I can't travel far from Llanishen. What is the rationale as to why all Llanishen conveyancing practitioners are not on all lender panels?
A decade ago most lenders demonstrated an attitude to risk which differs from the current day. The financial regulator in 2010 instigated a thematic review into mortgage fraud which in summary warned lenders: know the conveyancing practitioners on your panel. As a result, banks have subsequently requiredmore information from law firms about their operations and the staff employed by them and set certain criteria such as completing a minimum volume of transactions. Hundreds of law practices have found themselves removed from lender panels even though they had 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Many firms were never going to meet the minimum amount of transactions the lenders set.
We have rather brash vendors who has insisted on a exclusivity contract with a down payment 10k. Is it wise to enter into such agreements?
There are two primary drawbacks with executing a lock out agreement (sometimes known as an exclusivity agreement) is that it diverts attention away from progressing with the conveyancing process, so unless it requires minimal or no negotiation then it could transpire to be unhelpful. It is not particularly popular by Llanishen conveyancing lawyers as a result. The other main issue is the extent of the remedies available - a jilted buyer is not likely to obtain an injunctive ruling by a court to stop the vendor completing the sale to an alternative purchaser, so the only remedy available under the contract will be the recovery of abortive charges and, in rare circumstances, the additional payment of penalties.
We are purchasing a end of terrace house in Llanishen. The intention is to an extension at the rear at the property.Will the conveyancing process involve checks to see if these alterations are prohibited?
Your property lawyer should check the deeds as conveyancing in Llanishen will on occasion identify restrictions in the title deeds which prevent categories of alterations or require the permission of a 3rd party. Certain additions call for local authority planning consent and approval under the building regulations. Certain areas are designated conservation areas and special planning restrictions apply which often prevent or impact extensions. It would be prudent to check these issues with a surveyor prior to committing yourself to a purchase.
We were going to get a OIP from Virgin Money this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Virgin Money recommend any Llanishen solicitors on the Virgin Money conveyancing panel, or is it better to go independently?
You will need to appoint Llanishen solicitors independently although you'll need to choose one on the Virgin Money conveyancing panel. The solicitor represents both you and Virgin Money through the process.
I'm in the process of looking at flats in Llanishen and I am now considering a potential offer. Is it wise to have a conveyancing practitioner on ‘stand by’? I intend to finance via a mortgage with Virgin Money.
It would be wise to commence your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their contact information on to the EA. As you are obtaining a mortgage with Virgin Money, ask your prospective lawyers if they are on the Virgin Money conveyancing panel otherwise they can't do the mortgage legal work.
I'm buying a new build house in Llanishen with a loan from Leeds Building Society. The builders would not reduce the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The property agent told me not inform my conveyancer about the extras as it would affect my mortgage with the lender. Should I keep quiet?.
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.
I've recently found out that there is a flying freehold issue on a property I put an offer in last month in what was supposed to be a simple, chain free conveyancing. Llanishen is the location of the property. Is there any guidance you can give?
Flying freeholds in Llanishen are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Llanishen you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Llanishen may determine 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.
What can I do to find out who is the owner of a house in Llanishen?
Assuming that the premises is registered with HMLR, and you have enough details of the location of the property, you should be able to see details from the the Land Registry of the recorded proprietor for a for less than a fiver.