My partner and I are hoping to buy a flat in Saundersfoot and are in fact using a Saundersfoot conveyancing firm. Within the last couple of days our lawyer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Accord Mortgages Ltd have this afternoon contacted us to inform me that they have now hit a problem as our Saundersfoot lawyer is not on their conveyancing panel. What do we do from here?
Where you are buying a property requiring a mortgage it is conventional for the purchasers' solicitors to also act for 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 Quality Scheme. Your property lawyer should contact your lender 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 don't have to instruct a firm on the lender’s conveyancing panel as you are at liberty to use your preferred Saundersfoot lawyers, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
Our solicitor has identified a a legal deficiency with the lease for the property we are purchasing in Saundersfoot. The seller’s lawyers have put forward title insurance as a solution. We are content with insurance and will cover the costs. Our conveyancing practitioner says that he must be satisfied that the mortgage company is willing to move forward with this solution. Are we the client or is the mortgage company ?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the lender are the client. Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook conditions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your property lawyer will have no choice but to discontinue acting for you.
In what way does my ID and proof of funds have anything to do with my conveyancing in Saundersfoot? What am I being asked for?
Saundersfoot conveyancing solicitors as well as nationwide property lawyers accross the UK have an obligation under money laundering regulations to verify the ID of any client with a view to satisfy themselves that clients are who they say they are.
Conveyancing clients are required to provide two forms of certified identification; proof of ID (typically a Passport or Driving Licence) and proof of address (typically a Utility Bill no older than three months).
Evidence of source of monies is also necessary under the money laundering laws as conveyancers are duty bound to check that the monies you are utilising to buy a property (whether it be the deposit for exchange or the total purchase price where you are a cash purchaser) has originated from legitimate source (such as employment savings) as opposed to the proceeds of illegitimate behaviour.
How do I find out if the solicitor carrying out my conveyancing in Saundersfoot is on the bank’sapproved panel? I am looking to avoid the situation of having one lawyer for me and one for HSBC Bank thus spending £192.00 in further legal bill.
Feel free to make the most of the search tool on this site. Pick the mortgage company and type ‘Saundersfoot’ or your location and you will see a number of lawyer based in Saundersfoot or nearest you.
What tools are available to search for a Saundersfoot solicitor on the Yorkshire Building Society conveyancing panel? I drive a motor bike and am prepared to travel upto 10kilometers to meet the lawyer.
Feel free to make use of the search on this website. Please choose the bank and your location and you will see a number of Saundersfoot conveyancing lawyers locally. We have listed some Saundersfoot conveyancing firms at the bottom of this page and you can telephone them to see whether they are on the Yorkshire Building Society member panel
I am in need of some leasehold conveyancing in Saundersfoot. Before I get started I want to be sure as to the unexpired term of the lease.
Assuming the lease is registered - and most are in Saundersfoot - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I invested in buying a leasehold flat in Saundersfoot, conveyancing formalities finalised in 2005. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Saundersfoot with an extended lease are worth £195,000. The ground rent is £45 per annum. The lease comes to an end on 21st October 2087
With only 63 years left to run the likely cost is going to span between £16,200 and £18,600 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to provide the actual costs without more detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.