My partner and I are planning to buy a flat in Caldicot and have appointed a Caldicot conveyancing practice. Within the last couple of days our lawyer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Skipton Building Society have this morning contacted us to inform me that they have now hit a problem as our Caldicot solicitor is not on their approved list of lawyers. Please explain?
Where you are buying a property requiring a mortgage 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 Accreditation Scheme. Your solicitor 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 and you may continue to use your own Caldicot solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
We are soon to complete buying a house in Caldicot but as a result of damage from some water damage at the property I have was able negotiate reparation from the vendor in the sum of £3k by way of a deduction in the price. I had intended this to be addressed as part of the conveyancing process however Principality will not permit this. Should they have been informed?
Any lawyer being on the Principality conveyancing panel is required to advise Principality of any variations to the purchase price. If you prohibit your lawyer to report the reduction to Principality then they would have to discontinue acting for you. In addition, Principality and you would have to appoint a new property lawyer for your conveyancing in Caldicot.
My apartment in Caldicot is up for sale and I have a buyer. Will the conveyancing practitioner have to be on the Aldermore conveyancing panel in order to deal with repayment of my mortgage?
Ordinarily, even if your lawyer is not on the Aldermore conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently at the moment.
Over the last few months I have been searching for a leasehold apartment up to £195,000 and identified one close by in Caldicot I like with a park and railway links nearby, however it only has 52 remaining years left on the lease. I can't really find anything else in Caldicot for this price, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you need a mortgage the shortness of the lease will likely be a potential deal breaker. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for a minimum of 2 years you can ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this.
As co-executor for the will of my grandfather I am disposing of a house in Cardiff but reside in Caldicot. My conveyancer (based 260 kilometers from mehas requested that I sign a statutory declaration prior to the transaction finalising. Could you suggest a conveyancing practitioner in Caldicot to witness and place their company stamp on the document?
strictly speaking you are not likely to need to have the documents witnessed by a conveyancing solicitor. Ordinarily or notary public or qualified solicitor will do regardless of whether they are located in Caldicot