My fiance and I are hoping to purchase a property in Pencader and are in fact using a Pencader conveyancing practice. Within the last couple of days our property lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. Accord Mortgages Ltd have this morning contacted us to advise us that there is now an issue as our Pencader solicitor is not on their approved list of lawyers. Is this a problem?
When purchasing a property with mortgage finance it is usual for the purchasers' lawyers to also act for the mortgage company. 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 Accreditation Scheme. Your property lawyer should contact your lender 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 it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
As someone unfamiliar with conveyancing in Pencader what’s the number one tip you can impart for the legal transfer of property in Pencader
You may not hear this from too many lawyers but conveyancing in Pencader or throughout England and Wales is an adversarial experience. In other words, when it comes to conveyancing there is an abundance of opportunity for conflict between you and other parties involved in the home moving process. For instance, the seller, property agent and even potentially the lender. Choosing a solicitor for your conveyancing in Pencader an important selection as your conveyancer is your adviser, and is the ONLY party in the legal process whose role it is to protect your best interests and to protect you.
Every so often a third party with a vested interest may try and persuade you that it is in your interests to do things their way. As an example, the property agent may claim to be helping by suggesting your conveyancer is dragging his heels. Or your mortgage broker may advise you to do something that is against your lawyers guidance. You should always trust your lawyer above all other parties in the home moving process.
I'm in the process of looking at apartments in Pencader and I am about to put in an offer. Is it advisable to have a solicitor on ‘stand by’? I am planning to take a home loan with Nationwide.
It would be advisable to commence your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their details on to the EA. Given that you are seeking a mortgage with Nationwide, ask your prospective lawyers if they are on the Nationwide conveyancing panel otherwise they can't do the mortgage legal work.
I have decided to exercise my right to buy my property in Pencader off the council. I have a mortgage agreed with RBS. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with RBS, you will need to appoint a solicitor on the RBS conveyancing panel.
My sealed bid on a detached house in Pencader has been agreed to, the owners do nevertheless have a tied purchase. The owners have put an offer on on an apartment, however it’s not yet agreed to, and are looking at other properties in the pipeline. I have instructed a high street conveyancing solicitor in Pencader. What do I do now? At what point should I apply for the mortgage with Nottingham?
It is normal to have concerns where there is a chain as you are unlikely to want to incur costs prematurely (mortgage application is approx one thousand pounds, then survey, Pencader conveyancing search costs, etc). The first course of action is to check that your solicitor is on the Nottingham approved list. As to the subsequent stages this very much dictated by the specifics of your transaction, attraction to the property and on the state of the market. In a hot market the majority of purchasers would apply for the mortgage with Nottingham and arrange for the valuation and only if it comes back ok would they pay their property lawyer to move forward with the conveyancing in Pencader.
I acquired my house on 7 April and my personal details are still not on the land registry website. Need I be worried? My conveyancing solicitor in Pencader advises it will be concluded inside ten days. Are properties in Pencader particularly slow to register?
There is nothing unique when it comes to conveyancing in Pencader registration formalities. Rather than based on location, timescales can adjust according to who lodges the application, whether it is in order and if the Land registry have to notify any 3rd parties. At present roughly 80% of submission are fully dealt with within 12 days but some can be subject to longer delays. Historically registration takes place once the buyer is living at the property therefore an expedited registration is not typically an essential issue but if it is urgent that the the registration takes place urgently then you or your solicitor must speak with the land registry and explain the circumstances.
I have been on the look out for a ground for flat up to £305k and found one round the corner in Pencader I like with amenity areas and station nearby, the downside is that it only has 51 years unexpired on the lease. There is not much else in Pencader suitable, so just wondered if I would be making a mistake acquiring a short lease?
Should you require a home loan the shortness of the lease may be problematic. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for a minimum of 2 years you may request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing lawyer regarding this.
We're novice buyers - agreed a price, yet the agent advised that the seller will only issue a contract if we use the agent's preferred conveyancers as they need an ‘expedited deal’. We would rather use a high street conveyancer who is familiar with conveyancing in Pencader
We suspect that the seller is not behind this ultimatum. Should the seller require ‘a quick sale', taking such a hostile approach to a serious buyer is is going to put the whole deal at risk. Speak to the owners direct and make the point that (a)you are genuine purchasers (b)you are excited to move forward, with finances arranged © you are chain free (d) you intend to proceed fast (e)however you intend to use your own,trusted Pencader conveyancing solicitors - not the ones that will earn their estate agent a referral fee or achieve conveyancing thresholds pre-set by head office.