I can't travel far from Pencoed. What is the rationale as to why all Pencoed conveyancing practitioners are not on all mortgage company panels?
Lenders tend to restrict either the type or volume of conveyancing practices on their approved list of lawyers. A common example of such criteria being that a firm is required to have two or more partners. As well as restricting the type of firm, some lenders decided to limit the size of their panel they allow to act for them. You should note that lenders have no liability for the accuracy of conveyancing given by any Pencoed solicitor on their approved list. Property fraud was the main trigger for the rationalisation of conveyancing panels from 2008 even though there are contrary assessments concerning whether solicitors sat at the center of that fraud. Data via the Land Registry reveal that thousands of conveyancing organisations only conduct a couple of conveyances a year. Those supporting conveyancing panel culls ask why conveyancing firms deserve claim to be listed on a lender panel when it is apparent that property law is not their primary expertise?
My husband and I are acquiring a new build apartment in Pencoed and my solicitor is advising me that she has to the bank to reveal incentives from the seller. The Estate Agents are hassling me to exchange and my preference is not to prolong the conveyancing. Is my lawyer right?
You should not exchange unless you have been advised to do so by your property lawyer. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook conditions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
We note that you have a search directory listing firms on the Skipton conveyancing panel. Do firms pay you a referral fee if I appoint them for our conveyancing in Pencoed?
We are a listing service only for law firms wishing to communicate if they are on the Skipton conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Pencoed.
What is the optimum way to find out if the solicitor carrying out my conveyancing in Pencoed is on the mortgage lender’sapproved panel? I am looking to avoid the situation of having one lawyer for me and one for Yorkshire Building Society thus spending £187.00 plus VAT in supplemental legal costs.
Please do take advantage of the find a lender approved solicitor tool on this page. Please choose the mortgage company and type ‘Pencoed’ or your preferred area and you will discover a number of lawyer offices in Pencoed or near you.
My bid for a property was accepted at auction in Pencoed. Conveyancing is required. What happens now?
Having exchanged you should hire the services of a conveyancing solicitor quickly as you will have a fast approaching deadline in which to complete the transaction. Every auction property will have an associated auction pack. This will likely include evidence of title and search results. Where you are dealing with leasehold property the auction papers may contain a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork specific to a leasehold property. You should pass this on to your appointed conveyancing solicitor as soon as possible. Do make sure that you have funds in place to complete on the date specified in the contract.
We previously selected conveyancing lawyers located in Pencoed on the Kent Reliance solicitor panel. They have just billed me an additional sum for the legal aspects of the Kent Reliance mortgage. Is this an additional conveyancing fee specified by Kent Reliance?
Provided it is contained in their Terms of Engagement or Quote then yes your solicitor can levy a fee for this. This charge is not set by Kent Reliance but by your Pencoed property lawyer. Plenty of firms on the Kent Reliance panel will charge ’dealing with mortgage’ fee and others do not.
I was told two weeks ago that my mortgage has been agreed to by Skipton. Is it usual for Skipton to only issue the offer once my solicitor in Pencoed is approved on their conveyancing panel? Skipton have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
Mortgage companies tend not to not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Skipton to deal with your lawyer's application to be on the Skipton conveyancing panel. There's no guarantee that your solicitor will be accepted.