I am nearing exchange of contracts for my maisonette in Nannerch and the estate agent has just e-mailed to advise that the purchasers are switching property lawyer. The excuse is that the mortgage company will only engage with property lawyers on their approved list. On what basis would a leading mortgage company only deal with certain law firms rather the firm that they want to choose for their conveyancing in Nannerch ?
UK lenders have always had an approved set of law firms they are content to work with, but in recent years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Lenders blame a rise in fraud as the reason for the cull – criteria have been narrowed as a smaller panel is easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms 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. The buyers are unlikely to have any impact on this.
A relative informed me that in buying a property in Nannerch there may be various restrictions prohibiting external changes to a property. Is this right?
We are aware of a number of properties in Nannerch which have some sort of restriction or requirement of consent to perform external changes. Part of the conveyancing in Nannerch should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I recently had an offer agreed on a house in Nannerch. My mortgage broker recommended their conveyancers. I paid an advanced payment of £200. A few days later, the lawyer contacted me sheepishly admitting that they were not on the Kent Reliance conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Kent Reliance panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
My offer on a property in Nannerch has been accepted, but there is a chain. The vendors have offered on a flat, but it’s not yet tied up, and have viewings of other flats in the pipeline. I have instructed a high street conveyancing solicitor in Nannerch. What do I do now? When do I get the mortgage application with RBS going?
It is normal to have concerns where there is a chain as you are unlikely to want to incur expenses too early (mortgage application is approx one thousand pounds, then valuation, Nannerch conveyancing search costs, etc). The first course of action is to check that your solicitor is on the RBS approved list. Concerning the next steps this very much dictated by the circumstances of your case, desire for the property and on the state of the market. During a hot market many purchasers would apply for the mortgage with RBS and pay for the valuation and only if it was satisfactory would they pay their property lawyer to press on with searches.
I need some fast conveyancing in Nannerch as I am under a deadline to sign on the dotted line in less than 2 weeks. Luckily I do not need a mortgage. Is it possible to decline from having conveyancing searches to save fees and time?
As you are not obtaining a home loan you have the choice not to have searches conducted although no lawyer would suggest that you don't. Drawing on years of experience of conveyancing in Nannerch the following are examples of what can crop up and therefore impact future mortgageability: Refused Planning Applications, Outstanding Fees, Outstanding Grants, Road Schemes,...
Over the last few months I have been searching for a flat up to £195,000 and identified one close by in Nannerch I like with amenity areas and railway links in the vicinity, however it's only got 52 remaining years left on the lease. There is not much else in Nannerch in this price bracket, so just wondered if I would be making a mistake buying a lease with such few years left?
If you need a home loan that many years will likely be a potential deal breaker. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the property for a minimum of 2 years you can request that they start the process of the extension and pass it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing lawyer about this.
How do I use the search facility to choose a conveyancing practitioner in Nannerch on the panel for my bank?
First choose a lender such as Birmingham Midshires, Barnsley Building Society or Bank of Ireland then specify your location for example Nannerch. Conveyancing organisations in Nannerch and beyond should be shown.
There are a number of properties in Nannerch on private lanes. We are purchasing one such property. What would be the pros and cons of buying a property on a private road?
Nannerch conveyancing firms will be used to dealing homeson unadopted roads. Your property lawyer will investigate Land Registry data to find any rights or responsibilities. It is possible that there is a residents association that residents make annual payments to maintain the road. If there is one, the road will likely be maintained and appear better than council adopted.