I am one month into the sale of my flat in Llantwit Fardre and the estate agent has just text me to warn that the purchasers are changing their conveyancer. The reason given is that the lender will only engage with property lawyers on their conveyancing panel. Why would a leading lender only deal with certain lawyers rather the firm that they want to choose to handle their conveyancing in Llantwit Fardre ?
Lenders have always had panels of law firms they are content to work with, but in the last few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for over 25 years.
Lending institutions point to the increase in fraud as the reason for the cull – criteria have been stiffened as a smaller panel is easier to oversee. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms that have been removed from panels. Some are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your purchasers are not going to have any impact on this.
What is the best way to investigate if the solicitor conducting my conveyancing in Llantwit Fardre is on the bank’sapproved panel? I am looking to avoid the situation of having one lawyer for me and one for Norwich and Peterborough Building Society thus spending £192.00 in additional legal charges.
Feel free to take advantage of the find a conveyancing panel solicitor tool on this web page. Pick the mortgage company and type ‘Llantwit Fardre’ or your location and you will see a number of lawyer based in Llantwit Fardre or near you.
I have recentlybecome aware that Wolstenholmes have been shut down. They carried out my conveyancing in Llantwit Fardre for a purchase of a freehold house 12 months ago. How can I establish that my home is not still registered in the name of the former proprietor?
The quickest way to see if the property is in your name, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Llantwit Fardre conveyancing specialists.
How does conveyancing in Llantwit Fardre differ for newly converted properties?
Most buyers of new build premises in Llantwit Fardre come to us having been asked by the developer to sign contracts and commit to the purchase even before the house is ready to move into. This is because house builders in Llantwit Fardre tend to buy 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 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 accustomed to new build conveyancing in Llantwit Fardre or who has acted in the same development.
Over the last few months I have been searching for a ground for flat up to £245,000 and found one close by in Llantwit Fardre I like with a park and railway links in the vicinity, however it only has 49 years on the lease. There is not much else in Llantwit Fardre for this price, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you require a mortgage the remaining unexpired lease term will be problematic. Reduce the price by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of 2 years you can request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing solicitor about this matter.