Am I correct in assuming that the fact that my solicitor in Fforestfach is not on my lender's solicitor panel that there is a problem with the quality of her conveyancing?
That would more than likely be an incorrect assumption to make. There are all sorts of perfectly plausible explanations. Just recently a report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) low volume of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Where you are concerned you should contact the Fforestfach conveyancing firm and enquire why they are no longer on the approved list for your lender.
My Fforestfach solicitor has discovered a discrepancy between the assumptions in the home valuation survey and what is revealed within the conveyancing documents. My lawyer says that he needs to ensure that the lender is OK with this discrepancy and is still content to lend. Is my solicitor’s stance appropriate?
Your solicitor must comply with the UK Finance Lenders’ Handbook requirements which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
I'm purchasing a new build house in Fforestfach with a mortgage from The Royal Bank of Scotland. The sellers refused to reduce the price so I negotiated £7000 of extras instead. The property agent suggested that I not reveal to my solicitor about this side-deal as it will jeopardize my loan with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I have been on the look out for a flat up to £195,000 and found one near me in Fforestfach I like with open areas and station nearby, the downside is that it's only got 49 years unexpired on the lease. There is not much else in Fforestfach in this price bracket, so just wondered if I would be making a grave error buying a short lease?
If you need a home loan that many years may be problematic. Reduce the price by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the property for at least twenty four months you may request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor about this matter.
I need to retain a conveyancing solicitor for residential conveyancing in Fforestfach. I happened to stumble across a web site which seems to have the ideal solution If it is possible to get all the legals completed via phone that would be ideal. Should I be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?