Me and my fiance are intending to buy a 1 bedroom apartment in Pontcanna with a mortgage. We wish to retain our Pontcanna conveyancer, however the bank says she’s not on their "panel". It seems we have little option but to use one of the lender panel conveyancing practices or continue with our Pontcanna lawyer and pay for one of their panel firms to represent them. This seems very unfair; 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. A further alternative is for your Pontcanna conveyancing lawyer to apply to be on the conveyancing panel.
Will my conveyancing lawyers need to check that the building insurance for my purchase of a house in Pontcanna. My lender is Tesco Bank
Tesco Bank have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 15/10/2021, the requirements read as follows :
How does conveyancing in Pontcanna differ for new build properties?
Most buyers of new build premises in Pontcanna approach us having been asked by the builder to sign contracts and commit to the purchase even before the premises is finished. This is because new home sellers in Pontcanna tend to acquire the land, 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 property lawyers 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 used to new build conveyancing in Pontcanna or who has acted in the same development.
I've recently found out that there is a flying freehold element on a property I put an offer in last month in what was supposed to be a straight forward, chain free conveyancing. Pontcanna is the location of the property. What do you suggest?
Flying freeholds in Pontcanna are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Pontcanna you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Pontcanna may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
I work for a long established estate agent office in Pontcanna where we have witnessed a number of flat sales jeopardised as a result of leases having less than 80 years remaining. I have received conflicting advice from local Pontcanna conveyancing solicitors. Could you shed some light as to whether the seller of a flat can start the lease extension process for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Leasehold Conveyancing in Pontcanna - Sample of Questions you should consider before Purchasing
What prohibitions exist in the Pontcanna Lease? Who are the managing agents?