I am one month into the sale of my ground floor flat in Llanrumney and the EA has just telephoned to say that the purchasers are appointing a new law firm. I am told that this is due to the fact that the bank will only work with solicitors on their conveyancing panel. On what basis would a leading lender only deal with specific lawyers rather the firm that they want to select for their conveyancing in Llanrumney ?
Banks have always had panels of law firms that can represent them, but in the past few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Lending institutions point to the increase in fraud by way of justification for the reduction – criteria have been narrowed as a smaller panel is easier to maintain. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices 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. Your buyers are not going to have any impact on this.
What is the difference between a licensed conveyancer and conveyancing solicitor in Llanrumney
There are two types of lawyers who can do conveyancing in Llanrumney namely CLC regulated conveyancers or solicitors. Both professionals handle conveyancing services that you need to complete the sale or purchase of property. They are both required to conduct Llanrumney conveyancing on similar quality and guidelines so you can be sure that your conveyancing will be properly carried out and that the requisite steps should be suitably attended to.
Have just purchased a repossessed house at auction in Llanrumney. Conveyancing is necessary. What happens now?
Having exchanged you must instruct a conveyancing practitioner quickly as you are faced with a pending a drop dead date to complete the conveyancing. All auction property should have a corresponding auction set of papers. This should include evidence of title and search results. If you have purchased leasehold premises the auction papers may provide a copy of the lease, management information and a sellers leasehold information form and associated conveyancing documentation pertinent to a leasehold property. You should give this to the conveyancer working for you at the earliest opportunity. Do make sure that your finances are organised to complete on the on the contractual date .
I am expecting a DIP from Virgin Money this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Virgin Money recommend any Llanrumney solicitors on the Virgin Money conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Llanrumney 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.
How does conveyancing in Llanrumney differ for new build properties?
Most buyers of new build residence in Llanrumney approach us having been asked by the builder to exchange contracts and commit to the purchase even before the residence is completed. This is because builders in Llanrumney tend to acquire the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Llanrumney or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a house I put an offer in a fortnight ago in what should have been a straight forward, chain free conveyancing. Llanrumney is where the house is located. Can you offer any opinion?
Flying freeholds in Llanrumney are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Llanrumney you would need to get your solicitor to go through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Llanrumney may decide 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 premises.
How can the Landlord & Tenant Act 1954 impact my commercial offices in Llanrumney and how can your lawyers assist?
The particular law that you refer to gives protection to business leaseholders, giving them the legal entitlement to apply to court for a continuation of occupancy at the end of an expired lease. There are certain specified grounds that a landlord can refuse a lease renewal and the rules are complex. We are happy to direct you to commercial conveyancing practices who use the act for protection and help with commercial conveyancing in Llanrumney
I am attracted to a two flats in Llanrumney both have in the region of 50 years unexpired on the lease term. Should I regard a short lease as a deal breaker?
A lease is a right to use the premises for a prescribed time frame. As a lease gets shorter the value of the lease reduces and results in it becoming more expensive to acquire a lease extension. For this reason it is often a good idea to extend the lease term. More often than not it is difficult to sell a property with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We advise that you seek professional help from a solicitor and surveyor with experience in this field.
Llanrumney Conveyancing for Leasehold Flats - Examples of Queries before Purchasing
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This information is helpful as a) areas could result in problems in the block as the communal areas may start to deteriorate if services are not paid for b) if the leaseholders have an issue with the running of the building you will need to have all the details Does the lease contain onerous restrictions? How much is the maintenance charge and ground rent on the apartment?