I can't travel far from Llandudno. Is there a reason why all Llandudno conveyancers are not on all mortgage company panels?
Mortgage companies point to the fact that solicitor-led fraud is considered to be responsible for millions of pounds of fraud every year.The dismissal of law firms from lender panels started with the rise in mortgage fraud, which prompted a thematic review by the Financial Services Authority in 2011. Its conclusions included recommendations for mortgage companies to review their conveyancing panels, which triggered a major policy change in the sector. This resulted in mortgage companies purging less reputable firms from their panel of approved property lawyers .
I had intended to instruct a conveyancing solicitor in Llandudno for our home move. Our financial adviser informed us that our mortgage lenders Lloyds TSB Bank won't deal with them. Surely this is unfair competition?
Lenders in the main imposes restrictions either the type or the volume of conveyancing practices on their member panel. Typical examples of such restriction(s) being that a law practice must have two or more partners. As well as restricting the type of firm, a few lenders have reduced the amount of firms they allow to represent them. You should note that Lloyds TSB Bank have no responsibility for the quality of advice provided by any member of Lloyds TSB Bank Conveyancer Panel. Mortgage fraud was a primary driver in the rationalisation of conveyancing panels a few years ago even though there remains mixed opinions regarding the level of solicitor involvement in some of that fraud. Figures from the Land Registry indicate that plenty of law firms, including some in or near Llandudno only perform one or two conveyances a year.
Is it necessary to take out insurance to address the risk of chancel repairs when buying a house in Llandudno?
Unless a previous purchase of the property took place post 12 October 2013 you can assume that lawyers carrying out conveyancing in Llandudno to remain encouraging a chancel search and or chancel repair liability policy.
In my capacity as executor for the estate of my aunt I am selling a residence in Monmouth but I am based in Llandudno. My conveyancer (approximately 200 kilometers from merequires that I execute a stat dec before the transaction finalising. Could you suggest a conveyancing lawyer in Llandudno who can witness this legal document for me?
strictly speaking you are not likely to be required to have the documents witnessed by a conveyancing solicitor. Ordinarily any notary public or solicitor will suffice regardless of whether they are Llandudno based
I am tempted by the attractive purchase price for a two maisonettes in Llandudno both have in the region of 50 years remaining on the lease term. Should I regard a short lease as a deal breaker?
A lease is a legal document that entitles you to use the property for a period of time. As a lease shortens the saleability of the lease reduces and results in it becoming more expensive to extend the lease. This is why it is generally wise to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease as mortgage companies may be unwilling to lend money on properties of this type. Lease extension can be a protracted process. We advise that you get professional help from a solicitor and surveyor with experience in this arena.
Leasehold Conveyancing in Llandudno - A selection of Questions you should consider before Purchasing
If a Llandudno lease has less than 80 years it will impact the marketability of the flat. It is worth checking with your lender that they are content with remaining years on the lease. Leases with less than 80 years remaining means that you will almost definitely have to extend the lease at some point and you need to have some idea of what this would cost. Remember, in most cases you will be required to have been the owner of the property for two years in order to be legally able to exercise a lease extension. Its a good idea to find out as much as you can regarding the company managing the block as they will either make your living at the property much easier or much more difficult. Being a leasehold owner you will be at the mercy of the managing agents both financially and when it comes to every day issues such as the cleanliness of the common parts. You should not be shy to ask prospective neighbours if they are happy with their management. In conclusion, be sure you understand the dates that you are obliged pay the maintenance charge to the managing agents and specifically what you get for your money. What is the service charge and ground rent on the flat?