My partner and I are hoping to acquire a home in Aberdaron and have instructed a Aberdaron conveyancing firm. Within the last couple of days our conveyancer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Godiva Mortgages Ltd have this evening contacted us to advise us that they have now hit a problem as our Aberdaron lawyer is not on their approved list of lawyers. What do we do from here?
When purchasing a property with mortgage finance it is standard for the purchasers' lawyers to also represent 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 Quality Scheme. Your property lawyer should contact your lender 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 lender’s conveyancing panel as you are at liberty to use your preferred Aberdaron lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
IfI was to acquire a straightforward propertyin Aberdaron for cash and have no survey and no local authority searches how much should I expect to have to pay for conveyancing in Aberdaron?
Any savings you would gain would be limited to the costs for searches. The conveyancer still got to do everything else - money laundering, liaising with your sellers conveyancer, stamp duty return, register the ownership etc. A marginal saving might be made by not needing to register a mortgage however it won't be a lot.
Finally the sale completed on my house in Aberdaron last June yet the purchaser is SMS messaging daily complaining that his lawyer is waiting to hear from myconveyancer. What should have happened now that I have sold?
Following your sale your solicitor is duty bound to deliver the transfer documentation and all additional paperwork to the buyer’s solicitors. Depending on the transaction, your lawyer should also confirm that the legal charge in favour of the lender has been repaid to the purchasers lawyers. There is unlikely to be post completion procedures specific conveyancing in Aberdaron.
Will my solicitor be making enquiries about flooding during the conveyancing in Aberdaron.
The risk of flooding is if increasing concern for lawyers dealing with homes in Aberdaron. Plenty of people will buy a property in Aberdaron, fully aware that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, where a property is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or sell the property. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not best placed to give advice on flood risk, however there are a various checks that can be carried out by the purchaser or by their solicitors which will figure out the risks in Aberdaron. The conventional set of information given to a buyer’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a usual question of the vendor to determine if the property has ever been flooded. If flooding has previously occurred and is not notified by the owner, then a purchaser may bring a compensation claim stemming from an inaccurate answer. A purchaser’s solicitors will also commission an enviro report. This will higlight if there is any known flood risk. If so, further inquiries will need to be conducted.
Just had an offer accepted on a new build apartment in Aberdaron. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below are examples of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Aberdaron
There must be mutual enforceability of lessee’s covenants. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Forfeiture - bankruptcy or liquidation must not apply under this provision.