My fiance and I are hoping to buy a property in Blaenau Ffestiniog and are in fact using a Blaenau Ffestiniog conveyancing firm. 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. Coventry Building Society have this morning contacted us to advise us that there is now an issue as our Blaenau Ffestiniog lawyer is not on their conveyancing panel. Please explain?
If you are buying a property needing a mortgage it is conventional for the purchasers' solicitors 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 solicitor 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 lender’s conveyancing panel and you may continue to use your own Blaenau Ffestiniog solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
It has been 3 months following my purchase conveyancing in Blaenau Ffestiniog completed. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £180,000. 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 asset 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.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on two weeks back in what should have been a simple, chain free conveyancing. Blaenau Ffestiniog is the location of the property. Is there any guidance you can impart?
Flying freeholds in Blaenau Ffestiniog are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Blaenau Ffestiniog you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Blaenau Ffestiniog may determine 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 premises.
We're first time buyers - agreed a price, yet the property agent advised that the seller will only proceed if we appoint their chosen conveyancers as they are insisting on an ‘expedited deal’. We would rather use a family conveyancer with experience of conveyancing in Blaenau Ffestiniog
It is unlikely the owners are driving this. If they desire ‘a quick sale', turning down a genuine buyer is likely to cause more damage than good. Bypass the agents and go straight to the sellers and make sure they comprehend that (a)you are keen to buy (b)you are ready to go, with finances in place © you are unencumbered (d) you intend to proceed fast (e)but you will continue to instruct your preferred Blaenau Ffestiniog conveyancing solicitors - not the ones that will provide the estate agent a referral fee or meet his conveyancing targets pre-set by HQ.
What is the reason for new build conveyancing in Blaenau Ffestiniog being more expensive?
Acquiring a brand new premises is significantly different from the normal house buying conveyancing in Blaenau Ffestiniog. Firstly developers normally require contracts to exchange very quickly, so there is a a great deal of pressure on your solicitor to make sure everything is in order. In addition new build premises often involve the checking of adoption of highways, drains, planning considerations, building warranties or architects certificates. Bank obligations are also more demanding. Given the complex nature of the process for these types of properties, the conveyancing new build fees are higher than normal.