Unfortunately I am unable to travel far from Aberaeron. I would like to know the understand why all Aberaeron property lawyers aren't automatically on all mortgage company panels?
Before the recession most banks displayed an attitude to risk which is different than today. The FSA in 2010 conducted a thematic review into property fraud which concluded: know the conveyancers on your panel. As a result, lenders have subsequently looked to extract more data from law firms about their processes and the staff employed by them and set certain criteria such as completing a minimum volume of transactions. Hundreds of law practices have found themselves removed from lender panels even though they had 100% healthy track record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Many firms found it impossible satisfy the criteria of volume of transactions the mortgage companies set.
When scouring mumsnet.com for an online solicitor in Aberaeron, many comment that I should instruct a CQS accredited solicitor. What is CQS?
Aberaeron Conveyancing Quality Scheme law firms have obtained accreditation by the law Society The Law Society created CQS to establish evidence of quality standards in the home moving process. CQS enables consumers to identify practices that provide a quality residential conveyancing. Aberaeron is one of locations in England and Wales in which CQS are based. The scheme requires practices to undergo a strict assessment, compulsory training, self-certification, random audits and yearly assessments in order to maintain CQS status. It is open only to members of the Law Society who meet the demanding standards set by the scheme and has the support of the Council of Mortgage Lenders.
My uncle advised me that in purchasing a property in Aberaeron there could be a number of restrictions prohibiting external alterations to a property. Is this right?
There are anumerous of properties in Aberaeron which have some sort of restriction or requirement of consent to execute external changes. Part of the conveyancing in Aberaeron should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
When it comes to lenders such as Leeds Building Society, do Aberaeron lawyers incur a yearly amount to be on the conveyancing panel?
We are unaware of any mortgage company fees to be on their panel, although some do levy an administration fee to deal with the processing of the conveyancing panel submission.
I've read lots of mortgage guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Aberaeron solicitor - who is on the TSB conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
TSB will need an independent valuation of the property. Your lawyer will not arrange this. Usually TSB will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Aberaeron surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
I am on look out for some leasehold conveyancing in Aberaeron. Before I get started I would like to find out the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and 99.9% are in Aberaeron - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Leasehold Conveyancing in Aberaeron - A selection of Questions you should consider before Purchasing
Is there a share of the freehold? Who are the managing agents? This information is important as a) areas may cause problems for the building as the common areas may begin to deteriorate where maintenance are not paid for b) if the tenants have an issue with the running of the building you will want to have complete disclosure
Can I discover who owns a property in Aberaeron?
Assuming that the premises is registered with HM Land Registry, and you have sufficient details of the address of the premises, you will be able to see details from the HM Land Registry of the registered owner for a a minimal charge.