I am 3 weeks into the sale of my ground floor flat in Penrhyndeudraeth and the estate agent has just telephoned to say that the purchasers are swapping conveyancer. I am told that this is due to the fact that the lender will only engage with property lawyers on their conveyancing panel. Why would a leading lender only deal with certain solicitors rather the firm that they want to choose for their conveyancing in Penrhyndeudraeth ?
Banks have always had an approved set of law firms that can act for them, but in the last few years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Lenders justify this action to a rise in fraud as the reason for the cull – criteria have been tightened as a smaller panel is easier to keep an eye on. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Some 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 purchasers are unlikely to have any sway in the decision.
What is the first thing I need to know about purchase conveyancing in Penrhyndeudraeth?
Not many law firms shout this from the rooftops but conveyancing in Penrhyndeudraeth or throughout Gwynedd is an adversarial experience. Put another way, when it comes to conveyancing there is lots of room for friction between you and other parties involved in the house moving process. For instance, the seller, selling agent and even potentially the bank. Selecting a law firm for your conveyancing in Penrhyndeudraeth is a critical decision as your conveyancer is your adviser, and is the ONLY party in the legal process whose role it is to protect your legal interests and to protect you.
On occasion a potential adversary will try and convince you that it is in your interests to do things their way. For instance, the estate agent may claim to be assisting by claiming that your lawyer is wrong. Or your mortgage broker may tell you to do something that is contrary to your lawyers recommendation. You should always trust your lawyer above all other parties when it comes to the legal transfer of property.
It has been 3 months since my purchase conveyancing in Penrhyndeudraeth completed. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
In my capacity as executor for the will of my father I am selling a residence in Swansea but live in Penrhyndeudraeth. My lawyer (approximately 235 kilometers awayhas requested that I sign a stat dec before completion. Could you suggest a conveyancing lawyer in Penrhyndeudraeth to attest this legal document for me?
Technically speaking you should not need to have the documents witnessed by a conveyancing solicitor. Ordinarily or notary public or solicitor will do regardless of whether they are Penrhyndeudraeth based
I am hoping to put an offer on a small detached house that appears to meet my requirements, at a reasonable price which is making it more attractive. I have subsequently been informed that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Penrhyndeudraeth. Conveyancing advisers have are soon to be appointed. Will they explain the issues?
Most houses in Penrhyndeudraeth are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area who can help the conveyancing process. It is clear that you are purchasing in Penrhyndeudraeth so you should seriously consider looking for a Penrhyndeudraeth conveyancing solicitor and be sure that they are used to dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. As a tenant you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as obtaining the landlord’sconsent to carry out changes to the property. You may also be required to pay a contribution towards the upkeep of the estate where the property is located on an estate. Your lawyer will appraise you on the various issues.
I inherited a 1st floor flat in Penrhyndeudraeth, conveyancing having been completed in 2010. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Penrhyndeudraeth with a long lease are worth £216,000. The ground rent is £50 invoiced every year. The lease finishes on 21st October 2093
With just 68 years remaining on your lease we estimate the price of your lease extension to span between £9,500 and £11,000 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.
My husband and I have an offer in principle from Alliance & Leicester who indicated that they will loan up to £300k. At what point do I need to appoint a practitioner for conveyancing? Penrhyndeudraeth is where we are .
You can instruct a property lawyer now so that the solicitor can open the ledger so they can do their ID checks etc. If and when you wish them to start work you will be asked for a payment on account usually about £225. That should normally be once you have the loan offer from your lender and survey results, however should you want to expedite the process you can start the ball rolling sooner albeit risking some expense.