The Pencoed conveyancing firm handling our Pencoed conveyancing has identified a difference when comparing the assumptions in the valuation survey and what is revealed within the conveyancing documents. My solicitor has advised that he must ensure that the bank is happy with this discrepancy and is still content to lend. Is my conveyancer’s approach correct?
Your solicitor must comply with the UK Finance Lenders’ Handbook provisions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
It is a dozen years since I purchased my property in Pencoed. Conveyancing solicitors have recently been instructed on the sale but I am unable to track down my title documents. Is this a major issue?
You need not be too concerned. Firstly there is a possibility that the deeds will be with the mortgage company or they could stored with the solicitor who acted in the purchase. Secondly the chances are that the property will be registered at the land registry and you will be able to establish that you are the registered owner by your conveyancing solicitors obtaining up to date copy of the land registers. Nearly all conveyancing in Pencoed involves registered property but in the unlikely event that your property is unregistered it is more problematic but is resolvable.
We wanted to use a property lawyer in Pencoed for our home move. Our broker informed us that our bank Virgin Money won't deal with them. Why is this not regarded as unduly restrictive?
A decade ago most mortgage companies had an appetite for risk which was higher than today. Almost all Pencoed conveyancing firms would have been on most mortgage company panels. The Financial Services Authority in 2010 conducted a thematic review into mortgage fraud which concluded: know the conveyancing solicitors dealt with. Consequently, mortgage companies are increasingly seeing more information from law firms concerning their operations and the individuals who work for them as well as set certain criteria such a completing on a minimum volume of conveyancing. Many Pencoed conveyancing firms that have been excluded from lender panels have a 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Pencoed is one of the many areas where the conveyancers we recommend are on the panel for Virgin Money.
I just bought a property at auction in Pencoed. Conveyancing is necessary. What are my next steps?
Having legally committed yourself to purchase you must retain a conveyancing practitioner quickly as you will have a tight deadline in which to complete the deal. An auction property should have a bespoke auction set of papers. This should include the copy title deeds, local authority and drainage searches. Where you are dealing with leasehold premises the legal papers may provide a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork specific to leasehold premises. You should hand this to your appointed conveyancing solicitor ASAP. You also need to ensure that your finances are in place to complete on the on the contractual date .
This question may be naive but I am unexperienced as a first time buyer of a ground floor flat in Pencoed. Do I pick up the keys to the property on completion from my conveyancer? If this is the case, I will appoint a local conveyancing solicitor in Pencoed?
On the day of completion you will not be required to go to the conveyancers office in Pencoed. Your solicitors will electronically transfer the completion advance to the owner’s conveyancers, and once they have received this, you will be invited to collect the keys from the property Agents and move into your new home. Usually this occurs between 1 and 3pm.
How can we know in advance if a Pencoed conveyancing solicitor on the Virgin Money panel is any good?
When it comes to conveyancing in Pencoed obtaining recommendations is a good start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always recommend that you speak with the solicitor conducting your conveyancing.
Various internet forums that I have visited warn that are the main cause of hinderance in Pencoed house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the conclusions of a review by MoveWithUs that conveyancing searches do not figure within the common causes of hindrances during the legal transfer of property. Searches are unlikely to be the root cause of slowing down conveyancing in Pencoed.
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in a fortnight ago in what should have been a straight forward, chain free conveyancing. Pencoed is where the house is located. Can you shed any light on this issue?
Flying freeholds in Pencoed are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Pencoed you must be sure that your lawyer goes through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Pencoed may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.