My husband and I are planning to acquire a flat in Swansea East and have instructed a Swansea East conveyancing firm. Within the past 48 hours our lawyer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Lloyds TSB Bank have this afternoon contacted us to advise us that they have now hit a problem as our Swansea East conveyancer is not on their conveyancing panel. Is this a problem?
Where you are buying a property with the assistance of a mortgage it is normal for the purchasers' solicitors to also act for the purchaser's lender. 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 Accreditation Scheme. Your solicitor should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the bank's conveyancing panel and you may continue to use your own Swansea East solicitors, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
We are about to exchange contracts for a garden flat in Swansea East. We have hit a problem. Our loan offer with The Mortgage Works runs out on 17/6/2024 but the sellers are putting forward a completion date of 19/6/2024. Is it possible to prolong the loan expiry date?
The person best placed to address this issue is your lawyer who will determine if he or she is better off negotiating with the bank, owner’s conveyancers, property agents or indeed all parties given the circumstances your transaction as of today.
How does conveyancing in Swansea East differ for newly converted properties?
Most buyers of new build or newly converted property in Swansea East come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the house is finished. This is because new home sellers in Swansea East usually acquire the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Swansea East or who has acted in the same development.
I am 17 days into a leasehold purchase having been recommend to a firm by the selling agent to perform conveyancing in Swansea East. I am am extremely frustrated with the quality of service. Could you help me find new conveyancers?
They would have to be really bad in order to consider diss instructing them. Has the mortgage offer been generated? If so you need to make them aware of the replacement conveyancer and ensure the loan are issued to the new lawyers. The solicitor ideally needs to be on the mortgage company panel to avoid added charges and delays. So that should be your starting point. Our find a solicitor tool can assist you in finding a lender approved conveyancer for your conveyancing in Swansea East
I’m about to sell my 2 bed flat in Swansea East. Conveyancing lawyers have not yet been instructed, however I have just had a quarterly service charge invoice – should I leave it to the buyer to sort out?
The sensible thing to do is discharge the service charge as normal as all rents and service charges should be allotted on completion, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer unless 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.
Swansea East Leasehold Conveyancing - A selection of Queries Prior to buying
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The best form of lease arrangement is a share of the freehold. In this arrangement the lessees have being in charge if their destiny and although a managing agent is usually employed where it is bigger than a house conversion, the managing agent retained by the leaseholders. Be sure to enquire if there is anything that is prohibited in the lease. For example it is reasonably common in Swansea East leases that pets are not allowed in certain buildings in Swansea East. If you like the apartmentin Swansea East however your cat is not allowed to live with you then you have a very hard determination. Is anyone aware of any major works in the planning that will likely increase the maintenance fees?
Do I stop the direct debit for my mortgage with TSB once a completion date for my home sale in Swansea East has been set?
No, you must continue meeting any mortgage payments to TSB pending the mortgage being repaid out of the proceeds of sale as part of your Swansea East conveyancing.