My husband and I are hoping to buy a 2 bedroom apartment in Penylan with a mortgage. We would like to retain our Penylan conveyancer, however the bank says she’s not on their "panel". It seems we have no option but to instruct one of the mortgage company panel solicitors or keep our Penylan conveyancer as well as pay for one of their panel ones to represent them. We regard this is unjust; is there anything we can do?
No, not really. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your Penylan conveyancing lawyer to apply to be on the conveyancing panel.
I have an AIP. The bank mentioned the loan came with free conveyancing. Does this mean I have to appoint their panel conveyancer as I would much rather appoint a specialised conveyancing solicitor in Penylan?
Do check but the the probability is that give you one of their panel lawyers where you take up the "fee-free" offer. Contact the bank and determine if they allow a monetary alternative. Some mortgage companies have previously offered a £250 cashback as an alternative in which case you could put that amount towards the cost for your conveyancing solicitor in Penylan.
Will my lawyer be raising enquiries concerning flooding as part of the conveyancing in Penylan.
The risk of flooding is if increasing concern for conveyancers dealing with homes in Penylan. Plenty of people will acquire a house in Penylan, completely expectant that at some time, it may be flooded. However, aside from the physical destruction, where a house is at risk of flooding, it may be difficult to obtain a mortgage, adequate insurance cover, or sell the premises. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Lawyers are not qualified to offer advice on flood risk, however there are a number of searches that can be carried out by the purchaser or by their lawyers which can figure out the risks in Penylan. The standard information supplied to a purchaser’s solicitor (where the Conveyancing Protocol is adopted) incorporates a usual question of the owner to discover if the premises has suffered from flooding. In the event that the premises has been flooded in past which is not notified by the seller, then a purchaser may bring a legal claim for losses stemming from an inaccurate reply. The buyer’s solicitors should also conduct an environmental search. This should disclose whether there is any known flood risk. If so, more detailed investigations should be conducted.
It has been 4 months since my purchase conveyancing in Penylan took place. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £160,000. 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.
Hoping to buy a property located in Penylan and I am already nervous. I couldn't find anything specific about Penylan. Conveyancing will be needed in due course but do you know about the Penylan area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Penylan. In the meantime here are some basic statistics that we found
We're new to the buying process - agreed a price, yet the agent advised that the owners will only proceed if we instruct their recommended conveyancers as they want an ‘expedited deal’. We would rather use a local conveyancer with experience of conveyancing in Penylan
We suspect that the owner is not behind this requirement. Should the vendor want ‘a quick sale', taking such a hostile approach to a motivated buyer is going to damage their objectives. Avoid the agents and go straight to the owners and explain that (a)you are keen to buy (b)you are excited to move forward, with mortgage lined up © you are unencumbered (d) you wish to move quickly (e)but you will continue to instruct your preferred Penylan conveyancing solicitors - rather thanthe ones that will give their negotiator at the agency a introducer fee or achieve conveyancing thresholds pre-set by corporate headquarters.