My husband and I are looking to buy a home in Ceredigion and have appointed a Ceredigion conveyancing firm. Within the last couple of days our lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. National Westminster Bank have this afternoon contacted us to inform me that there is now an issue as our Ceredigion conveyancer is not on their conveyancing panel. What do we do from here?
When purchasing a property with the benefit of a mortgage it is normal for the purchasers' solicitors 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 solicitors to act. You don't have to instruct a firm on the bank's conveyancing panel and you may continue to use your own Ceredigion solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
Is there a list of Aldermore panel solicitors in Ceredigion on the Building Society Association’s Website?
No. There is no such tool on the Council of Mortgage Lenders or Building Society Association sites. A small selection of lending institutions make their panel listings available online. If you are in need of a Ceredigion lawyer on the Aldermore please make the most of our facility.
We have a mortgage agreed in principle with Lloyds. Ceredigion conveyancing lawyers are chosen. How long does it take for Lloyds to issue the offer to the conveyancer?
There is no definitive answer here. Have Lloyds done the valuation? Have you informed Lloyds as to your lawyers' details and checked that your lawyers are on the Lloyds conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I was told two weeks ago that my mortgage has been agreed to by UBS. Is it usual for UBS to only issue the offer once my solicitor in Ceredigion is approved on their conveyancing panel? UBS have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
Mortgage companies tend not to not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for UBS to deal with your lawyer's application to be on the UBS conveyancing panel. There's no guarantee that your solicitor will be accepted.
The deeds to our home can not be found. The conveyancers who did the conveyancing in Ceredigion 5 years ago are no longer around. What are my next steps?
Gone are the days when you need to hold title deeds to establish that you own the land or property, given that the Land Registry hold details of all registered land or property electronically.
I have been on the look out for a flat up to £245,000 and found one round the corner in Ceredigion I like with open areas and transport links in the vicinity, however it's only got 51 years on the lease. I can't really find anything else in Ceredigion in this price bracket, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you require a home loan the remaining unexpired lease term will likely be an issue. Reduce the offer by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the property for at least 2 years you could ask them to start the process of the extension and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing lawyer concerning this.
Given that I am about to spend over three hundred thousand on a house in Ceredigion I wish to talk to a lawyer about myhouse move ahead of appointing the firm. Can this be arranged?
Absolutely - it is our preference to talk to you we do not take any clients on without you first talking to the conveyancer due to be carrying out your conveyancing in Ceredigion.There is no ‘factory style conveyancing’ - every client is an important individual, not a file reference. The practices that we put you in touch with believe that the figure you are calculated and presented to you for residential conveyancing in Ceredigion should be the amount on the final invoice that you are charged.