My husband and I are planning to buy a property in Porth and are in fact using a Porth conveyancing firm. Within the past 48 hours our lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. Lloyds TSB Bank have this evening contacted us to inform me that there is now an issue as our Porth lawyer is not on their conveyancing panel. What do we do from here?
When purchasing a property with the benefit of a mortgage it is conventional for the purchasers' solicitors to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your solicitor should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the bank's conveyancing panel and you may continue to use your own Porth solicitors, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
I am need of leasehold conveyancing for a flat in a fairly new development (five years old) in Porth. Almost all the flats have already been occupied. Do I need carry out the conveyancing searches for my conveyancing in Porth?
A big part of the Porth conveyancing process is the conveyancing searches. There are hundreds search providers delivering Porth conveyancing searches, as well direct from the local authority. These are usually referred to as personal search companies due to them carrying out, personal searches. However, all Local Authority Search conveyancing products have one thing in common - they must secure their information from the local authority.
I'm buying a new build house in Porth with a mortgage from Norwich and Peterborough Building Society. The developers would not move on the amount so I negotiated five thousand pounds worth of additionals instead. The property agent advised me not disclose to my conveyancer about this deal as it may jeopardize my mortgage with Norwich and Peterborough Building Society. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I have been on the look out for a ground for flat up to £195,000 and identified one near me in Porth I like with a park and railway links nearby, however it's only got 51 remaining years left on the lease. I can't really find anything else in Porth for this price, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you need a mortgage that many years will be an issue. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for at least 2 years you may ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing solicitor about this.
I am a fortnight into a residential purchase having been directed to solicitors by the selling agent to carry out the conveyancing in Porth. We are not happy. Could you you assist me in finding new lawyers?
They would have to be very bad to suggest diss instructing them. Has your loan offer been generated? In the event that it has you need to advise them of the new contact details and have the loan are re-issued. Your new solicitor ideally needs to be on the lenders panel to avoid added costs and frustration. That should be your first question of the new solicitors. The search tool can assist you in finding a lender approved conveyancer for your home move in Porth
Living abroad it is not practicable to be present at my Porth conveyancing solicitors office to sign documents connected to my conveyancing in Porth – will this be an issue?
You need not be concerned. Porth conveyancing solicitors can conduct home moves for clients who are based anywhere. You are unlikely to be required to be present a Porth conveyancers office. Almost all property lawyer can handle all communications via post, email, telephone and fax.