I am not well enough to travel far from Talybont. What is the rationale as to why all Talybont lawyers aren't automatically on all mortgage company panels?
Pre- 2008 most mortgage companies demonstrated an approach to risk which differs from the current day. The FSA in 2010 instigated a thematic review into fraud which in summary warned lenders: know the lawyers on your panel. Consequently, mortgage companies have subsequently soughtmore information from law firms regarding their operations and the individuals employed by them and set certain criteria such as completing a minimum number of transactions. Thousands of firms have been removed from lender panels even though they had an exemplary track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Such firms found it impossible meet the minimum amount of transactions the mortgage companies required.
My grandmother passed away six months ago and as sole heir and executor I was left the property in Talybont. The house had a small mortgage left on it of around £5k. I want to transfer the title deeds into my name whilst I re-mortgage to Principality, pay off the mortgage. Is this allowed?
If you plan to refinance then Principality will require that you use a conveyancer on the Principality conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Principality conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Principality mortgage is registered as a charge at the Land Registry.
Various internet forums that I have frequented warn that are the main reason for hinderance in Talybont house deals. Is this right?
The Council of Property Search Organisations (CoPSO) published conclusions of a review by MoveWithUs that conveyancing searches do not figure within the top 10 causes of hindrances in the conveyancing process. Local searches are unlikely to be the root cause of delay in conveyancing in Talybont.
It has been five months since my purchase conveyancing in Talybont completed. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in last month in what should have been a simple, no chain conveyancing. Talybont is where the house is located. Can you offer any opinion?
Flying freeholds in Talybont are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Talybont you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Talybont may ascertain 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 premises.