My wife and I are acquiring a ground floor flat in Llanfechain. My property lawyer is not on the lender conveyancing list. Am I still permitted to appoint my Llanfechain conveyancing solicitor even though they are excluded from the mortgage company list of approved lawyers?
One will need to instruct a solicitor to complete the legal work required when you need a loan to purchase your property. They will conduct all the appropriate investigations on the property, make sure that you will be properly registered as the owner and ensure that all the required mortgage paperwork is dealt with. One can instruct a Llanfechain property lawyer of your choice. Nevertheless, if the lawyer appointed is not a member of the lender approved list additional fees will be incurred as separate legal representation will be need by the mortgage company. Bank panel applications can be submitted, so if your solicitor has not in the past applied for membership they can do so.
I have 7378 less than 75 years remaining on my lease and require a lease extension for my flat in Llanfechain. Conveyancing solicitors on the Platform panel can deal with such extensions correct?
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are getting a mortgage then your lender may insist that the lease be extended before competition. Platform have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 20/4/2019 the requirements read as follows :
Please help - my lawyer says that absentee landlord insurance is needed on my purchase. What is the typical level of cover needed for conveyancing in Llanfechain?
The right level of absentee landlord indemnity insurance depends on your lender. It would differ for example between Halifax and Bank of Scotland. Conveyancing practitioners as opposed to borrowers take out such policies.
It is unclear whether my mortgage offer requires a lease extension. I have called my Llanfechain building society branch on numerous occasions and was told it does not impact the mortgage offer and they will lend. My Llanfechain conveyancing solicitor - who is on the lender conveyancing panel- telephoned to say that they refuse to lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. I have no idea who is right.
Provided that the property lawyer is on the bank panel, they must adhere to the Council of Mortgage Lenders’ Handbook conditions for the bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I am selling my flat. I had a double glazing fitted in February 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Santander are being difficult. The Llanfechain solicitor who is on the Santander conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Santander are requiring a building regulation certificate. Why do Santander have a conveyancing panel if they don't accept advice from them?
It is probably the case that Santander have referred the matter to their valuer. The reason why Santander may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
My relative advised me that if I am buying in Llanfechain I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is usually quoted for as part of the standard Llanfechain conveyancing searches. It is a large report of about 40 pages, listing and setting out significant information about Llanfechain around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Llanfechain Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Local Education with maps and statistics, Local Amenities and other useful information regarding Llanfechain.
I am purchasing my first flat in Llanfechain with the aid of help to buy. The sellers would not move on the price so I negotiated 6k of fixtures and fittings instead. The estate agent advised me not inform my lawyer about the extras as it will jeopardize my loan with Lloyds TSB Bank. Do I keep my lawyer in the dark?.
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.