My wife and I are getting closer to an exchange on a flat in Port Talbot and my mum and dad have transferred the ten percent deposit to my lawyer. I am now informed that as the deposit has not arrived from me my solicitor needs to disclose this to my bank. Apparently, in also acting for the bank he must advise them that the balance of the purchase price is not just from me. I informed the lender about my parents' contribution when I applied for the home loan, so is it really appropriate for this now to be an issue?
Your property lawyer is duty bound to clarify with the bank to ensure that they know that the balance of the purchase price is not from your own funds. The solicitor can only disclose this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
Can you explain why leasehold purchase conveyancing in Port Talbot costs more?
Port Talbot leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
Can you clarify what the consequences are if my solicitor is removed from the Aldermore Conveyancing panel ahead of completing my conveyancing in Port Talbot?
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.
I happen to be the only beneficiary of my late mum's will with all property in now in my sole name, including the my former home in Port Talbot. The Port Talbot property was put into my name in June. I now wish to sell up. I understand that there is a CML 6 month 'rule', which means that my property ownership may be considered the same way as though I had purchased the property in June. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook requires solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be caught by that. many lenders would take a practical view as this obligation primarily exists to capture subsales or the quick reselling of property.
Is it the case that all Port Talbot CQS (Conveyancing Quality Scheme) solicitors are on the UBS conveyancing list of approved solicitors?
Some major lenders now use the accreditation scheme as the starting point for Panel approval such as HSBC and Santander. The Law Society’s CQS accreditation however is no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitors wishing to join their approved list of conveyancing solicitors.
We have agreed to purchase a house in Port Talbot. A rare aspect is that the roof has a solar panel. Virgin Money have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As you are obtaining a mortgage with Virgin Money your lawyer must check the conveyancing requirements contained in Section two of UK Finance Lenders’ Handbook for Virgin Money. The CML Handbook contains minimum specifications for solar panel roof-space leases, and conveyancing practitioners are required to report to Virgin Money where a lease does not satisfy these conditions. The requirements relate to the installation of panels on properties in England and Wales and is not limited to Port Talbot.
The deeds to our house are lost. The conveyancers who conducted the conveyancing in Port Talbot 5 years ago are no longer around. What are my options?
You no longer need to hold title deeds to evidence that you own the land or property, as the Land Registry hold details of all registered land or property electronically.
I bought a house in Port Talbot last 23/6/2023 and to date it is still not recorded with HMLR. It was part of a new estate and my solicitor told me that it may take over a year to complete the registration formalities. I have contacted HM Land Registry directly and they have informed me the initial application was cancelled due to questions not being addressed in time. What can I do?
Contact your conveyancer - Where you are unsatisfied with the responses, enquire as to their firm’s complaints procedure and amplify your concerns to a Complaints Manager. Registrations for Port Talbot conveyancing are not known to be especially complex.