I am selling my house in Caerphilly and the estate agent has just telephoned to advise that the buyers are switching conveyancer. I am told that this is due to the fact that the mortgage company will only deal with solicitors on their approved list. On what basis would a leading lender only deal with certain solicitors rather the firm that they want to choose for their conveyancing in Caerphilly ?
Banks have always had an approved set of law firms they are content to work with, but in the past few years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Lenders point to the increase in fraud as the reason for the reduction – criteria have been narrowed as a smaller panel is easier to keep an eye on. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Plenty of firms do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The purchasers are not going to have any sway in the decision.
There is lots of here concerning conveyancing in Caerphilly but what is your top tip for finding the right conveyancer in Caerphilly
We would encourage you not to go for the lowest Caerphilly conveyancing quote. You really do get what you pay for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
I just bought a property at auction in Caerphilly. Conveyancing is necessary. What happens now?
Having exchanged you will need to instruct a conveyancing lawyer quickly as you are facing a pending deadline in which to complete the transaction. An auction property should have an associated auction pack. This will likely include the copy title deeds, local authority and drainage searches. In the case of leasehold premises the auction papers should include a copy of the lease, management information and a sellers leasehold information form and associated conveyancing documentation specific to a leasehold property. You must give this to your appointed conveyancing solicitor at the earliest opportunity. You also need to ensure that that you have the requisite funding organised to complete the transaction on the set completion date.
I can not work out if my bank requires a lease extension. I have called into my local Caerphilly building society branch on various occasions and was informed it wasn't an issue and they will lend. My Caerphilly conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned and was told they will not lend in accordance with their specific requirements. Who do I believe?
The lawyer has to follow the CML Handbook Part 2 provisions for your bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I have recentlybecome aware that Action Conveyancing have closed. They conducted my conveyancing in Caerphilly for a purchase of a leasehold flat 9 months ago. How can I check that the property is in my name in the name of the former proprietor?
The quickest way to check if the premises is registered to you, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Caerphilly conveyancing specialists.
Yesterday I discovered that there is a flying freehold element on a property I have offered on a fortnight ago in what should have been a straight forward, chain free conveyancing. Caerphilly is where the house is located. Can you shed any light on this issue?
Flying freeholds in Caerphilly are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Caerphilly you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Caerphilly 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 property.
Do you have any top tips for leasehold conveyancing in Caerphilly with the intention of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Caerphilly can be avoided where you appoint lawyers as soon as you market your property and request that they start to put together the leasehold information needed by the purchasers’ conveyancers. If you have the benefit of shareholding in the freehold, you should ensure that you are holding the original share certificate. Arranging a re-issued share certificate is often a time consuming process and frustrates many a Caerphilly home move. Where a reissued share certificate is needed, do contact the company officers or managing agents (if relevant) for this at the earliest opportunity. You may think that you are aware of the number of years left on your lease but it would be wise to double-check via your conveyancers. A purchaser's conveyancer will not be happy to advise their client to where the lease term is below 75 years. It is therefore important at an as soon as possible that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale. Many landlords or Management Companies in Caerphilly levy fees for supplying management packs for a leasehold premises. You or your lawyers should enquire as to the fee that they propose to charge. The management information sought as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Caerphilly. If you have carried out any alterations to the property would they have required Landlord’s permission? Have you, for example laid down wooden flooring? Caerphilly leases often stipulate that internal structural alterations or installing wooden flooring calls for a licence issued by the Landlord acquiescing to such alterations. Should you fail to have the approvals to hand you should not contact the landlord without contacting your lawyer in the first instance.
Leasehold Conveyancing in Caerphilly - Sample of Queries before buying
How much is the annual maintenance fee and ground rent? The majority of Caerphilly leasehold properties will incur a service bill for the upkeep of the block levied by the freeholder. Where you purchase the property you will have to pay this contribution, usually quarterly throughout the year. This could differ from a couple of hundred pounds to thousands of pounds for blocks with lifts and large common grounds. There will also be a ground rent for you to pay annual, this is usually not a significant amount, say around £25-£75 but you should to enquire it because occasionally it can be surprisingly expensive. Are any of leasehold owners in dispute over their service charge payments?