My husband and I are hoping to purchase a home in Porthcawl and have appointed a Porthcawl conveyancing practice. Within the past 48 hours our solicitor has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Aldermore have this evening contacted us to inform me that they have now hit a problem as our Porthcawl conveyancer is not on their conveyancing panel. Please explain?
When purchasing a property with the benefit of a mortgage it is conventional for the purchasers' solicitors to also represent the purchaser's lender. 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 Quality Scheme. Your property lawyer should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the bank's conveyancing panel and you may continue to use your own Porthcawl solicitors, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
Due to complete my purchase in Porthcawl next Thursday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in his capacity as lawyer for the mortgage company. What risks does the bank expect the insurance to cover?
Any lawyer on acting for banks would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s Part 2 requirements. These requirements are not unique to conveyancing in Porthcawl.
I used Action Conveyancing a few years ago for my conveyancing in Porthcawl. Now, I need the documents but cannot find the solicitor. What do I do?
You should call the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Porthcawl of the conveyancing firm of solicitors you previously instructed, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
Due to the guidance of my in-laws I had a survey completed on a property in Porthcawl before appointing conveyancers. I have been advised that there is a flying freehold aspect to the house. The surveyor has said that some banks tend refuse to grant a mortgage on a flying freehold premises.
It depends who your proposed lender is. HSBC has different instructions for example to Halifax. If you call us we can investigate further with the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Porthcawl. Conveyancing will be smoother if you use a solicitor in Porthcawl especially if they regularly deal with such properties in Porthcawl.
I need to find a conveyancing solicitor for sale conveyancing in Porthcawl. I happened to discover a web site which seems to have the perfect offering If it is possible to get all this stuff completed via web that would be preferable. Should I be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
Completion is due on our sale of a £475,000 maisonette in Porthcawl next week. The freeholder has quoted £312 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge such fees for a flat conveyance in Porthcawl?
Porthcawl conveyancing on leasehold apartments typically necessitates fees being invoiced by managing agents :
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Answering conveyancing due diligence enquiries
Where consent is required before sale in Porthcawl
Copies of the building insurance and schedule
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
I own a leasehold flat in Porthcawl, conveyancing was carried out 4 years ago. Can you work out an approximate cost of a lease extension? Comparable properties in Porthcawl with an extended lease are worth £186,000. The ground rent is £55 charged once a year. The lease terminates on 21st October 2079
With just 53 years left to run the likely cost is going to be between £27,600 and £31,800 plus legals.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on the actual costs in the absence of detailed due diligence. You should not use the figures in tribunal or court proceedings. There may be other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.