My fiance and I are planning to purchase a property in Pencader and are in fact using a Pencader conveyancing practice. Within the past 48 hours our conveyancer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Bank of Scotland have this afternoon contacted us to advise us that they have now hit a problem as our Pencader conveyancer is not on their approved list of lawyers. Is this a problem?
When purchasing a property with the benefit of a mortgage it is standard for the purchasers' solicitors to also represent the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own Pencader solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
Can you help? My Pencader conveyancer is advising me that he has toorder Pencader conveyancing searches asthe firm are on the Virgin Moneyconveyancing panel. These Pencader checks cost a lot of money can this be avoided?
You have limited options available to you. Given that you are taking out a loan with a lender your conveyancing practitioner has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your lawyer would have previously signed the Terms and Conditions of your bank’s conveyancing panel appointment which obliges them to comply with the Council of Mortgage Lenders’ Handbook conditions . Even if you were a cash buyer you would be ill advised not to carry out Pencader conveyancing searches.
I am buying a flat and need a conveyancing solicitor in Pencader who is on the Yorkshire Building Society conveyancing. Could you point me in the right direction as regards a solicitor?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Yorkshire Building Society in certain locations such as Pencader. We dont recommend any particular firm.
The deeds to our house can not be found. The solicitors who conducted the conveyancing in Pencader 5 years ago no longer exist. Will I be able to sell the house?
As long as you have a registered title the details of your ownership will be retained by HMLR under a Title Number. It is easy to perform a search at the Land Registry, identify your house and obtain current copies of the Registered Entries for a small fee. If the property is Leasehold then the Land Registry will also normally retain a certified duplicate of the Registered Lease and again, a copy can be obtained for a small fee.
Over the last few months I have been searching for a leasehold apartment up to £235,500 and identified one near me in Pencader I like with a park and station nearby, the downside is that it only has 52 years on the lease. I can't really find anything else in Pencader suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you require a home loan the shortness of the lease may be a potential deal breaker. Discount the price by the expected lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of twenty four months you can request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this matter.
What advice can you give us when it comes to finding a Pencader conveyancing firm to carry out our lease extension conveyancing?
When appointing a conveyancer for lease extension works (regardless if they are a Pencader conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of work. We advise that you speak with several firms including non Pencader conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions might be of use:
Can they put you in touch with clients in Pencader who can give a testimonial?
I own a studio flat in Pencader, conveyancing was carried out October 1995. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar flats in Pencader with over 90 years remaining are worth £206,000. The ground rent is £45 per annum. The lease finishes on 21st October 2089
With 67 years left to run the likely cost is going to range between £10,500 and £12,000 as well as costs.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There may be other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before getting professional advice.