We are getting closer to an exchange on a house in Old Colwyn and my parents have sent the exchange deposit to my property lawyer. I am now told that as the deposit has been received from someone other than me my lawyer needs to make a notification to my mortgage company. Apparently, in also acting for the bank he must inform them that the balance of the purchase price is not just from me. I disclosed to the bank concerning my parents' contribution when I applied for the mortgage, so is it really appropriate for him to raise this?
Your lawyer is duty bound to check with mortgage company to make sure that they know that the balance of the purchase price is not from your own funds. The solicitor can only disclose this to your lender if you agree, failing which, your lawyer must cease to continue acting.
After looking at consumer advice sites for a high-quality lawyer in Old Colwyn, most advise that I must instruct a CQS assured lawyer. What is CQS?
Old Colwyn Conveyancing Quality Scheme law firms have obtained accreditation under the Law Society's Scheme (CQS) CQS was established to establish evidence of quality standards in the in the legal transfer of properties. CQS enables consumers to identify solicitor firms that provide a quality residential conveyancing. Old Colwyn is one of the many areas in England and Wales in which accredited firms are located. The scheme obliges solicitors to undergo a strict assessment, compulsory training, self-reporting, random audits and yearly assessments in order to maintain CQS status. It is available to solicitors and not licensed conveyancers and has the support of the Legal Ombudsman.
I have been on the look out for a flat up to £305k and identified one round the corner in Old Colwyn I like with amenity areas and transport links nearby, however it's only got 51 years on the lease. I can't really find anything else in Old Colwyn in this price bracket, so just wondered if I would be making a mistake acquiring a short lease?
Should you require a home loan the remaining unexpired lease term will be problematic. Discount the offer by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of 2 years you can request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing lawyer about this matter.
We are 3 weeks into a residential purchase having been referred to conveyancers by the local agent to carry out the conveyancing in Old Colwyn. We are not happy. Can you you assist me in finding new conveyancers?
They would have to be really bad in order to consider diss instructing them. Has the loan offer been generated? If so you need to inform them of the new solicitor and get the loan are re-sent. The solicitor ideally needs to be on the mortgage company approved list to avoid added costs and delays. That should be your starting point. The search tool will assist you in finding a lender approved conveyancer for your home move in Old Colwyn
To what extent are Old Colwyn conveyancing solicitors under an obligation to the Law Society to publish transparent conveyancing figures?
Inbuilt into the Solicitors Code of Conduct are set rules and regulations as to how the Solicitors Regulation Authority (SRA) allow solicitors to publicise their fees to clients.The Law Society have a practice note giving advice on how to publicise transparent charges to avoid breaching any such rule. Practice notes are not legal advice issued by the Law Society and is not intended as the only standard of good practice a conveyancing solicitor should adhere to. The Practice Note does, however, constitute the Law Society’s perspective of acceptable practice for publicising conveyancing charges, and accordingly it’s a recommended read for any solicitor or conveyancer in Old Colwyn or further afield.