My solicitor has identified a a legal deficiency with the lease for the property we are purchasing in Swansea. The seller’s lawyers have put forward defective title insurance as a solution. We are content with insurance and will pay for it. Our solicitor says that he must be satisfied that the bank is content with this solution. Are we the client or is the mortgage company ?
Notwithstanding that you have a mortgage offer from the mortgage company does not mean to say that the property will meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook provisions. You and the bank are the client. The appropriate lender conditions must be adhered to.
We are purchasing a house and require a conveyancing solicitor in Swansea who is on the Barclays conveyancing panel. Can you recommend a local solicitor?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for Barclays . We don't recommend any particular firms conducting conveyancing in Swansea.
Do I choose a Licenced Conveyancer or Solicitor for conveyancing in Swansea?
There are many registered licenced Conveyancers in Swansea and Solicitor practices in Swansea to choose from We would stress that both are supervised by regulatory bodies with both specialising in the legal aspects of the home buying process. They may both also handle other property legal work such as remortgage conveyancing, enfranchisement and transfer of equity conveyancing.
I can not fathom if my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Swansea building society branch on numerous occasions and was told it does not impact the mortgage offer and they will lend. My Swansea conveyancing solicitor - who is on the mortgage company conveyancing panel- called to say that they refuse to lend in accordance with their published requirements. I have no idea who is right.
The conveyancer has to comply with the Council of Mortgage Lenders’ Handbook section two specifications for your lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I was told four weeks ago that my mortgage has been agreed to by Barclays. Is it usual for Barclays to only issue the offer once my solicitor in Swansea is approved on their conveyancing panel? Barclays have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
Mortgage companies tend not to not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Barclays to deal with your lawyer's application to be on the Barclays conveyancing panel. There's no guarantee that your solicitor will be accepted.
I'm purchasing a new build house in Swansea benefiting from help to buy. The developers refused to move on the price so I negotiated 6k of fixtures and fittings instead. The estate agent told me not disclose to my solicitor about this side-deal as it may affect my mortgage with the bank. Do I keep my lawyer in the dark?.
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.
My brother has suggested that I instruct his lawyers for conveyancing in Swansea. Should I find my own conveyancer?
No doubt it’s preferable to find a conveyancing practitioner is to seek referrals from friends or relatives who have previously instructed the firm that you are are thinking of instructing.
I need to consider quotes for conveyancing in Swansea from numerous property lawyer and decide on one. Do I get them to hold tight until I have found somewhere to purchase.
We would recommend that you only get your lawyer to open a file and submit searches after the offer has been accepted on the property especially as Swansea conveyancing searches are not inexpensive.