I am selling my ground floor flat in Rhymney and the estate agent has just called to say that the buyers are swapping law firm. I am told that this is due to the fact that the mortgage company will only deal with solicitors on their approved list. Why would a big named mortgage company only work with certain lawyers rather the firm that they want to choose to handle their conveyancing in Rhymney ?
Lenders have always had panels of law firms that can act for them, but in recent years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Lending institutions blame a rise in fraud by way of justification for the pruning – 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 says it is being contacted daily by practices that have been removed from panels. Plenty of firms do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The purchasers are not going to have any impact on this.
All was ready to move into my new home in Rhymney next Friday. My solicitor now wants me to supply her with proof of content and building insurance for the property as as she informs me that she is duty bound to validate that it is in order for the lender. What does the insurance need to cover?
All property lawyers 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 UK Finance Lenders’ Handbook conditions. These obligations are not specific to conveyancing in Rhymney.
I have been told that property searches are the main reason for hinderance in Rhymney conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) published findings of research by MoveWithUs that conveyancing searches do not figure within the top 10 causes of hindrances in the conveyancing process. Searches are not likely to feature in any holding up conveyancing in Rhymney.
I decided to have a survey carried out on a property in Rhymney before retaining lawyers. I have been told that there is a flying freehold overhang to the house. The surveyor advised that some lenders will not grant a mortgage on a flying freehold house.
It varies from the lender to lender. Bank of Scotland has different instructions from Birmingham Midshires. Should you wish to call us we can check via the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Rhymney. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Rhymney to see if the conveyancing will be more expensive.
I am a fortnight into a freehold purchase having been recommend to conveyancers by the high street agent to execute conveyancing in Rhymney. We are not happy. Can you help me find new solicitors?
They would have to be really poor to suggest changing them. Has the mortgage offer been generated? If so you need to make them aware of the new contact details and get the mortgage documents are issued to the new lawyers. Your conveyancer should be on the lenders approved list to avoid escalating costs and delays. That should be your starting point. Our search tool will assist you in finding a lender approved lawyer for your conveyancing in Rhymney
My wife and I purchased a leasehold flat in Rhymney. Conveyancing and TSB mortgage organised. A letter has just been received from someone saying they have taken over the freehold. Attached was a demand for arrears of ground rent dating back to 1998. The conveyancing practitioner in Rhymney who previously acted has long since retired. Do I pay?
First contact the Land Registry to be sure that the individual claiming to own the freehold is indeed the new freeholder. You do not need to incur the fees of a Rhymney conveyancing practitioner to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that regardless, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I invested in buying a basement flat in Rhymney, conveyancing was carried out half a dozen years ago. Can you work out an approximate cost of a lease extension? Comparable properties in Rhymney with an extended lease are worth £191,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease runs out on 21st October 2079
With only 53 years remaining on your lease we estimate the premium for your lease extension to be between £27,600 and £31,800 as well as costs.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before seeking the advice of a professional.