My wife and I are getting closer to an exchange on a house in Taffs Well and my mum and dad have transferred the ten percent deposit to my solicitor. I am now advised that as the deposit has been received from someone other than me my property lawyer needs to disclose this to my lender. Apparently, in also acting for the mortgage company he must inform them that the balance of the purchase price is not just from me. I informed the lender regarding my parents' contribution when I applied for the mortgage, so is it really necessary for him to raise this?
The conveyancing practitioner is duty bound to check with lender to ensure that they are aware that the balance of the purchase price is not from your own resources. Your solicitor can only report this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
When does exchange of contracts take place for domestic conveyancing in Taffs Well and do I need to be at the lawyers office?
If you are in close proximity to our conveyancing solicitors in Taffs Well you are invited in to sign the paperwork. That being said, the lender approved solicitors we recommend offer countrywide coverage for conveyancing and give just as detailed and professional a job for you when dealing with you electronically. The signing of the purchase agreement is not the point of no return. A signed contract is necessary for the solicitor to exchange contracts when the time is right, which will usually be very shortly after signing. The exchange process is nowadays normally dealt with by telephone and can be very rapid, although where a lengthy "chain" is involved, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Taffs Well)to be in the office available at the end of the phone to exchange contracts.
We wanted to use a conveyancing solicitor in Taffs Well for our house purchase. Our financial adviser has since advised us that our mortgage company National Westminster Bank won't deal with them. Surely this is unduly restrictive?
Mortgage Companies on the whole imposes restrictions either the category or the volume of conveyancing solicitors on their approved list of lawyers. A common example of such criteria being that a law practice must have two or more partners. As well as restricting the type of firm, some have decided to limit the number of firms they use to represent them. Be aware that National Westminster Bank have no responsibility for the quality of advice provided by any member of National Westminster Bank Conveyancer Panel. Mortgage fraud was a primary driver in the rationalisation of solicitor panels since 2008 even though there remains mixed opinions about the level of solicitor engagement in some of that fraud. Statistics from the Land Registry reveal that plenty of law firms, including some in or near Taffs Well only conduct a couple conveyances per annum.
I just acquired a flat at auction in Taffs Well. Conveyancing is required. What is next?
Given that you have now legally committed yourself to purchase you now have to find a conveyancing practitioner quickly as you now have a pending deadline in which to complete the conveyancing. Every auction property will have an associated auction set of papers. This should include most,if not all of the documents that your lawyer requires. Where you are dealing with leasehold property the auction papers may contain a copy of the lease, management information and a sellers leasehold information form and other conveyancing documentation pertinent to leasehold premises. You should hand this to your appointed conveyancing solicitor as soon as possible. Do make sure that your finances are organised to complete the transaction on the set completion date.
My fiancee and I are in the throws of looking at houses in Taffs Well and I am now considering a potential offer. Should I already have a conveyancer in place at this stage? I intend to finance via a mortgage with Virgin Money.
You should start obtaining conveyancing quotes from solicitors ASAP. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their contact information on to the EA. Given that you are getting a mortgage with Virgin Money, make sure you remember to check that your lawyer is on the Virgin Money conveyancing panel.
I have paid off my mortgage with Lloyds. I assume I don't need a Taffs Well solicitor on the Lloyds panel to remove the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Lloyds mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Lloyds mortgage from the register. Lloyds, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Lloyds has sent the Land Registry the discharge electronically, and
- Lloyds has instructed the Land Registry to do so
I am thinking of appointing a conveyancing solicitor in Taffs Well for my house move. Is it possible to review a solicitor's record with the legal regulator?
Anyone may find presented Solicitor Regulator Association (SRA) determinations resulting from investigations from 2008 onwards. Go to Check a solicitor's record. For details about the period before 1 January 2008, or to check a solicitors history, telephone 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For non-uk callers, call +44 (0)121 329 6800. The regulator sometimes recorded telephone calls for training purposes.
I am tempted by the attractive purchase price for a couple of maisonettes in Taffs Well both have about forty five years remaining on the leases. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold apartment in Taffs Well is a deteriorating asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the marketability of the property. For most purchasers and banks, leases with less than eighty years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Taffs Well conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Taffs Well Conveyancing for Leasehold Flats - Examples of Questions you should ask before Purchasing
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Be sure to enquire if there is anything that is prohibited in the lease. For instance some leases prohibit pets being allowed in certain buildings in Taffs Well. If you like the flatin Taffs Well however your dog can’t make the move with you then you will be faced difficult determination. What is the name of the managing agents?