My partner and I are hoping to purchase a property in Pontardawe and are in fact using a Pontardawe conveyancing firm. Within the last couple of days our property lawyer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. TSB have this afternoon contacted us to advise us that there is now an issue as our Pontardawe lawyer is not on their approved list of lawyers. Please explain?
If you are buying a property requiring a mortgage it is conventional for the purchasers' lawyers 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 solicitor 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 bank's conveyancing panel and you may continue to use your own Pontardawe solicitors, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
I had intended to instruct a property lawyer in Pontardawe for our house purchase. Our financial adviser has since notified us that our mortgage company Nationwide Building Society won't deal with them. Surely this is unduly restrictive?
Before the recession most lenders had an appetite for risk which was higher than today. Almost all Pontardawe conveyancing firms would have been on many lender panels. The Financial Services Authority in 2010 carried out a thematic investigation into mortgage fraud which come to the conclusion: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, mortgage companies have regularly sought more information from law firms regarding their operations and the individuals who work for them and establishing certain criteria such a completing on a minimum volume of conveyancing. Many Pontardawe conveyancing firms that have been excluded from lender panels have Unblemished track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Pontardawe is one of the hundreds of areas where the solicitors showing on our search results are are authorised to act for Nationwide Building Society.
My wife and I buying a victorian detached house in Pontardawe. We would like to carry out a loft conversion at the property.Will legal conveyancing on the property involve investigations to determine if these works are permitted?
Your solicitor will review the registered title as conveyancing in Pontardawe can on occasion reveal restrictions in the title deeds which restrict certain changes or need the consent of a 3rd party. Some works call for local authority planning consent and approval under the building regulations. Many areas are designated conservation areas and special planning restrictions apply which frequently prevent or affect extensions. It would be wise to check these things with a surveyor before you commit yourself to a purchase.
When it comes to lenders such as Clydesdale, do Pontardawe solicitors face a fee to be on the list of approved solicitors?
We are not aware of any lender fees to register on their list of approved firms, although some do levy an administration fee to deal with the processing of the conveyancing panel submission.
I had a mortgage agreed in principle with Virgin Money. Pontardawe conveyancing solicitors were instructed. How long does it take for Virgin Money to issue the offer to the solicitor?
Some lenders take longer than others. Have Virgin Money completed the survey? Have you advised Virgin Money as to your lawyers' details and checked that your lawyers are on the Virgin Money conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
It has been 4 months since my purchase conveyancing in Pontardawe concluded. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Pontardawe differ for new build properties?
Most buyers of new build residence in Pontardawe approach us having been asked by the developer to sign contracts and commit to the purchase even before the premises is ready to move into. This is because house builders in Pontardawe usually buy 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 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 Pontardawe or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a house I put an offer in a fortnight ago in what should have been a simple, no chain conveyancing. Pontardawe is the location of the property. Can you shed any light on this issue?
Flying freeholds in Pontardawe are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Pontardawe you would need to get your solicitor to go through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Pontardawe may ascertain 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 property.