I am six weeks into the sale of my ground floor flat in Fishguard and the estate agent has just telephoned to warn that the buyers are swapping law firm. The reason given is that the mortgage company will only engage with property lawyers on their approved list. On what basis would a big named lender only work with specific solicitors rather the firm that they want to appoint to handle their conveyancing in Fishguard ?
Banks have always had an approved set of law firms that can represent them, but in recent years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 25 years.
Mortgage companies point to the increase in fraud as the reason for the reduction – criteria have been stiffened as a smaller panel is easier to oversee. Banks tend not to reveal 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. Some 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 require conveyancing for an apartment in a relatively new development (five years old) in Fishguard. The vast majority the flats are already disposed of. Do I need carry out the local searches as part of conveyancing in Fishguard?
You would be opening yourself up to an unnecessary risk in not carrying out Fishguard conveyancing searches. Without searches you have no clarity over flooding, environmental etc which may mean you walk away due to potential problems down the line. If you are buying without a mortgage there is no legal necessity to have them, but we would strongly advise in no uncertain terms that you have them. Where accelerating the process and expenses are top of your issues you should discuss with your lawyer about the options such as indemnity insurance available to you
Do I have to have a meeting at the offices of the solicitor to sign the legal charge? If so, I will instruct a firm who offer conveyancing in Fishguard so that I can attend their offices if necessary.
These days conveyancing panel lawyers for banks carry out the vast majority of communications via the post, e-mail or over phone calls. This enables them to carry out the legal work for your home move no matter where you live in England or Wales. However you should see if you have the option of going to the offices of your conveyancing lawyer if you prefer.
I am purchasing a new build house in Fishguard with the aid of help to buy. The builders would not reduce the amount so I negotiated £7000 of additionals instead. The property agent advised me not reveal to my conveyancer about this extras as it may put at risk my loan with Barclays . Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
In what way can the Landlord & Tenant Act 1954 affect my commercial offices in Fishguard and how can you help?
The 1954 Act affords protection to business lessees, giving them the right to apply to court for a continuation of occupancy when the lease reaches an end. There are limited grounds that a landlord can refrain from granting a lease renewal and the rules are complex. Fees are different for commercial conveyancing. Fishguard is one of the many locations in which our lawyers are based
I am attracted to a two maisonettes in Fishguard which have approximately fifty years left on the leases. Will this present a problem?
A lease is a right to use the property for a period of time. As the lease shortens the marketability of the lease deteriorates and it becomes more costly to acquire a lease extension. This is why it is advisable to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease because mortgage lenders may be reluctant to lend money on such properties. Lease extension can be a difficult process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this area.
Leasehold Conveyancing in Fishguard - Sample of Queries before buying
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How long is the Lease? What is the maintenance charge and ground rent on the property? Best to be warned whether changing the roof or some other major work is pending that will be shared amongst the leaseholders and could well materially impact the level of the maintenance fees or necessitate a one off payment.