My fiance and I are looking to acquire a flat in Rhymney and have instructed a Rhymney conveyancing practice. Within the past 48 hours our conveyancer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Aldermore have this morning contacted us to advise us that there is now an issue as our Rhymney conveyancer is not on their conveyancing panel. What do we do from here?
Where you are buying a property requiring a mortgage it is usual for the purchasers' lawyers to also act for 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 Accreditation Scheme. Your property lawyer 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 lawyers to represent them. You are not legally obliged to appoint a law firm on the bank's conveyancing panel and you may continue to use your own Rhymney solicitors, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
We are a couple about to sign contracts for a property in Rhymney. We encountered a snag. The mortgage offer with National Westminster Bank expires on 29/1/2024 but the sellers are suggesting a completion date of 31/1/2024. Can one extend the mortgage expiry date?
The person best placed to address this concern is your lawyer who is in a position to calculate if they better off negotiating with the bank, vendor’s lawyers, selling agents or conceivably all three based on the history of your house move as of today.
I have recentlybecome aware that Stirling Law have closed. They conducted my conveyancing in Rhymney for a purchase of a leasehold apartment 12 months ago. How can I establish that my home is in my name in the name of the previous owner?
The quickest way to see if the property is registered to you, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Rhymney conveyancing specialists.
Over the last few months I have been searching for a flat up to £305k and found one close by in Rhymney I like with open areas and station in the vicinity, the downside is that it only has 49 years on the lease. I can't really find anything else in Rhymney for this price, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you require a home loan the shortness of the lease may be problematic. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least 2 years you could ask them to start the process of the extension and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this matter.
Why is it not possible to complete our conveyancing in Rhymney on a bank holiday?
Because on completion the funds will pass between the banks of the buyer and seller's conveyancer and at present this can only occur on a business day. It is not possible to complete on a saturday or sunday either.