Is the fact that my conveyancer in Gwaelod Y Garth is not identified on my bank's solicitor panel that there is a problem with the standard of the firm’s conveyancing?
It would not be wise to jump to that conclusion. There are all sorts of perfectly plausible explanations. Just recently a report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) lack of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should contact the Gwaelod Y Garth conveyancing firm and enquire why they are no longer on the approved list for your lender.
All was ready to complete my purchase in Gwaelod Y Garth next Tuesday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as she informs me that she is duty bound to validate that it is in order for the mortgage company. What risks does the lender expect the insurance to cover?
Any lawyer on acting for mortgage companies would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s Part 2 requirements. These obligations are not limited to conveyancing in Gwaelod Y Garth.
I am refinancing my flat in Gwaelod Y Garth, does my lawyer have to be on the Skipton Solicitor panel?
There is nothing to stop you using your solicitor, but Skipton will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
I am assisting my mother sell her property in Gwaelod Y Garth. Will the conveyancing solicitor commission the energy assessment or do I organise this?
Following the abolition of Home Information Packs, EPC’s remained a required component of moving property. An EPC needs to be commissioned prior to the property being put on the market. It is not a task that law firms ordinarily organise. Where you are instructing a Gwaelod Y Garth conveyancing lawyer they might help arrange energy performance certificates due to their relationships with reputable local providers
This question may be naive but I am unexperienced as FTB of a two bedroom flat in Gwaelod Y Garth. Do I pick up the keys to the house on completion from my solicitor? If this is the case, I will use a High Street conveyancing solicitor in Gwaelod Y Garth?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will arrange to send the purchase money to the owner’s lawyers, and once they have received this, you should be invited to receive the keys from the Estate Agents and start moving into the property. This tends to happen early afternoon.
I can not work out if my bank requires a lease extension. I have called into my local Gwaelod Y Garth building society branch on a couple of occasions and was informed it wasn't a problem and they will lend. My Gwaelod Y Garth conveyancing solicitor - who is on the lender conveyancing panel- called to say that they would not lend based on their published requirements. I have no idea who is right.
As long as the conveyancing practitioner is on the bank panel, they must comply with the CML Handbook specifications for the lender. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
Are there restrictive covenants that are commonly identified during conveyancing in Gwaelod Y Garth?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Gwaelod Y Garth. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I own a leasehold flat in Gwaelod Y Garth. Conveyancing was completed in last year. I have read on a number of consumer forums that I should not allow the the remaining lease term to fall too low. Is this right?
Gwaelod Y Garth leasehold properties are for a set term - usually ninety nine years when they started. However a significant flats in Gwaelod Y Garth were constructed or converted in the 70’s80’s and so such leases now have less than 80 years remaining. This may seem like plenty of time but Banks, Building Societies and other mortgage lenders tend to need leases to have at least seventy five years unexpired to adequate security. This means that when you come to sell the property you will need a lease extension if you are approaching 75 years. To maximise your property value you should be considering whether to extend your lease well in advance of selling the property. Furthermore strong financial reasons to taking action before the lease reaches even eighty years as when the lease is below 80 years the amount you have to pay to extend starts to escalate.