Me and my fiance are buying a 2 bedroom flat in Nantyglo with a mortgage. We would like to retain our Nantyglo conveyancer, but the bank advise he's not on their "panel". We have to appoint one of the lender panel conveyancing practices or continue with our Nantyglo conveyancer as well as pay for one of their panel firms to act for them. We regard this is inequitable; can we not demand that the bank use our Nantyglo conveyancing practitioner ?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the lender’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 Nantyglo conveyancing lawyer to apply to be on the conveyancing panel.
My wife and I swapping mortgage lender for our flat in Nantyglo with Santander. We have a son 19 who lives at home. Our solicitor requested us to identify anyone over the age of 17 other than ourselves who lives in the flat. The solicitor has now sent a form for our son to sign, waiving any legal rights in the event that the flat is repossessed. I have a couple of concerns (1) Is this document specific to the Santander conveyancing panel as he never had to sign this form when we purchased 3 years ago (2) Does our son by signing this giving up his rights to inherit the property?
On the face of it your lawyer has done nothing wrong as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Santander. This is solely used to protect Santander if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Santander had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
I have a decision in principle. The bank mentioned the mortgage came with free conveyancing. Does this mean I have to instruct their panel conveyancer as I would much rather use a specialised conveyancing solicitor in Nantyglo?
You should check but the the likelihood is that appoint one of their panel solicitors should you take up the "fee-free" offer. Contact the mortgage company and ask if they offer you a monetary alternative. In the past a few lenders offered a £250 cashback as an alternative in which case that money can go towards the cost for your conveyancing solicitor in Nantyglo.
I happen to be the only beneficiary of my late father’s estate with all property in now in my sole name, including the my former home in Nantyglo. Conveyancing formalities meant that the Land Registry date was in April. I now wish to sell up. I understand that there is a Mortgage Lenders six month 'rule', meaning my proprietorship could be regarded the same way as though I had purchased the house in April. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook instructs conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be caught by that. Most banks would take a practical view as this obligation primarily exists to capture the purchase and immediately sell or the flipping of property.
We had selected conveyancing lawyers locally in Nantyglo on the Lloyds solicitor approved list. They are now charging me a separate fee for dealing with the Lloyds mortgage. Is this an additional conveyancing fee set by Lloyds?
Unfortunately, as long as it is in their Terms and Conditions or Quote then yes your solicitor can charge a fee for this. The fee is not set by Lloyds but by your Nantyglo conveyancing practitioner. Numerous firms on the Lloyds panel will charge ’dealing with mortgage’ fee and others do not.
I recently had an offer accepted on a house in Nantyglo. My financial adviser recommended their conveyancers. I paid an on account payment of £150. Shortly after, the solicitor contacted me sheepishly admitting that they were not on the Lloyds conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Lloyds panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
Just bought a detached house in Nantyglo , how long should it take for the Land Registry to record the transfer to my name? My Nantyglo conveyancing solicitor has been painfully slow, so I want to be sure the land registry aspects are dealt with.
As far as conveyancing in Nantyglo is concerned, registration is no faster or slower than the rest of England and Wales. Rather than based on location, timeframes can vary subject to the party submitting the application, whether it is in order and if the Land registry need to notify any other persons or bodies. As of today roughly three quarters of such applications are completed in less than three weeks but some can be subject to extensive hold-ups. Registration is effected once the buyer has moved in to the property so 'speed' is not always primary concern yet if it is urgent that the the registration takes place urgently then you or your solicitor could speak with the land registry and explain the circumstances.