Me and my fiance are purchasing a 2 bedroom flat in Merthyr Tydfil with a mortgage. We have a Merthyr Tydfil conveyancer, but the lender says he's not on their "panel". We have to appoint one of the mortgage company panel conveyancing practices or keep our Merthyr Tydfil conveyancing practitioner and pay for one of their panel ones to represent them. We consider that this is unjust; is there anything we can do?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Merthyr Tydfil conveyancing lawyer to apply to be on the conveyancing panel.
Our lawyer has identified a a legal deficiency with the lease for the apartment we are purchasing in Merthyr Tydfil. The seller’s lawyers have offered title insurance as a workaround. We are content with insurance and will pay for it. Our conveyancing practitioner says that he must check that the bank is willing to move forward with this solution. Are we the client or is the lender?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the mortgage company are the client. Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
Is there a search tool that I can utilise to investigate if the solicitor handling my conveyancing in Merthyr Tydfil is on the mortgage lender’sapproved panel? I am looking to avoid the situation of having one lawyer for me and one for Nottingham Building Society thus spending £175.00 in supplemental legal charges.
Feel free to make use of the search tool on this page. Please choose the mortgage company and type ‘Merthyr Tydfil’ or your preferred area and you will be presented with numerous conveyancers located in Merthyr Tydfil or near you.
Over the last few months I have been searching for a leasehold apartment up to £195,000 and found one close by in Merthyr Tydfil I like with amenity areas and transport links nearby, the downside is that it only has 52 years on the lease. I can't really find anything else in Merthyr Tydfil in this price bracket, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you need a mortgage that many years will be a potential deal breaker. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the premises for a minimum of 2 years you could ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this matter.
I am using a search engine for the phrase cheap conveyancing in Merthyr Tydfil it reveals many solicitorslocally. With so much choice what is the best way to find the right conveyancing solicitor for the sale of my house?
The best way of finding a suitable conveyancer is through a trusted recommendation, so ask colleagues and family who have purchased a property in Merthyr Tydfil or a respected estate agent or financial adviser. Charges for conveyancing in Merthyr Tydfil vary, so it's advisable to obtain at least four estimates from different solicitors. Dont forget to clarify that the fees are fixed.