I am nearing exchange of contracts for my maisonette in Abercynon and the EA has just called to say that the purchasers are changing their conveyancer. I am told that this is due to the fact that the bank will only work with solicitors on their conveyancing panel. Why would a big named mortgage company only engage with specific solicitors rather the firm that they want to choose to handle their conveyancing in Abercynon ?
Lenders have always had panels of law firms that can act for them, but in the past few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Lending institutions attribute this action to a rise in fraud as the reason for the cull – criteria have been stiffened as a smaller panel is easier to monitor. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices that have been removed from panels. Some are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your buyers are not going to have any impact on this.
As someone unfamiliar with conveyancing in Abercynon what is the number one tip you can impart concerning the house moving process in Abercynon
Not many law firms or advisers will tell you this but conveyancing in Abercynon and elsewhere in England and Wales is an adversarial process. Put another way, when it comes to conveyancing there is an abundance of room for friction between you and other parties involved in the ownership transfer. For instance, the seller, property agent and on occasion the lender. Choosing a lawyer for your conveyancing in Abercynon an important selection as your conveyancer is your adviser, and is the SOLE person in the legal process whose interest is to look after your legal interests and to keep you safe.
On occasion a potential adversary may try and sway you that it is in your interests to do things their way. As an example, the selling agent may claim to be helping by suggesting your conveyancer is wrong. Or your mortgage broker may try to convince you to do something that is against your lawyers advice. You should always trust your lawyer above all other parties when it comes to the legal transfer of property.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on last month in what was supposed to be a straight forward, chain free conveyancing. Abercynon is where the house is located. Can you offer any assistance?
Flying freeholds in Abercynon are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Abercynon you must be sure that your lawyer goes through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Abercynon may determine 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.
I am looking into buying my first house which is in Abercynon and I am already nervous. I couldn't find anything specific about Abercynon. Conveyancing will be needed in due course but do you know about the Abercynon area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Abercynon. In the meantime here are some basic statistics that we found
I’m about to sell my garden flat in Abercynon. Conveyancing has not commenced, however I have just received a half-yearly maintenance charge invoice – what should I do?
It best that you clear the maintenance contribution as usual as all ground rent and maintenance charges should be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents 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. This will smooth the conveyancing process.
I own a 1st floor flat in Abercynon, conveyancing was carried out half a dozen years ago. Can you work out an approximate cost of a lease extension? Comparable flats in Abercynon with an extended lease are worth £191,000. The ground rent is £55 per annum. The lease terminates on 21st October 2071
With only 53 years left to run we estimate the premium for your lease extension to span between £27,600 and £31,800 as well as professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.