My wife and I are planning to purchase a house in Bryn Y Baal and have instructed a Bryn Y Baal conveyancing practice. Within the last couple of days our lawyer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Bank of Scotland have this afternoon contacted us to advise us that there is now an issue as our Bryn Y Baal solicitor is not on their conveyancing panel. Is this a problem?
If you are buying a property with the assistance of 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 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 solicitors to act. You don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own Bryn Y Baal solicitors, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
My brother and I have just purchased a property in Bryn Y Baal. We have since encountered a number of issues with the property which we believe were overlooked in the conveyancing searches. What action can we take? Can you clarify the type of searches that should have been conducted for conveyancing in Bryn Y Baal?
The question is vague as what problems have arisen and if they are unique to conveyancing in Bryn Y Baal. Conveyancing searches and investigations initiated during the legal transfer of property are designed to help avoid problems. As part of the process, a seller fills in a questionnaire called a SPIF. answers ends up being incorrect, you could possibly take legal action against the vendor for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in Bryn Y Baal.
We're in Bryn Y Baal, First time buyers buying with a mortgage (lender is Bank of Ireland , and our lawyer is on the Bank of Ireland conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Bank of Ireland conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no property lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
How does conveyancing in Bryn Y Baal differ for newly converted properties?
Most buyers of new build or newly converted property in Bryn Y Baal come to us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is constructed. This is because house builders in Bryn Y Baal usually acquire 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 conveyancing solicitors 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 Bryn Y Baal or who has acted in the same development.
How difficult is it to swap solicitor as I need to instruct one who is on the Barclays conveyancing list. I hired a high street conveyancing solicitor in Bryn Y Baal round the corner but the firm is not accepted by Barclays
It would be our pleasure to assist you find a conveyancing solicitor in Bryn Y Baal on the Barclays panel. Please note that the solicitors that we list do not pay us a referral fee if you instruct them and are regulated by the SRA who oversee all conveyancing solicitors in Bryn Y Baal. In making use of search facility on this page, you can scrutinise fees for conveyancing solicitors in Bryn Y Baal and beyond.
We have had DIP from Halifax who said we could borrow up to £350k. At what point do I need to instruct a practitioner for conveyancing? Bryn Y Baal is where we are purchasing.
It would be wise to instruct a property lawyer now so that the solicitor can open the ledger so they can commence the ID checks etc. Once you wish them to start work they will seek a payment on account usually about £175. That would normally be after you have the loan offer from the lender and survey report, however should you want to speed the process you can start the ball rolling quicker even though you may be risking some money.