I sincerely hope you can help me. My Swansea lawyer is informing me me that he is legally obliged toconduct Swansea conveyancing searches becausethe firm are on the Nat Westapproved lawyer panel. Is this really necessary?
You have limited options available to you. Given that you are taking out a loan with a lender your property lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your property lawyer would have previously signed the Terms and Conditions of your lender’s conveyancing panel appointment which obliges them to follow the Council of Mortgage Lenders’ Handbook specifications . Even if you were a cash buyer you would be ill advised not to carry out Swansea conveyancing searches.
I'm purchasing my first flat in Swansea with the aid of help to buy. The builders would not budge the price so I negotiated five thousand pounds worth of additionals instead. The sale representative told me not to tell my conveyancer about the side-deal as it will impact my mortgage with Coventry 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've recently found out that there is a flying freehold element on a property I have offered on two weeks back in what was supposed to be a straight forward, chain free conveyancing. Swansea is the location of the property. Can you shed any light on this issue?
Flying freeholds in Swansea are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Swansea you would need to get your solicitor to go through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Swansea may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
My uncle has recommend that I instruct his conveyancers in Swansea. Should I use them?
Much as we are happy to recommend a Swansea conveyancing lawyer the ideal way to select a conveyancing lawyer is to get recommendations from friends or relatives who have previously instructed the firm that you are considering.
I have just started marketing my ground floor apartment in Swansea. Conveyancing has not commenced, but I have just had a half-yearly maintenance charge demand – what should I do?
Your conveyancing lawyer is likely to suggest that you should discharge the maintenance contribution as usual because all rents and maintenance payments will be apportioned on completion, so you should recover the relevant percentage by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I invested in buying a 1st floor flat in Swansea, conveyancing formalities finalised 6 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding properties in Swansea with an extended lease are worth £186,000. The average or mid-range amount of ground rent is £55 yearly. The lease terminates on 21st October 2077
You have 52 years remaining on your lease the likely cost is going to range between £29,500 and £34,000 plus professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.
My son is embarking on her first house purchase, he had his mortgage in principle. When the seller agreed the offer on the apartment we contacted the building society to issue the formal offer. We were shocked to hear that banks do not accept all lawyer, they have to be on a list, is this right?
Mortgage Companies ordinarily restrict either the type or the number of conveyancing solicitors on their approved list of lawyers. A common example of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that banks have no responsibility for the quality of advice provided by any Swansea lawyer on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Unlikely.