My lawyer has uncovered a a legal deficiency with the lease for the apartment we are buying in Swansea City. The other side have suggested title insurance as a solution. We are content with insurance and will pay for it. Our conveyancing practitioner has advised that he must ensure that the bank is happy with this solution. Who is the client here, us or the bank?
Regardless of the fact that you have a mortgage offer from the lender does not mean to say that the property will meet their provisions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook specifications. You and the lender are the client. The appropriate lender conditions have to be complied with.
I'm the single beneficiary of my late father’s estate with all property in now in my sole name, including the house in Swansea City. The Swansea City property was put into my name in November. I want to move. I do know about the Mortgage Lenders six month 'rule', which means that my property ownership could be treated the same way as if I'd bought the house in November. Do I have to wait half a year to sell?
The Council of Mortgage Lenders’ handbook requires conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be caught by that. How sensible a view lenders take of it, depend on the mortgage company as this requirement primarily exists to pick up on the purchase and immediately sell or the wholesaling and assigning of properties.
is it true that all Swansea City solicitors on the Co-operative conveyancing panel are regulated by the Solicitors Regulatory Authority?
As solicitors, in order to be on the Co-operative conveyancing panel they would need to be regulated by the SRA. The majority of mortgage companies do permit licenced conveyancers on their panel and in such a situation the practice would be regulated by the Council of Licensed Conveyancers.
The formalities of my purchase has taken place for my property in Swansea City. Conveyancing was of an acceptable standard but I would like to complain about the lender. How do I make a complaint?
Most lenders have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Care Department at head office. We understand that complaints to a lender are sorted out effectively and efficiently. If you feel the matter is not resolved you can write to Financial Ombudsman Service with full details of your complaint.
How easy is it to use the search facility to locate a conveyancing practitioner in Swansea City on the panel for my bank?
First select a mortgage company such as Yorkshire Building Society, Virgin Money or Barclays Direct then choose your location for example Swansea City. Conveyancing firms in Swansea City and across England and Wales should be listed.
Am I best advised to go with a Swansea City conveyancing lawyer in close proximity to the house I am purchasing? An old friend can carry out the conveyancing but his firm is located 200miles drive away.
The primary upside of using a high street Swansea City conveyancing firm is that you can drop in to execute documents, present your ID and apply pressure on them if necessary. Having local Swansea City know how is a plus. However it's more important to get someone that will pull out all the stops for you. If other friends have instructed your friend and they were impressed that should trump using an unfamiliar Swansea City conveyancing lawyer solely due to them being based in the area.
Builders have suggested I use a conveyancer and I've sought an estimate from them. They are nearly £400 cheaper than my family Swansea City conveyancing practitioner. What's the catch?
Developers frequently have lists of conveyancing practitioners who are quick and who know the seller’s contract and conveyancing practitioner. As many developers offer an inducement to use their approved lawyer for this reason, any increased charges can be avoided and a builder won't put forward a conveyancing warehouse and run the risk of having the conveyancing delayed when they want exchange in 28 days. A counter-argument for not agreeing to use the suggested property lawyer is that they may be unwilling to 'push' your interests for fear of upsetting the sellers. Where you have concerns that this may be the case you should stick with your high street Swansea City solicitor.