I was told today by my lender that my Penarth solicitor is not on the mortgage company Conveyancing panel. What can I do to be certain if this is indeed the case?
Your first step should be to contact your Penarth lawyer directly. It is reasonable to expect your lawyer to advise you what has happened. If they are not on the panel they could put your in touch with solicitors on the conveyancing panel for your mortgage company.
My conveyancer has informed me that lack of planning permission insurance is necessary on my purchase. What is the typical level of cover needed for conveyancing in Penarth?
The appropriate level of lack of planning permission indemnity insurance depends on who your lender is. It would differ for example between Accord Mortgages Ltd and The Mortgage Works. Conveyancing practitioners as opposed to borrowers take out such insurances.
We had appointed conveyancing lawyers locally in Penarth on the Bank of Ireland solicitor approved list. They are now charging me a further charge for dealing with the Bank of Ireland mortgage. Is this an additional conveyancing fee set by Bank of Ireland?
As unfair as it may seem, as long as it’s in their Terms of Engagement or estimate then yes your conveyancer may charge a fee for this. The charge is not set by Bank of Ireland but by your Penarth conveyancer. Plenty of firms on the Bank of Ireland panel will quote ’dealing with mortgage’ fee and others do not.
I have finally had an offer on an apartment in Penarth accepted, but there is a chain. The owners have placed an offer on a property, however it’s not yet tied up, and are looking at other apartments in the pipeline. I have chosen a nearby conveyancing solicitor in Penarth. What do I do now? When should I get the mortgage application with Barclays going?
It is understandable to have concerns where there is a chain as you are unlikely to want to incur expenses too early (home loan application is approx one thousand pounds, then valuation, Penarth conveyancing search fees, etc). The first course of action is to check that your property lawyer is on the Barclays approved list. Regarding the subsequent steps this very much dictated by the uniqueness of your case, attraction to the property and on the state of the market. During a rising market many purchasers will apply for a home loan with Barclays and arrange for the valuation and only if it was satisfactory would they ask their conveyancing practitioner to move forward with the conveyancing in Penarth.
Are there restrictive covenants that are commonly identified during conveyancing in Penarth?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Penarth. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in Penarth differ for new build properties?
Most buyers of new build premises in Penarth contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the house is constructed. This is because builders in Penarth usually buy the land, 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 used to new build conveyancing in Penarth or who has acted in the same development.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on a fortnight ago in what was supposed to be a quick, no chain conveyancing. Penarth is the location of the property. Can you offer any advice?
Flying freeholds in Penarth are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Penarth you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Penarth 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 residence.