I am nearing exchange of contracts for my apartment in Ceredigion and the EA has just called to advise that the purchasers are appointing a new law firm. The excuse is that the mortgage company will only engage with solicitors on their approved list. On what basis would a big named mortgage company only engage with certain law firms rather the firm that they want to select to handle their conveyancing in Ceredigion ?
Banks have always had panels of law firms that can represent them, but in the last few years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 25 years.
Lending institutions blame a rise in fraud by way of justification for the pruning – criteria have been stiffened as a smaller panel is easier to oversee. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices that have been removed from panels. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The purchasers are unlikely to have any sway in the decision.
We were just about to exchange contracts for a freehold house in Ceredigion. We have hit a problem. Our loan offer with Coventry Building Society expires on 24/4/2025 but the vendors are insisting on a completion date of 28/4/2025. Can one prolong the loan offer?
The best person to address this question is your conveyancer who is in a position to calculate whether he or she is better off negotiating with the mortgage broker, vendor’s representatives, selling agents or conceivably all three given the circumstances your house move to date.
I am purchasing a new build flat in Ceredigion. Conveyancing solicitors are said to be ‘a necessary evil’ but can I do it myself?
Leaving aside the complexities and merits of DIY conveyancing in Ceredigion you will have to appoint a solicitor on your mortgage company's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Ceredigion.
What does a local search tell me about the house we're buying in Ceredigion?
Ceredigion conveyancing often commences with the applying for local authority searches directly from your local Authority or via a personal search company for example Searchflow The local search plays an important role in most Ceredigion conveyancing purchase; as long as you wish to avoid any unpleasant surprises after you move into your new home. The search will reveal data on, amongst other things, details on planning applications relevant to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic areas.
I'm purchasing a new build house in Ceredigion with a loan from Godiva Mortgages Ltd. The sellers would not move on the price so I negotiated five thousand pounds worth of additionals instead. The estate agent advised me not disclose to my lawyer about this deal as it may put at risk my loan with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Should I go with a Ceredigion conveyancing practitioner based in the location that I am buying? An old friend can handle the legal work but his firm is located 400kilometers away.
The primary upside of using a high street Ceredigion conveyancing firm is that you can attend the office to sign documents, hand in your ID and pester them if necessary. They will also have local insight which is a bonus. However it's more important to get someone that will do a good and efficient job. If if people you trust used your friend and the majority were happy that should trump using an unknown Ceredigion conveyancing solicitor solely due to them being based in the area.