I am not in a position to travel far from Newport. Can you please spell out why all Newport conveyancers are not on all mortgage company panels?
Pre- 2008 most lenders demonstrated an approach to risk which differs from the current day. The FSA in 2010 instigated a thematic review into property fraud which in summary warned lenders: know the solicitors on your panel. As a result, lenders have subsequently looked to extract more data from law firms regarding their operations and the individuals employed by them and set certain criteria such as completing a minimum volume of transactions. Hundreds of law practices have been excluded from lender panels even though they had 100% healthy disciplinary record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Such firms were never going to meet the criteria of volume of transactions the lenders insisted on.
Two weeks ago we had a mortgage agreed in principle with Lloyds. Newport conveyancing practitioners have been chosen. What is the average time that one could expect to receive a mortgage offer from Lloyds?
There is no definitive answer here. Have Lloyds done the valuation? Have you advised Lloyds as to your lawyers' details and checked that your lawyers are on the Lloyds conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
My partner and I are in the process of looking at flats in Newport and I am about to put in an offer. Is it best to have a property lawyer on ‘stand by’? I am planning to take a home loan with Virgin Money.
It would be sensible to instigate your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and forward their details on to the estate agent. Given that you are obtaining a mortgage with Virgin Money, make sure you remember to check that your lawyer is on the Virgin Money conveyancing panel.
About to purchase house in Newport. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Principality conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Newport solicitor is on the Principality conveyancing panel.
I appreciate that there are debates on Chancel Insurance on online forums. Am I compelled to have this when buying a property in Newport? or I am told that there is an ancient law that means some homeowners living in a parish church boundary will be compelled to pay for maintenance towards the chancel in proximity to the church. Is this appropriate for conveyancing in Newport?
Unless a previous acquisition of the property completed after 12 October 2013 you may assume that solicitors conducting conveyancing in Newport to remain encouraging a chancel search and or insurance against a claim.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Newport?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Newport. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Over the last few months I have been searching for a flat up to £195,000 and found one close by in Newport I like with a park and transport links in the vicinity, however it only has 51 years unexpired on the lease. I can't really find anything else in Newport in this price bracket, so just wondered if I would be making a grave error buying a lease with such few years left?
If you require a mortgage the shortness of the lease will be an issue. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for a minimum of twenty four months you may ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should consult your conveyancing solicitor regarding this.