I am not in a position to travel far from Tal y bont. Please spell out why all Tal y bont conveyancing practitioners are not on all mortgage company panels?
A decade ago most mortgage companies exhibited an attitude to risk which is different than today. The FSA in 2010 carried out a thematic review into mortgage fraud which concluded: know the lawyers on your panel. As a result, banks have subsequently requiredmore data from law firms regarding their processes and the staff employed by them and set certain criteria such as completing a minimum number of transactions. Hundreds of law practices have found themselves removed from lender panels even though they had an exemplary track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Many firms found it impossible meet the criteria of volume of transactions the mortgage companies required.
I'm purchasing a new build house in Tal y bont with a mortgage from The Mortgage Works. The sellers would not reduce the price so I negotiated £7000 of extras instead. The sale representative advised me not inform my lawyer about the deal as it will impact my loan with The Mortgage Works. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
What does commercial conveyancing in Tal y bont cover?
Non domestic conveyancing in Tal y bont covers a wide array of guidance, given by qualified solicitors, relating to business premises. By way of example, this area of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the assignment of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of tenancies.
Completion is due on the disposal of our £325,000 flat in Tal y bont on Monday in a week. The landlords agents has quoted £396 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge such fees for a flat conveyance in Tal y bont?
Tal y bont conveyancing on leasehold maisonettes more often than not requires the buyer’s solicitor sending enquiries for the landlord to address. Although the landlord is not legally bound to address such questions the majority will be willing to assist. They may invoice a reasonable administration fee for responding to questions or supplying documentation. There is no set fee. The average fee for the information that you are referring to is £350, in some situations it exceeds £800. The management information fee levied by the landlord must be sent together with a synopsis of rights and obligations in respect of administration charges, without which the charge is not strictly payable. Reality however dictates that one has little choice but to pay whatever is demanded should you wish to sell the property.
I inherited a ground floor flat in Tal y bont, conveyancing formalities finalised July 2008. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Tal y bont with a long lease are worth £186,000. The average or mid-range amount of ground rent is £55 per annum. The lease ends on 21st October 2071
With 52 years remaining on your lease the likely cost is going to range between £29,500 and £34,000 as well as costs.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. You should not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.
My wife and I are purchasing a ground floor flat in Tal y bont. At the time of instructing our lawyer, they told us that they were on all mainstream lender panels. The mortgage broker contacted us just now to say that they are not on the HSBC approved list. If it turns out to be true, what should we do? Should we simply choose a new solicitor that is on their approved list or should we pay for separate representation, with HSBC selecting their own approved lawyer.
When purchasing a property with the benefit of a mortgage it is conventional for the purchaser’s lawyers to also act for the purchaser's lender. In order to act for a bank or building society a conveyancing practitioner has to be on that lender's conveyancing panel. An application has to be made by the conveyancer to the lender to become a member of the lender's panel and there are increasingly strict criteria which the conveyancing practitioner has to fulfill. Some mortgage companies now insist their panel firms to be part of the Law Society’s Conveyancing Quality Scheme. Your conveyancer should call HSBC to discover 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 HSBC's conveyancing panel and you may continue to use your own Tal y bont solicitors, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.