I am progressing with the sale of my ground floor flat in Llanbedr and the estate agent has just called to say that the purchasers are appointing a new law firm. The excuse is that the lender will only deal with property lawyers on their approved list. Why would a leading lender only deal with certain lawyers rather the firm that they want to select to handle their conveyancing in Llanbedr ?
Lenders have always had an approved set of law firms that can act for them, but in the past few years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for over 25 years.
Lending institutions point to the increase in fraud as the reason for the pruning – criteria have been stiffened as a smaller panel is easier to oversee. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Plenty of firms do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your purchasers are unlikely to have any impact on this.
Finally the sale completed on my house in Llanbedr last April but the buyer keeps whats apping every few hours to moan that their conveyancer needs to hear from mine. What are the post completion sale legalities now that I have sold?
Post completion of your disposal your lawyer is committed to forward the transfer documentation and all supplemental paperwork to the purchaser's solicitors. Depending on the transaction, your lawyer should also evidence that the mortgage has been redeemed to the buyers solicitors. There are no post completion formalities unique to conveyancing in Llanbedr.
I am purchasing my first flat in Llanbedr with a mortgage from Birmingham Midshires. The builders refused to budge the amount so I negotiated 6k of fixtures and fittings instead. The house builders rep told me not disclose to my solicitor about the deal as it will adversely affect my mortgage with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder 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'm refinancing my primary house to a BTL loan with Barnsley Building Society and I will use the ballance of the raised equity as a down payment on a second property. The location we are interested in is Llanbedr. Will your solicitors be able to act for both sets of mortgage companies and link together the transactions?
Do use our search tool on this site to ensure that the conveyancers are approved by both lenders. Having checked that they are the solicitor should be able to tie up the two deals but you should have a chat with you solicitor and make clear your desired outcome and requirements.
I only have 72 years remaining on my flat in Llanbedr. I am keen to extend my lease but my landlord is missing. What are my options?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the Court. You will be obliged to prove that you or your lawyers have made all reasonable attempts to locate the freeholder. For most situations a specialist would be helpful to carry out a search and prepare an expert document to be used as evidence that the freeholder is indeed missing. It is wise to seek advice from a property lawyer both on investigating the landlord’s absence and the application to the County Court overseeing Llanbedr.
Leasehold Conveyancing in Llanbedr - Examples of Questions you should consider before Purchasing
How many years remain on the lease? How many of the leaseholders are in arrears for their maintenance charge payments? Most Llanbedr leasehold apartments will incur a service charge for maintenance of the building set on behalf of the management company. Where you purchase the flat you will have to pay this liability, normally periodically during the year. This could vary from several hundred pounds to thousands of pounds for large purpose-built buildings. There will also be a ground rent for you to pay yearly, normally this is not a exorbitant amount, say approximately £50-£100 but you should to check as occasionally it could be surprisingly expensive.