My fiance and I are looking to acquire a home in Sychdyn and have instructed a Sychdyn conveyancing practice. Within the past 48 hours our property lawyer 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 they have now hit a problem as our Sychdyn 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 conventional for the purchasers' solicitors to also represent the mortgage company. 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 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 solicitors to act. You are not legally obliged to appoint a law firm on the bank's conveyancing panel as you are at liberty to use your preferred Sychdyn lawyers, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
My conveyancer has identified a defect with the lease for the apartment we are purchasing in Sychdyn. The other side have suggested title insurance as a solution. We are content with insurance and will pay for it. Our conveyancing practitioner says that he must ensure that the lender is content with this solution. Who is the client here, us or the mortgage company ?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the lender are the client. Your solicitor must comply with the UK Finance Lenders’ Handbook provisions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your property lawyer will have no choice but to discontinue acting for you.
I am close to exchanging contracts on the sale of our home in Sychdyn and according to the buyers it appears that there is a risk of it being constructed on contaminated land. Any local lawyer would know that there is no such problem. It does beg the question why the buyers are using an internet conveyancing outfit rather than a conveyancing solicitor in Sychdyn. Having lived in Sychdyn for 4 years we know of no issue. Should we contact our local Authority to get clarification need.
It would appear that you have a conveyancing solicitor currently acting for you. What do they say? You must 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 ailment)
Due to the encouragement of my in-laws I had a survey completed on a property in Sychdyn before retaining solicitors. I have been advised that there is a flying freehold element to the property. My surveyor has said that some lenders tend not issue a loan on a flying freehold house.
It varies from the lender to lender. Santander has different instructions for example to Halifax. Should you wish to telephone us we can investigate further with the relevant bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Sychdyn. Conveyancing may be slightly more expensive based on your lender's requirements.
As co-executor for the estate of my father I am disposing of a residence in Newport but reside in Sychdyn. My conveyancer (approximately 200 kilometers from merequires that I sign a statutory declaration ahead of the transaction finalising. Can you recommend a conveyancing practitioner in Sychdyn to witness this legal document for me?
Technically speaking you are not likely to need to have the documents attested by a conveyancing solicitor. Normally or notary public or qualified solicitor will do regardless of whether they are based in Sychdyn