My wife and I are planning to purchase a house in Penrhyn Bay and are in fact using a Penrhyn Bay conveyancing practice. Within the last couple of days our conveyancer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Barclays have this afternoon contacted us to inform me that they have now hit a problem as our Penrhyn Bay solicitor is not on their approved list of lawyers. What do we do from here?
When purchasing a property with the benefit of a mortgage it is usual for the purchasers' lawyers to also represent the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the lender’s conveyancing panel as you are at liberty to use your preferred Penrhyn Bay lawyers, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
My husband and I are only a couple days away from an exchange on a property in Penrhyn Bay and my parents have transferred the 10% deposit to my conveyancing practitioner. I am now advised that as the deposit has not come from me my property lawyer needs to disclose this to my lender. Apparently, in also acting for the bank he must inform them that the balance of the purchase price is not just from me. I informed the mortgage company concerning my parents' contribution when I applied for the mortgage, so is it really necessary for this now to hold matters up?
The solicitor is legally required to check with lender to make sure that they understand that the balance of the purchase price is not from your own resources. The solicitor can only report this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
I am downsizing from our house in Penrhyn Bay and the buyers lawyers are claiming that there is a possibility that the property was built on contaminated land. Any local conveyancer would know that there is no such problem. For the life of me I don't know why the purchasers are using a web based conveyancing firm as opposed to a conveyancing solicitor in Penrhyn Bay. We have lived in Penrhyn Bay for 5 years we know of no issue. Do we contact our local Authority to obtain clarification that the buyers are looking for.
It would appear that you have a conveyancing firm currently acting for you. Are they able to advise? You should check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same sickness)
I moved into my home on 2 February and my personal details is yet to be on the land registry website. Any reason for this? My conveyancing solicitor in Penrhyn Bay said it would be dealt with in a couple of weeks. Are transfers in Penrhyn Bay particularly slow to register?
As far as conveyancing in Penrhyn Bay registration is no quicker or slower than anywhere else in the country. As opposed to being determined by geographic area, timeframes can adjust depending on the party submitting the application, whether there are errors and if the Land registry communicate with any interested persons or bodies. At present roughly 80% of such applications are completed within two weeks but some can be subject to extensive delays. Registration is effected once the buyer has moved in to the premises thus registration formalities is not typically top priority but where it is urgent that the the registration takes place urgently then you or your lawyers could speak with the land registry and explain the circumstances.
How does conveyancing in Penrhyn Bay differ for new build properties?
Most buyers of new build residence in Penrhyn Bay approach us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is finished. This is because builders in Penrhyn Bay usually acquire the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Penrhyn Bay or who has acted in the same development.