I am in the process of selling my house in Magor and the EA has just telephoned to advise that the buyers are changing their property lawyer. The excuse is that the mortgage company will only engage with solicitors on their approved list. Why would a big named lender only deal with certain law firms rather the firm that they want to select to handle their conveyancing in Magor ?
Lenders have always had panels of law firms that can represent them, but in recent years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Lending institutions point to the increase in fraud as the reason for the reduction – criteria have been stiffened as a smaller panel is easier to monitor. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Plenty of firms 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 unlikely to have any impact on this.
My bid for a property was accepted at auction in Magor. Conveyancing is required. What happens now?
Having exchanged you must choose a conveyancing practitioner soon as you now have a pending a drop dead date to complete the purchase. An auction property should have a corresponding auction set of papers. This will include the copy title deeds, local authority and drainage searches. Where you are dealing with leasehold premises the legal papers may contain a copy of the lease, management information and a sellers leasehold information form and other conveyancing documentation relating to leasehold premises. You should pass this on to your appointed conveyancing solicitor at the earliest opportunity. You also need to ensure that you have funds organised to complete on the date specified in the contract.
This question may be naive but I am new to the process as FTB of a garden flat in Magor. Do I pick up the keys to the premises on the completion date from my conveyancer? If this is the case, I will instruct a High Street conveyancing solicitor in Magor?
There is no need to visit the lawyers office on the day of completion. Your solicitors will arrange to send the completion advance to the owner’s conveyancers, and once they have received this, you should be invited to pick up the keys from the property Agents and start moving into the property. This tends to happen between 1 and 3pm.
The formalities of my remortgage has taken place for my property in Magor. Conveyancing was of an acceptable standard but I would like to complain about the lender. How does one go about formally complaining?
All banks and building societies have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Services Department at head office. We understand that complaints to a lender are resolved effectively and efficiently. If you feel the matter is not resolved you can write to Financial Ombudsman Service with full details of your complaint.
Just had an offer accepted on a new build apartment in Magor. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Here are examples of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in Magor
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The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Forfeiture - bankruptcy or liquidation must not apply under this provision. Please supply a car parking plan. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified.
I have been on the look out for a flat up to £245,000 and identified one near me in Magor I like with amenity areas and station nearby, the downside is that it's only got 61 years on the lease. There is not much else in Magor for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you need a home loan that many years will be problematic. Discount the offer by the expected lease extension will cost if not already taken into account. If the current owner has owned the property for at least 2 years you can ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this.
My father has suggested that I use his conveyancing solicitors in Magor. Should I use them?
No doubt the best way to select a conveyancing solicitor is to seek referrals from friends or relatives who have used the firm you're are thinking of instructing.
What are my options where I am dissatisfied with the lawyer who handled my conveyancing in Magor?
We live in an imperfect world, and unfortunately occasionally matters do not go as planned. Nevertheless there is recourse where you were unhappy with your conveyancing in Magor. This varies from trying to resolve matters directly with them, through to reporting a conveyancing practitioner to their regulator. If you remain dissatisfied you may consider getting in touch with the Legal Ombudsman.