My husband and I are looking to acquire a house in Treuddyn and have appointed a Treuddyn conveyancing firm. Within the last couple of days our conveyancer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Britannia have this evening contacted us to advise us that they have now hit a problem as our Treuddyn lawyer is not on their conveyancing panel. Please explain?
When purchasing a property with the benefit of a mortgage it is usual for the purchasers' solicitors to also act for 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 bank 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 Treuddyn lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
Some advice if I may. My Treuddyn conveyancer is advising me that he is legally obliged toapply for Treuddyn conveyancing searches due to the fact thatthe firm are on the HSBCapproved lawyer panel. Is my conveyancer right?
Unfortunately both you and your lawyer have little choice here. Given that you are taking out a loan with a mortgage company your solicitor has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your lawyer would have previously signed the Terms and Conditions of your lender’s conveyancing panel appointment which obliges them to follow the Council of Mortgage Lenders’ Handbook requirements . Even if you were a cash buyer you would be ill advised not to carry out Treuddyn conveyancing searches.
I am considering applying for a Skipton mortgage for purchase of a new build (under development) in Treuddyn with 65 per cent loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Skipton ?
There is nothing to stop you using your solicitor, but Skipton will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
How does conveyancing in Treuddyn differ for newly converted properties?
Most buyers of new build premises in Treuddyn approach us having been asked by the seller to sign contracts and commit to the purchase even before the house is finished. This is because new home sellers in Treuddyn 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 used to new build conveyancing in Treuddyn or who has acted in the same development.
I am looking for a ground for flat up to £245,000 and found one round the corner in Treuddyn I like with open areas and station nearby, the downside is that it's only got 51 remaining years left on the lease. I can't really find anything else in Treuddyn for this price, so just wondered if I would be making a mistake acquiring a short lease?
Should you require a home loan the shortness of the lease may be problematic. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for a minimum of twenty four months you can request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer about this matter.