My wife and I are about to complete buying a house in Pentraeth but as a result of damage from a small fire at the property I have was able negotiate recompense from the seller of six thousand pounds in the form of a reduction in the price. This was going to be dealt with as part of the conveyancing process yet Skipton will not permit this. Should they have been notified?
The property lawyer that is on the Skipton approved list is required to inform Skipton of any variations to the purchase price. If you were to refuse your solicitor to disclose the reduction to Skipton then they would have to discontinue acting for you. In addition, Skipton and you would have to appoint a new conveyancing practitioner for your conveyancing in Pentraeth.
At what point will exchange of contracts occur in sale conveyancing in Pentraeth and am I required to be at the lawyers branch?
If you are in close proximity to our conveyancing solicitors in Pentraeth you are welcome to attend to sign contracts. That being said, the law practices we work with provide a nationwide conveyancing service and give just as diligent and professional a job for you when communicating with you electronically. The signing of the sale agreement is not when everything is set in stone. Signing on the dotted line simply enables the solicitor to exchange contracts at the appropriate time, which will usually be very shortly after signing. The exchange process is nowadays normally dealt with by telephone and can be very rapid, although where a long "chain" is in the mix, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Pentraeth)to be in the office available at the end of the phone to exchange contracts.
Can you clarify what the consequences are if my solicitor is expelled from the HSBC Solicitor panel ahead of completing my conveyancing in Pentraeth?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
The deeds to my house can not be found. The solicitors who conducted the conveyancing in Pentraeth 10 years ago have long since closed. What do I do?
As long as you have a registered title the details of your ownership will be held by the Land Registry with a Title Number. It is easy to carry out a search at the Land Registry, locate your property and order up to date copies of the property title for less than a fiver. Where the title is Leasehold then the Land Registry will also normally hold a file copy of the Registered Lease and again, a copy can be ordered for £20 inclusive of VAT.
How does conveyancing in Pentraeth differ for newly converted properties?
Most buyers of new build premises in Pentraeth approach us having been asked by the developer to sign contracts and commit to the purchase even before the property is finished. This is because new home sellers in Pentraeth tend to purchase the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Pentraeth or who has acted in the same development.
Our sealed bid on house in Pentraeth was accepted, the seller does however have a tied purchase. The vendors have submitted an offer on on an apartment, but it’s not yet tied up, and has viewings of other properties in the pipeline. I have instructed a nearby conveyancing solicitor in Pentraeth. What should be my next step? At what point should I apply for the mortgage with Principality?
It is understandable to have anxieties where there is an associated chain as you are unlikely to want to be too out of pocket prematurely (mortgage application is approx one thousand pounds, then valuation, Pentraeth conveyancing search costs, etc). First, you must check that your solicitor is on the Principality conveyancing panel. Regarding the next stages this very much depends on the circumstances of your case, desire for the property and on the state of the market. During a rising market some purchasers will apply for a home loan with Principality and arrange for the valuation and only if it was satisfactory would they request their property lawyer to proceed with searches.