My partner and I are hoping to acquire a house in Llandudno and are in fact using a Llandudno conveyancing practice. Within the past 48 hours our solicitor has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Bank of Scotland have this evening contacted us to inform me that they have now hit a problem as our Llandudno lawyer is not on their approved list of lawyers. What do we do from here?
When purchasing a property with the benefit of a mortgage it is conventional for the purchasers' solicitors to also act for the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the bank's conveyancing panel as you are at liberty to use your preferred Llandudno lawyers, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
I am hoping to complete my purchase in Llandudno next Thursday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in his capacity as lawyer for the mortgage company. What risks does the mortgage company expect the insurance to cover?
Any lawyer on acting for lenders 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 conditions. These requirements are not unique to conveyancing in Llandudno.
Can I use your services to recommend a Conveyancing solicitor in Llandudno even where I’m not buying or disposing of a house, for example if I wish to buy an office in Llandudno with a loan from Nottingham Building Society?
Our search tool is primarily there to help choose domestic conveyancing solicitors in Llandudno but we have set out towards the bottom of this page a few Llandudno commercial conveyancing firms. You will need to make contact with the solicitors directly to see if they can also act for Nottingham Building Society
What does a local search inform me concerning the property I am purchasing in Llandudno?
Llandudno conveyancing often starts with the applying for local authority searches directly from your local Authority or via a personal search company for example Searchflow The local search plays a central role in most Llandudno conveyancing purchase; that is if you don’t want any nasty surprises after you move into your new home. The search will supply data on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen topic areas.
I'm purchasing my first flat in Llandudno with a loan from Barnsley Building Society. The builders would not move on the amount so I negotiated £7000 of fixtures and fittings instead. The sale representative told me not disclose to my lawyer about this side-deal as it may put at risk my mortgage with the bank. Is this normal?.
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.
I have been pointed in your direction by a couple of local property agents in Llandudno to get a quote from a conveyancer using your seach tool. Is there a financial upside for Estate Agents to promote your site over and above another?
We don’t offer any financial incentive for pointing buyers and sellers our way. We found it would be just too difficult to pay a commission because members of the public would think, ‘Why is the agent getting a kickback? Why aren’t I receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.