I am not well enough to travel far from Monmouthshire. Can you please spell out why all Monmouthshire solicitors are not on all lender panels?
Pre- 2008 most banks had an approach to risk which is different than today. The financial regulator in 2010 carried out a thematic review into mortgage fraud which in summary warned lenders: know the lawyers on your panel. As a result, banks have since looked to extract more data from law firms about their operations and the individuals employed by them and set certain criteria such as completing a minimum amount of transactions. Many firms have found themselves removed from lender panels even though they had 100% healthy disciplinary record, no complaints and no claims and didn't just 'dabble' in conveyancing. Such firms were never going to meet the minimum amount of transactions the lenders set.
Can you help? My Monmouthshire lawyer is informing me me that he has toapply for Monmouthshire conveyancing searches asthe firm are on the Nat Westsolicitor panel. Is my solicitor correct?
You have limited options available to you. Given that you are taking out a loan with a mortgage company your conveyancing practitioner has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your conveyancing practitioner would have previously signed the Terms and Conditions of your bank’s conveyancing panel appointment which obliges them to follow the CML Handbook provisions . Even if you were a cash buyer you would be ill advised not to carry out Monmouthshire conveyancing searches.
A relative advised me that in buying a property in Monmouthshire there may be a number of restrictions prohibiting external alterations to a property. Is this right?
There are a number of properties in Monmouthshire which have some sort of restriction or requirement of consent to carry out external alterations. Part of the conveyancing in Monmouthshire should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
is it true that all Monmouthshire solicitor firms on the UBS conveyancing panel are governed by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the UBS approved list of solicitors they would need to be overseen by the Solicitors Regulatory Authority. The majority of mortgage companies do list licenced conveyancers on their panel and in that case the organisation would be governed by the CLC.
I am due to exchange contracts on my house. I had a double glazing fitted in March 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Kent Reliance are being difficult. The Monmouthshire solicitor who is on the Kent Reliance conveyancing panel is saying indemnity insurance will be fine but Kent Reliance are requiring a building regulation certificate. Why do Kent Reliance have a conveyancing panel if they don't accept advice from them?
It is probably the case that Kent Reliance have referred the matter to their valuer. The reason why Kent Reliance may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
We are selling our home in Monmouthshire and the buyers lawyers are claiming that there is a possibility that the property was constructed on contaminated land. A local conveyancer would know this is not the case. It does beg the question why the purchasers instructed a factory type conveyancing outfit as opposed to a conveyancing solicitor in Monmouthshire. Having lived in Monmouthshire for three years we know of no issue. Should we contact our local Authority to seek clarification that there is no issue.
It would appear that you have a conveyancing lawyer already. Are they able to advise? You need to check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same sickness)
I am buying a new build house in Monmouthshire with a mortgage from Norwich and Peterborough Building Society. The builders would not reduce the amount so I negotiated £7000 of fixtures and fittings instead. The property agent advised me not to tell my lawyer about the deal as it would jeopardize 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 recently realised that I have 72 years remaining on my lease in Monmouthshire. I need to get lease extension but my landlord is missing. What options are available to me?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the magistrate. You will be obliged to prove that you have made all reasonable attempts to track down the landlord. In some cases a specialist should be helpful to try and locate and prepare a report which can be accepted by the court as proof that the freeholder can not be located. It is advisable to get professional help from a property lawyer in relation to investigating the landlord’s disappearance and the vesting order request to the County Court covering Monmouthshire.
I inherited a split level flat in Monmouthshire, conveyancing was carried out in 2007. How much will my lease extension cost? Equivalent flats in Monmouthshire with an extended lease are worth £170,000. The ground rent is £50 per annum. The lease finishes on 21st October 2104
With only 78 years remaining on your lease we estimate the price of your lease extension to be between £7,600 and £8,800 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.