I am selling my apartment in Penrhyn Bay and the EA has just text me to say that the purchasers are swapping law firm. The excuse is that the bank will only work with solicitors on their conveyancing panel. On what basis would a leading lender only engage with certain solicitors rather the firm that they want to choose to handle their conveyancing in Penrhyn Bay ?
Banks have always had panels of law firms that can act for them, but in the past few years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Lending institutions point to the increase in fraud by way of justification for the pruning – criteria have been tightened as a smaller panel is easier to oversee. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices that have been removed from panels. Plenty of firms do not even realise 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 not going to have any sway in the decision.
We see that you have a post code search directory listing law firms on the Co-operative conveyancing panel. Do companies pay you a commission if I appoint them for our own conveyancing in Penrhyn Bay?
We are a listing service only for law firms wishing to communicate if they are on the Co-operative conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Penrhyn Bay.
I am considering applying for a Skipton mortgage for purchase of a new build (under development) in Penrhyn Bay with 60% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Skipton ?
In theory, you could use a solicitor that is not on the Skipton conveyancing panel, but Skipton would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.
My bid for a property was accepted at auction in Penrhyn Bay. Conveyancing is needed. What are my next steps?
Now that you are legally bound yourself to purchase you must hire the services of a conveyancing lawyer quickly as you are faced with a tight deadline in which to complete the deal. An auction property will have a bespoke auction set of papers. This will include the copy title deeds, local authority and drainage searches. In the case of leasehold property the legal papers may include a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork pertinent to leasehold premises. You need to hand this to your appointed conveyancing solicitor at the earliest opportunity. Do make sure that you have funds in order to complete the transaction on the set completion date.
Two weeks ago we had a mortgage agreed in principle with Kent Reliance. Penrhyn Bay conveyancing solicitors have been instructed. What is the average time that one could expect to receive a mortgage offer from Kent Reliance?
There is no definitive answer here. Have Kent Reliance done the valuation? Have you informed Kent Reliance as to your lawyers' details and checked that your lawyers are on the Kent Reliance conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I have decided to exercise my right to buy my property in Penrhyn Bay off the council. I have a mortgage offer with Nationwide. Conveyancing is not something I have any knowledge of. 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 Nationwide, you will need to appoint a solicitor on the Nationwide conveyancing panel.
I understand that there are debates on Chancel Insurance on online forums. Do I need this when buying a property in Penrhyn Bay? or Apparently there is an ancient law that could mean that homeowners residing in a parish church boundary may be liable to pay for repairs towards the chancel in proximity to the church. Is this suitable for conveyancing in Penrhyn Bay?
Unless a prior acquisition of the house took place after 12 October 2013 you could assume that conveyancing practitioners handling conveyancing in Penrhyn Bay to continue to suggest a chancel search and or insurance against a claim.
I have been on the look out for a ground for flat up to £245,000 and identified one near me in Penrhyn Bay I like with amenity areas and station nearby, however it only has 61 years unexpired on the lease. There is not much else in Penrhyn Bay in this price bracket, so just wondered if I would be making a grave error buying a lease with such few years left?
If you need a home loan that many years will likely be an issue. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the property for a minimum of 2 years you may ask them to start the process of the extension and pass it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this matter.