Some advice if I may. My Cardigan solicitor is informing me me that he is legally obliged toconduct Cardigan conveyancing searches stemming from the fact thatthe firm are on the HSBCsolicitor panel. Is this really necessary?
You have limited options available to you. Given that you are taking out a loan with a lender your conveyancing practitioner has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your property lawyer would have previously signed the Terms and Conditions of your bank’s conveyancing panel appointment which obliges them to comply with the Council of Mortgage Lenders’ Handbook requirements . Even if you were a cash buyer you would be ill advised not to carry out Cardigan conveyancing searches.
Are the Cardigan conveyancing solicitors identified as being on the Santander conveyancing panel, together with their details provided by Santander?
Cardigan conveyancing firms themselves provide us confirmation that they are on the Santander conveyancing panel as opposed to being supplied with a list from Santander directly.
We're in Cardigan, First time buyers buying with a mortgage (lender is Skipton , and our solicitor is on the Skipton conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Skipton conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no solicitor should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
When it comes to lenders such as Co-operative, do Cardigan lawyers have to pay a fee to be on the conveyancing panel?
We are unaware of any bank fees to register on their list of approved firms, although some do levy an administration charge to deal with the processing of the conveyancing panel submission.
The formalities of my purchase has taken place for my property in Cardigan. Conveyancing was satisfactory but I feel I should register my dissatisfaction about the lender. How do I make a complaint?
All banks and building societies have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Care Team at head office. Ordinarily complaints to a lender are resolved very quickly. If you feel the matter is not resolved you can write to Financial Ombudsman Service who will take matters further.
I have finally had an offer on a flat in Cardigan agreed to, but there is a chain. The owners have placed an offer on a flat, but it’s not yet tied up, and have viewings of other properties booked. I have selected a bricks and mortar conveyancing solicitor in Cardigan. What should be my next step? At what stage do I apply for the mortgage with Aldermore?
It is understandable to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then valuation, Cardigan conveyancing search charges, etc). The first thing to do is ensure that your solicitor is on the Aldermore approved list. As to the subsequent phase this very much dictated by the specifics of your case, motivation for the property and on the state of the market. In a rising market the majority of purchasers would apply for the mortgage with Aldermore and pay for the valuation and only if it comes back ok would they ask their lawyer to move forward with the conveyancing in Cardigan.
I am attracted to a two flats in Cardigan which have about 50 years remaining on the lease term. Do I need to be concerned?
There are no two ways about it. A leasehold flat in Cardigan is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the value of the property. For most purchasers and banks, leases with under 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Cardigan conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Cardigan Conveyancing for Leasehold Flats - Examples of Questions you should consider before buying
Best to be warned if redecorating or some other major work is due shortly that will be shared by the tenants and will dramatically impact the level of the service fees or necessitate a one off invoice. Is anyone aware of any major works anticipated that will likely increase the service charges? Does this lease have in excess of 90 years left?