a path or staircase? You should be told what is to be regarded as a Nuisance in the lease The landlord’s rights to access the property. You should be made aware that your landlord has rights of access as well as be informed how much notice must be provided. Whether your lease caters for for a sinking fund? Will you be prohibited or prevented from having pets in the property?
Deganwy Conveyancing for Leasehold Flats - Sample of Questions you should consider Prior to Purchasing
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Generally speaking the cost for major works are not incorporated into the service charges, albeit that some managing agents in Deganwy require leaseholders to pay into a reserve fund created for the specific intention of establishing a fund for major works. It would be a good idea to enquire if the the lease contains any unreasonable restrictions in the lease. By way of example it is reasonably common in Deganwy leases that pets are not allowed in certain buildings in Deganwy. If you love the flatin Deganwy but your dog is not allowed to live with you then you will be presented with a hard determination. It would be wise to find out as much as possible concerning the company managing the building as they will impact your use and enjoyment of the property. Being a leasehold owner you are frequently at the mercy of the managing agents both financially and when it comes to day to day issues like the tidiness of the communal areas. You should not be shy to ask prospective neighbours what they think of their service. On a final note, investigate as to the dates that you are obliged pay the maintenance charge to the relevant party and precisely how they are spending that money.