I am six weeks into the sale of my ground floor flat in Ross On Wye and the estate agent has just text me to say that the buyers are appointing a new law firm. I am told that this is due to the fact that the lender will only engage with solicitors on their approved list. Why would a leading lender only engage with specific solicitors rather the firm that they want to choose for their conveyancing in Ross On Wye ?
Lenders have always had an approved set of law firms they are content to work with, but in the last few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for over 25 years.
Banks point to the increase in fraud as the reason for the pruning – criteria have been narrowed as a smaller panel is easier to maintain. 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 are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your purchasers are unlikely to have any sway in the decision.
I am hoping to complete my purchase in Ross On Wye next Friday. 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 bank. What risks does the mortgage company expect the insurance to cover?
All property lawyers on acting for mortgage companies 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 obligations are not limited to conveyancing in Ross On Wye.
Are the Ross On Wye conveyancing solicitors identified as being on the Principality conveyancing panel, together with their details provided by Principality?
Ross On Wye conveyancing firms themselves provide us confirmation that they are on the Principality conveyancing panel as opposed to being supplied with a list from Principality directly.
What is the difference between a licensed conveyancer and conveyancing solicitor in Ross On Wye
There are many recorded licenced Conveyancers in Ross On Wye and Solicitor practices in Ross On Wye to choose from It is important to make clear that the two are supervised by regulatory bodies with both specialising in the legal work in the home buying process. The two can handle associated property related work such as remortgage conveyancing, lease extensions and transfer of equity conveyancing.
A colleague pointed out to me me that in purchasing a property in Ross On Wye there could be a number of restrictions affecting the ability to carry out external alterations to a property. Is this right?
We are aware of anumerous of properties in Ross On Wye which have some sort of restriction or requirement of consent to perform external alterations. Part of the conveyancing in Ross On Wye should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
When it comes to mortgage companies such as Nottingham, do Ross On Wye solicitors incur a yearly amount to be on the conveyancing panel?
We are unaware of any lender fees to be on their panel, although some do levy an administration fee to deal with the processing of the conveyancing panel submission.
It has been three months since my purchase conveyancing in Ross On Wye took place. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £180,000. 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 asset 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.
I have been on the look out for a flat up to £305k and identified one near me in Ross On Wye I like with open areas and station nearby, however it only has 49 years unexpired on the lease. I can't really find anything else in Ross On Wye suitable, so just wondered if I would be making a mistake acquiring a short lease?
If you require a home loan that many years will likely be an issue. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of 2 years you can ask them to start the process of the extension and then assign it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this matter.