My husband and I are buying a purpose built apartment in Kidwelly with a loan from Lloyds TSB Bank.We would like to retain our Kidwelly conveyancing lawyer but Lloyds TSB Bank says he's not listed on their "panel". we are left little option but to use a Lloyds TSB Bank panel firm or retain our high street solicitor and pay for a Lloyds TSB Bank panel lawyer to represent them. We feel as though this is unjust; Can we not simply insist that Lloyds TSB Bank use our lawyer?
No, not really. The loan issued to you is subject to its various provisions, a common one being that solicitors needs to be on the Lloyds TSB Bank approved list. in the past, most lenders had large numbers of solicitors on their panels: a borrower could find 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 lawyer to apply to be on the conveyancing panel for Lloyds TSB Bank
This question may be naive but I am new to the process as a 1st time purchaser of a two bedroom flat in Kidwelly. Do I pick up the keys to the premises on the completion date from my solicitor? If so, I will use a local conveyancing solicitor in Kidwelly?
On the day of completion you will not be required to go to the conveyancers office in Kidwelly. Conveyancing lawyers for you will transfer the purchase money to the vendor’s conveyancers, and shortly after the monies have arrived, you should be able to collect the keys from the Estate Agents and move into your new home. This tends to happen between 1 and 3pm.
I can not work out if my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Kidwelly building society branch on various occasions and was told it does not affect the mortgage offer and they will lend. My Kidwelly conveyancing solicitor - who is on the bank conveyancing panel- telephoned and was told they would not lend based on their specific requirements. I simply don't know who is right.
Provided that the lawyer is on the bank approved list, they must comply with the CML Handbook requirements for the bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company 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 mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
After much negotiation I have agreed a price on an apartment in Kidwelly. My mortgage broker recommended their conveyancers. I paid an advanced payment of £150. Not long after, the conveyancer called me embarrassingly acknowledging that they were not on the Leeds Building Society 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 Leeds Building Society 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.
I am buying my first flat in Kidwelly with a mortgage from Bank of Ireland. The sellers would not reduce the amount so I negotiated 6k of extras instead. The property agent suggested that I not reveal to my conveyancer about this extras as it may put at risk my mortgage with the lender. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer 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.
Over the last few months I have been searching for a ground for flat up to £195,000 and found one close by in Kidwelly I like with amenity areas and station in the vicinity, however it's only got 52 years on the lease. There is not much else in Kidwelly for this price, so just wondered if I would be making a grave error acquiring a short lease?
If you require a mortgage that many years will be problematic. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least twenty four months you could request that they commence the lease extension formalities 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 speak to your conveyancing solicitor regarding this.
How do I search for a Kidwelly solicitor on the The Mortgage Works conveyancing panel? I have wheels and am prepared to travel upto 25kilometers to meet the solicitor.
Feel free to make use of the facility on this page. Please select a bank and your location and you will see a number of Kidwelly conveyancing lawyers locally. We have listed some Kidwelly conveyancing firms towards the end of this page and you can contact them to check if they are on the The Mortgage Works panel
My husband and I are one month into a residential purchase having been directed to conveyancers by the local agent to do our conveyancing in Kidwelly. I am am extremely dissatisfied with the level of service. Can you you assist me in finding new lawyers?
They would have to be very poor to suggest replacing them. Has the mortgage been issued? If so you need to make them aware of the new contact details and have the loan are issued to the new lawyers. The conveyancer should be on the mortgage company panel to avoid escalating charges and frustration. So that should be your first question of the new conveyancers. Our find a solicitor tool will help you find a bank approved conveyancer for your conveyancing in Kidwelly