I am not in a position to travel far from Llanrhystud. Please spell out why all Llanrhystud conveyancers aren't automatically on all bank panels?
Before the recession most lenders displayed an approach to risk which differs from the current day. The FSA in 2010 carried out a thematic review into property fraud which in summary warned lenders: know the conveyancers on your panel. As a result, mortgage companies have subsequently looked to extract more information from law firms concerning their operations and the individuals who work for them and set certain criteria such as completing a minimum volume of transactions. Thousands of firms have found themselves removed from lender panels even though they had 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Many firms found it impossible satisfy the minimum volume of transactions the mortgage companies insisted on.
Due to move into my new home in Llanrhystud next Monday. My conveyancer now wants me to supply her with evidence of content and building insurance for the property as as she informs me that she is duty bound to validate that it is in order for the mortgage company. What risks does the lender expect the insurance to cover?
All property lawyers on acting for mortgage companies would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s UK Finance Lenders’ Handbook requirements. These requirements are not specific to conveyancing in Llanrhystud.
We are buying a apartment in Llanrhystud. It might be a silly question but how we can trust a lawyer? On completion day we will need to deposit funds into their account. What protection do we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
When it comes to lenders such as Kent Reliance, do Llanrhystud property lawyers incur an annual charge to be on the conveyancing panel?
We are unaware of any lender fees to be on their panel, although some do charge an administration fee to deal with the processing of the conveyancing panel submission.
We had instructed conveyancers locally in Llanrhystud on the Coventry BS solicitor panel. They have just invoiced me a further fee for dealing with the Coventry BS mortgage. Is this an additional conveyancing fee set by Coventry BS?
Provided it is contained in their Terms and Conditions or Quote then yes your property lawyer is entitled to charge a fee for this. The charge is not set by Coventry BS but by your Llanrhystud property lawyer. Plenty of firms on the Coventry BS panel will levy ’dealing with mortgage’ fee and others do not.
I purchased a semi-detached Edwardian property in Llanrhystud. Conveyancing solicitor represented me and Accord Mortgages Ltd. I happened to do a free search for it on the Land Registry database and I saw a couple of entries: the first freehold, another for leasehold under the exact same address. Is it worth asking Accord Mortgages Ltd to clarify?
You need to assess the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Llanrhystud and other areas of the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with purchasers. You can also enquire as to the situation with the conveyancing solicitor who conducted the purchase.
I am looking for a flat up to £195,000 and found one round the corner in Llanrhystud I like with open areas and station nearby, however it's only got 61 years unexpired on the lease. I can't really find anything else in Llanrhystud in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you need a home loan that many years may be problematic. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of 2 years you could request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should consult your conveyancing solicitor regarding this matter.