My wife and I are hoping to acquire a house in Builth Wells and are in fact using a Builth Wells conveyancing practice. Within the last couple of days our solicitor has sent a preliminary report and documents to look through with a view to exchanging next week. Clydesdale have this afternoon contacted us to advise us that there is now an issue as our Builth Wells lawyer is not on their approved list of lawyers. What do we do from here?
When purchasing a property with the benefit of a mortgage it is conventional for the purchasers' solicitors to also act for the mortgage company. 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 mortgage company 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 are not legally obliged to appoint a law firm on the bank's conveyancing panel as you are at liberty to use your preferred Builth Wells 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.
When it comes to mortgage companies such as Santander, do Builth Wells conveyancing practitioners have to pay a fee to be on the list of approved solicitors?
We are unaware of any lender fees to register on their list of approved firms, although some do charge an administration fee to deal with the processing of the conveyancing panel application.
My wife and I have arranged a further advance on our home loan from Virgin Money as we intend to conduct a loft conversion to our property in Builth Wells. Do we need to appoint a nearby Builth Wells solicitor on the Virgin Money conveyancing panel to handle the legals?
Virgin Money don't usually require firms on their approved list of lawyers to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Virgin Money list.
At last I have had an offer on a maisonette in Builth Wells accepted, the sellers do however have a connected purchase. The sellers have offered on a property, however it’s not yet tied up, and are looking at other properties booked. I have instructed a nearby conveyancing solicitor in Builth Wells. What do I do now? When should I get the mortgage application with Santander started?
It is normal to have anxieties where there is a chain as you are unlikely to want to be too out of pocket prematurely (mortgage application is approx one thousand pounds, then survey, Builth Wells conveyancing search fees, etc). First, you must check that your property lawyer is on the Santander conveyancing panel. Regarding the next steps this very much depends on the specifics of your transaction, desire for this property and on the state of the market. During a hot market some home buyers would apply for a home loan with Santander and pay for the valuation and only if it comes back ok would they request their solicitor to move forward with searches.
Over the last few months I have been searching for a flat up to £195,000 and found one close by in Builth Wells I like with amenity areas and station in the vicinity, the downside is that it only has 61 remaining years left on the lease. I can't really find anything else in Builth Wells in this price bracket, so just wondered if I would be making a grave error acquiring a short lease?
If you require a home loan the remaining unexpired lease term will be problematic. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for at least twenty four months you could ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this.
My husband and I are FTB’s - had an offer accepted, but the property agent told us that the vendor will only go ahead if we use their recommended solicitors as they are insisting on an ‘expedited deal’. We would rather use a family solicitor used to conveyancing in Builth Wells
It is unlikely the sellers are driving this. Should the vendor require ‘a quick sale', alienating a genuine buyer is is going to put the whole deal at risk. Bypass the agents and go straight to the owners and explain that (a)you are serious purchasers (b)you are ready to progress, with finances in place © you have nothing to sell (d) you intend to proceed fast (e)however you will continue to appoint your own,trusted Builth Wells conveyancing firm - as opposed tothe ones that will provide the negotiator at the agency a commission or meet his conveyancing targets pre-set by senior management.
We have been advised by numerous friends to expect six to eight weeks for Builth Wells conveyancing to complete.This was four weeks ago. The property information was only received from the vendors conveyancing practitioner last week so now does it countdown?
One should take with a pinch of salt any assurance as to expedited completion times. Instead ask the average time it takes for them to complete Builth Wells conveyancing transactions and if they are willing to aim towards an agreed target date for your conveyancing in Builth Wells