I am selling my maisonette in Maesteg and the EA has just text me to advise that the buyers are swapping law firm. The excuse is that the bank will only engage with solicitors on their approved list. Why would a major lender only engage with certain law firms rather the firm that they want to select for their conveyancing in Maesteg ?
Lenders have always had an approved set of law firms they are content to work with, but in the last few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for over 25 years.
Mortgage companies blame a rise in fraud by way of justification for the reduction – criteria have been narrowed as a smaller panel is easier to keep an eye on. No lender will say 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. The buyers are unlikely to have any sway in the decision.
We see that you have a post code search directory identifying solicitors on the Virgin Money conveyancing panel. Do firms pay you a commission if I retain them for our conveyancing in Maesteg?
We are a listing service only for law firms wishing to communicate if they are on the Virgin Money conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Maesteg.
I need some expedited conveyancing in Maesteg as I have a deadline to sign on the dotted line within one month. Thankfully I do not require a mortgage. Can I decline from having conveyancing searches to save fees and time?
As you are not obtaining a home loan you are at liberty not to do searches although no conveyancer would suggest that you don't. Drawing on our experience of conveyancing in Maesteg the following are examples of issues that can be revealed and therefore affect the marketability of the property: Refused Planning Applications, Outstanding Fees, Overdue Grants, Unadopted Roads,...
My wife and I purchased a leasehold flat in Maesteg. Conveyancing and Birmingham Midshires mortgage are in place. I have received a letter from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1993. The conveyancing solicitor in Maesteg who previously acted has long since retired. Do I pay?
The first thing you should do is contact HMLR to be sure that this person is in fact the registered owner of the freehold reversion. You do not need to incur the fees of a Maesteg conveyancing firm to do this as you can do this on the Land Registry website for £3. Rest assured that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I own a split level flat in Maesteg, conveyancing was carried out in 1996. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Maesteg with over 90 years remaining are worth £211,000. The ground rent is £50 per annum. The lease ceases on 21st October 2088
With 68 years left to run we estimate the premium for your lease extension to range between £9,500 and £11,000 as well as costs.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.
Much to my surprise my lawyer in Maesteg is asking me for proof of ID documents asserting that this forms part of his obligations as a solicitor on the mortgage company Solicitor panel. Can you confirm whether this is the case?
Anti-terror and anti-money-laundering rules require Maesteg conveyancing solicitors and licensed conveyancers to verify the identity of the person or body they are dealing with before they can accept their conveyancing business. The Client Care letter that you need to sign will no doubt confirm this. Your lawyer is right that the bank also require certain documents to be viewed. If a you refuse to provide ID verification documents, your conveyancer would not be able to accept instructions from you. Your lawyer also has obligations to obtain certain documents in accordance with the lender's UK Finance Lenders’ Handbook requirements