I am 4 weeks into the sale of my ground floor flat in Dinas Powys and the estate agent has just e-mailed to say that the buyers are switching conveyancer. The reason given is that the lender will only work with property lawyers on their conveyancing panel. On what basis would a major lender only work with specific law firms rather the firm that they want to choose to handle their conveyancing in Dinas Powys ?
Mortgage companies have always had an approved set of law firms that can represent them, but in the last few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Lenders blame a rise in fraud as the reason for the cull – 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 claims that it is hearing daily from firms that have been removed from panels. Some are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your buyers are not going to have any impact on this.
It is is a decade since I bought my house in Dinas Powys. Conveyancing lawyers have recently been appointed on the sale but I am unable to track down my deeds. Will this jeopardise the sale?
You need not be too concerned. First there is a chance that the deeds will be with the mortgage company or they may be in the possession of the lawyers who handled the purchase. Secondly the chances are that the property will be registered at the land registry and you will be able to prove you own the property by your conveyancing lawyers procuring up to date copy of the land registers. Nearly all conveyancing in Dinas Powys relates to registered property but in the unlikely event that your home is not registered it is more tricky but is resolvable.
My lawyer has informed me that flying freehold insurance is necessary on my purchase. What is the typical level of cover needed for conveyancing in Dinas Powys?
The right level of flying freehold indemnity insurance depends on your lender. It would differ for example between Halifax and Leeds Building Society. Conveyancing solicitors as opposed to members of the public take out such policies.
I happen to be the sole beneficiary of my late mum's will and I have everything in my name alone, including the my former home in Dinas Powys. The Dinas Powys property was put into my name in March. I plan to dispose of the house. I understand that there is a CML 6 month 'rule', which means that my proprietorship could be considered the same way as though I had purchased the house in March. Do I have to wait half a year to sell?
The Council of Mortgage Lenders’ handbook mandates conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be affected by that. How practical a view lenders take of it, depend on the lender as this obligation primarily exists to pick up on subsales or the quick reselling of property.
I've read lots of mortgage guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Dinas Powys solicitor - who is on the HSBC conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
HSBC will need an independent valuation of the property. Your lawyer will not arrange this. Usually HSBC will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Dinas Powys surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
Will our lawyer be raising enquiries concerning flooding during the conveyancing in Dinas Powys.
Flooding is a growing risk for conveyancers dealing with homes in Dinas Powys. Some people will acquire a property in Dinas Powys, fully aware that at some time, it may be flooded. However, aside from the physical destruction, where a house is at risk of flooding, it may be difficult to get a mortgage, adequate building insurance, or dispose of the property. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Lawyers are not qualified to offer advice on flood risk, however there are a number of checks that may be initiated by the purchaser or by their conveyancers which should give them a better appreciation of the risks in Dinas Powys. The standard property information forms sent to a purchaser’s lawyer (where the Conveyancing Protocol is adopted) contains a usual inquiry of the vendor to determine if the premises has ever been flooded. If flooding has previously occurred and is not disclosed by the owner, then a buyer may bring a compensation claim resulting from an misleading answer. A buyer’s conveyancers will also conduct an environmental report. This should reveal whether there is any known flood risk. If so, more detailed investigations should be made.
We are in the process of acquiring a apartment in Dinas Powys. Could our property lawyer have our transaction price private from the likes of Rightmove. How do I make sure this is not noted?
The Land Registry by statute are required to specify price paid data on a register of the title for residential properties nationwide including homes in Dinas Powys. The register of ownership is a public document, so the Land Registry would be breaching their statutory duty if they failed to grant access to the register.
You can ask HMLR to hide the price paid entry yet the response would be in the negative.