My bid for a property was accepted at auction in Llandeilo. Conveyancing is required. What is next?
Given that you are now for all intents and purposes signed on the dotted line you must find a conveyancing lawyer as a matter of urgency as you are faced with a pending a fixed date to complete the conveyancing. All auction property should have a bespoke auction set of papers. This will likely include most,if not all of the paperwork that your conveyancer requires. Where you are dealing with leasehold premises the legal papers may provide a copy of the lease, management information and a sellers leasehold information form and other conveyancing documentation relating to leasehold premises. You should hand this to the solicitor instructed by you at the earliest opportunity. You also need to ensure that you have funds in place to complete the transaction on the set completion date.
My offer was accepted on an apartment in Llandeilo on 8/10/2024, valuation was booked 2 days later, all came back fine. Conveyancer appointed, so the only thing outstanding was my mortgage offer. Having made daily calls to Virgin Money and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the Virgin Money conveyancing panel. Are Virgin Money entitled to hold back the Mortgage pending the lawyer being on the approved list?
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Virgin Money to deal with your lawyer's application to be on the Virgin Money conveyancing panel. There's no guarantee that your solicitor will be accepted.
Nationwide have agreed my mortgage in principle, my offer on a flat in Llandeilo has been agreed to, what are the next steps?
Your estate agent will want to be informed of your property lawyer's details (be sure the conveyancing practitioners are on the bank’s approved list). Call up Nationwide or your financial adviser and complete any appropriate forms. Nationwide will sellect a valuer who will get in touch with the estate agent or seller to arrange a time for the valuation to happen. Once carried out (assuming no problems) it takes approximately a week to receive the mortgage offer. Nationwide will send the offer to you and your conveyancers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Llandeilo.
Just acquired a detached house in Llandeilo , how long should it take for the Land Registry to deal with the formalities evidencing my proprietorship? My Llandeilo conveyancing solicitor works at snail pace, so I want to check that my purchase is recorded.
As far as conveyancing in Llandeilo registration is no quicker or slower than anywhere else in England and Wales. As opposed to being determined by geographic area, timescales can adjust depending on the party submitting the application, whether it is in order and whether the Land registry need to notify any interested parties. At present roughly three quarters of submission are fully addressed in less than three weeks but some can be subject to protracted delays. Registration is effected once the purchaser has moved in to the premises so registration formalities is not usually primary concern but if there is a degree of urgency associated with the registration then you or your solicitor must speak with the land registry and explain the circumstances.
How does conveyancing in Llandeilo differ for new build properties?
Most buyers of new build property in Llandeilo approach us having been asked by the builder to exchange contracts and commit to the purchase even before the residence is built. This is because builders in Llandeilo usually purchase 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 conveyancers 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 accustomed to new build conveyancing in Llandeilo or who has acted in the same development.
Due to the encouragement of my in-laws I had a survey completed on a house in Llandeilo before appointing conveyancers. I have been told that there is a flying freehold element to the house. The surveyor advised that some mortgage companies tend refuse to grant a loan on such a house.
It varies from the lender to lender. HSBC has different requirements for example to Halifax. If you e-mail us we can check via the relevant bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Llandeilo. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Llandeilo to see if the conveyancing will be more expensive.
Our lawyer in Llandeilo has identified a defect with the lease for the property we are purchasing in Llandeilo. The seller’s lawyers have suggested title insurance as a solution. We are happy with insurance and will pay for it. Our lawyer says that as he is on the lender conveyancing panel he must ensure that the lender is happy with this solution. Who is the client here, us or the lender?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the mortgage company are the client. A precondition to being on the bank approved panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects will the lease so that the lender 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 lawyer will have no choice but to discontinue acting for you.