My wife and I are looking to purchase a property in Barry Island and have instructed a Barry Island conveyancing firm. Within the past 48 hours our conveyancer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Accord Mortgages Ltd have this morning contacted us to inform me that there is now an issue as our Barry Island conveyancer is not on their approved list of lawyers. Please explain?
Where you are buying a property requiring a mortgage it is usual for the purchasers' lawyers to also act for the mortgage company. 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 solicitor should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own Barry Island solicitors, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
How do I discover of the solicitor carrying out my conveyancing in Barry Island is on the lender’sconveyancing panel? I am looking to avoid the situation of having one lawyer for me and one for Coventry Building Society thus spending £192.00 in supplemental legal bill.
Please do make the most of the search tool on this site. Pick the mortgage company and type ‘Barry Island’ or your location and you will see numerous conveyancers offices in Barry Island or by proximity to you.
If you had a top tip for selecting a conveyancing solicitor in Barry Island what would it be?
Do not opt for the lowest Barry Island conveyancing fees. You really do get what you’re paying for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
When it comes to mortgage companies such as Nottingham, do Barry Island solicitors have to pay a yearly amount to be on the list of approved solicitors?
We are not aware of any bank fees to be on their panel, although some do charge an administration fee to deal with the processing of the conveyancing panel submission.
Intending to buy a apartment in Barry Island. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Coventry BS conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Barry Island conveyancing practitioner is on the Coventry BS conveyancing panel.
I used Action Conveyancing a few years ago for my conveyancing in Barry Island. I now require my papers but the law firm has closed. What do I do?
Do contact the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Barry Island of the conveyancing firm of solicitors you previously retained, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
How does conveyancing in Barry Island differ for new build properties?
Most buyers of new build or newly converted property in Barry Island approach us having been asked by the seller to sign contracts and commit to the purchase even before the house is completed. This is because house builders in Barry Island typically 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 property lawyers 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 Barry Island or who has acted in the same development.