My wife and I are looking to purchase a home in Llanrwst and are in fact using a Llanrwst conveyancing firm. Within the last couple of days our conveyancer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Bank of Ireland have this evening contacted us to inform me that they have now hit a problem as our Llanrwst solicitor is not on their approved list of lawyers. Is this a problem?
Where you are buying a property with the assistance of a mortgage it is standard for the purchasers' solicitors to also represent 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 Quality Scheme. Your property lawyer 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 don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own Llanrwst solicitors, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
When it comes to lenders such as TSB, do Llanrwst property lawyers incur an annual charge to be on the conveyancing panel?
We are unaware of any mortgage company fees to be on their list of approved firms, although some do charge an administration fee to deal with the processing of the conveyancing panel submission.
Can you point me to a directory of Leeds Building Society panel conveyancers in Llanrwst on the Council of Mortgage Lender’s Website?
No. There is no such facility on the Council of Mortgage Lenders or Building Society Association sites. A small selection of lending institutions make their panel listings viewable over the internet. If you are in need of a Llanrwst conveyancer on the Leeds Building Society please use our tool.
I can not fathom if my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Llanrwst bank branch on numerous occasions and was told they are content with the situation and they would lend. My Llanrwst conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned to say that they would not lend based on their specific requirements. I have no idea who is right.
Provided that the lawyer is on the bank approved list, she or he must comply with the CML Handbook provisions for the lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
I'm buying a new build house in Llanrwst with the aid of help to buy. The developers would not budge the price so I negotiated 6k of additionals instead. The property agent advised me not reveal to my lawyer about this deal as it may adversely affect my mortgage with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I opted to have a survey carried out on a house in Llanrwst in advance of retaining solicitors. I have been informed that there is a flying freehold overhang to the property. My surveyor has said that some banks will not issue a mortgage on a flying freehold property.
It depends who your proposed lender is. Santander has different requirements from Halifax. If you call us we can check with the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Llanrwst. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Llanrwst to see if the conveyancing will be more expensive.
In my capacity as executor for the estate of my grandmother I am disposing of a property in Newport but live in Llanrwst. My lawyer (approximately 250 kilometers awayneeds me to sign a stat dec prior to the transaction finalising. Can you recommend a conveyancing lawyer in Llanrwst to witness and place their company stamp on the document?
Technically speaking you are unlikely to need to have the documents attested by a conveyancing solicitor. Ordinarily or notary public or qualified solicitor will suffice regardless of whether they are located in Llanrwst