I am progressing with the sale of my house in Lampeter and the EA has just telephoned to advise that the purchasers are swapping property lawyer. The excuse is that the bank will only work with solicitors on their approved list. On what basis would a major lender only engage with specific lawyers rather the firm that they want to select for their conveyancing in Lampeter ?
Lenders have always had panels of law firms that can act for them, but in recent years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Banks point to the increase in fraud as the reason for the pruning – criteria have been narrowed as a smaller panel is easier to oversee. Banks tend not to reveal 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. Plenty of firms 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.
My lender has suggested solicitors on their panel based in Lampeter but I would rather choose a conveyancing lawyer in Lampeter round the corner to me. Can you assist?
It is by no means the case that all Lampeter conveyancing solicitors are listed all lender’s conveyancing panel. Do make the most of the above find an approved solicitor tool to identify a Lampeter conveyancing conveyancer on the on the mortgage company panel.
My wife and I are purchasing a house in Lampeter. It might be a silly question but how we can trust a solicitor? On completion day we have to send funds into their account. What protection do we have from them run away with our deposit?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
How can we know in advance if a Lampeter conveyancing solicitor on the Bank of Ireland panel is any good?
When it comes to conveyancing in Lampeter getting recommendations is a good starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always recommend that you speak with the solicitor carrying out your transaction.
Planning on purchasing a flat in Lampeter. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the RBS conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Lampeter lawyer is on the RBS conveyancing panel.
My friend recommended that where I am buying in Lampeter I should ask my conveyancer to perform a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is occasionally included in the estimate for your Lampeter conveyancing searches. It is not a small report of more than thirty pages, listing and setting out important information about Lampeter around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Local Education with plans and statistics, Local Amenities and other useful data about Lampeter.
Last December I purchased a leasehold property in Lampeter. Am I liable to pay service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Lampeter Leasehold Conveyancing - Sample of Questions you should consider Prior to Purchasing
This question is useful as a) areas can result in problems in the block as the common areas may start to deteriorate if repairs remain unpaid b) if the leasehold owners have a dispute with the running of the building you will wish to know about it How long is the Lease? Please note that where the lease has less than eighty years it will affect the salability of the apartment. It is worth checking with your mortgage company that they are happy with residual term of the lease. A short lease means that you will most likely have to extend the lease at some point and it is worth discovering how much this would cost. For most Lampeterlease extensions you will be required to have owned the property for 24 months before you are eligible to carry out a lease extension.