I am in the process of selling my flat in Caerphilly and the EA has just telephoned to warn that the purchasers are swapping solicitor. The reason given is that the bank will only deal with property lawyers on their conveyancing panel. On what basis would a big named mortgage company only deal with specific solicitors rather the firm that they want to choose for their conveyancing in Caerphilly ?
Banks have always had panels of law firms that can represent them, but in the past few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 25 years.
Lenders attribute this action to a rise in fraud as the reason for the pruning – criteria have been stiffened as a smaller panel is easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices 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 sway in the decision.
Please explain the implications if my solicitor is suspended from the HSBC Conveyancing panel ahead of completing my conveyancing in Caerphilly?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
Can you point me to a directory of Skipton panel conveyancers in Caerphilly on the Council of Mortgage Lender’s Website?
Unfortunately not yet. There is no such facility on the CML or Building Society Association sites. Very few lending institutions make their panel listings viewable online. Where you are in need of a Caerphilly conveyancing practitioner on the Skipton please use our tool.
I can not work out if my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Caerphilly bank branch on numerous occasions and was informed it wasn't a problem and they will lend. My Caerphilly conveyancing solicitor - who is on the bank conveyancing panel- telephoned to say that they will not lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. I have no idea who is right.
Your property lawyer has to comply with the CML Handbook section two provisions for your bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I am due to exchange contracts on my flat. I had a double glazing fitted in June 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, Barclays are being a right pain. The Caerphilly solicitor who is on the Barclays conveyancing panel is recommending indemnity insurance as a solution but Barclays are insisting on a building regulation certificate. Why do Barclays have a conveyancing panel if they don't accept advice from them?
It is probably the case that Barclays have referred the matter to their valuer. The reason why Barclays may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I require quick conveyancing in Caerphilly as I have a deadline to sign on the dotted line within 3 weeks. A home loan is not required. Is it possible to escape the need for conveyancing searches to save fees and time?
As you are not taking a mortgage you have the choice not to have searches conducted although no law firm would advise that you don't. Drawing on years of experience of conveyancing in Caerphilly the following are examples of what can show up and therefore impact future mortgageability: Refused Planning Applications, Outstanding Charges, Outstanding Grants, Unadopted Roads,...
Are there restrictive covenants that are commonly identified as part of conveyancing in Caerphilly?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Caerphilly. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Due to the input of my in-laws I had a survey completed on a property in Caerphilly prior to instructing solicitors. I have been informed that there is a flying freehold aspect to the house. My surveyor advised that some mortgage companies tend refuse to give a loan on such a home.
It depends who your proposed lender is. Bank of Scotland has different instructions for example to Birmingham Midshires. Should you wish to telephone us we can investigate further via the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Caerphilly. Conveyancing may be slightly more expensive based on your lender's requirements.