I am progressing with the sale of my home in Pentraeth and the estate agent has just e-mailed to warn that the purchasers are changing their law firm. I am told that this is due to the fact that the lender will only deal with property lawyers on their approved list. Why would a leading lender only deal with specific law firms rather the firm that they want to select to handle their conveyancing in Pentraeth ?
Mortgage companies have always had panels of law firms they are content to work with, but in the last few years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Banks point to the increase in fraud as the reason for the cull – criteria have been stiffened as a smaller panel is easier to keep an eye on. 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 are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your purchasers are unlikely to have any sway in the decision.
Is there a reason why leasehold purchase conveyancing in Pentraeth is more expensive?
The conveyancing fees on a leasehold premises in Pentraeth is often greater when contrasted to a freehold property. This is because there is an amount of additional time required in communicating with the landlord and management company to obtain evidence concerning whether the rent and maintenance fee have been paid and whether there are any large sums expected to be spent in the near future on repairs or maintenance of the block.
We are purchasing a flat in Pentraeth. It might be a silly question but how we can trust a solicitor? At some point we have to send funds into their account. What protection do we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
When it comes to mortgage companies such as Skipton, do Pentraeth property lawyers have to pay a yearly amount to be on the conveyancing panel?
We are not aware of any lender fees to register on their list of approved firms, although some do levy an administration fee to deal with the processing of the conveyancing panel application.
I can not work out if my bank requires a lease extension. I have called my Pentraeth bank branch on various occasions and was told it wasn't a problem and they would lend. My Pentraeth conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned to say that they refuse to lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
Provided that the property lawyer is on the lender panel, they must comply with the CML Handbook conditions for the bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
My colleague advised me that where I am purchasing in Pentraeth I should ask my conveyancer to perform a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is sometimes included in the estimate for your Pentraeth conveyancing searches. It is a large document of more than thirty pages, listing and detailing significant information about Pentraeth around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Pentraeth Education with plans and statistics, Local Amenities and other useful data regarding Pentraeth.
Are there restrictive covenants that are commonly identified during conveyancing in Pentraeth?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Pentraeth. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
We're FTB’s - had an offer accepted, yet the estate agent has warned us that the vendor will only move forward if we appoint the agent's chosen lawyers as they need a ‘quick sale’. We would rather use a high street solicitor who is accustomed to conveyancing in Pentraeth
It is unlikely the owners are behind this. If they desire ‘a quick sale', taking such a hostile approach to a motivated buyer is going to damage their objectives. Contact the owners directly and make the point that (a)you are keen to buy (b)you are ready to progress, with mortgage lined up © you have nothing to sell (d) you intend to proceed fast (e)but you will continue to use your preferred Pentraeth conveyancing firm - not the ones that will provide their negotiator at the agency a commission or hit his conveyancing targets set by HQ.