My husband and I are looking to buy a property in Swansea East and are in fact using a Swansea East conveyancing practice. Within the last couple of days our property lawyer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Leeds Building Society have this afternoon contacted us to inform me that they have now hit a problem as our Swansea East conveyancer is not on their conveyancing panel. What do we do from here?
When purchasing a property with the benefit of a mortgage it is conventional for the purchasers' solicitors to also represent 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 Accreditation Scheme. Your property lawyer 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 lawyers to represent them. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel as you are at liberty to use your preferred Swansea East lawyers, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
My wife and I are nearing an exchange on a house in Swansea East and my parents have sent the exchange deposit to my conveyancer. I am now informed that as the deposit has not come from me my conveyancer needs to disclose this to my mortgage company. Apparently, in also acting for the bank he must inform them that the balance of the purchase price is not just from me. I advised the mortgage company concerning my parents' contribution when I applied for the mortgage, so is it really appropriate for this now to delay the deal?
Your conveyancer is legally required to clarify with the bank to make sure that they know that the balance of the purchase price is not from your own resources. The solicitor can only reveal this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
I own a renovated Victorian property in Swansea East. Conveyancing practitioner represented me and Birmingham Midshires. I did a free Land Registry search last week and there are a couple of entries: one for freehold, the second leasehold under the exact same address. Is it worth asking Birmingham Midshires to clarify?
You should review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Swansea East and other areas of the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with purchasers. You can also question the situation with the conveyancing practitioner who conducted the purchase.
Hoping to buy a property located in Swansea East and I am already nervous. I couldn't find anything specific about Swansea East. Conveyancing will be needed in due course but do you know about the Swansea East area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Swansea East. In the meantime here are some basic statistics that we found
How easy is it to change a solicitor as I need to find a Swansea East based firm who is on the lender conveyancing panel. Is it advisable to appoint a new law firm?
In the event that you have not formally appointed a solicitor to commence the conveyancing and have just received quotes, you're perfectly free to choose a different solicitor to carry out your work for you. The best way is to get recommendations from friends or family who have actually used the solicitor or conveyancer in Swansea East that you're considering.