I am selling my house in Ceredigion and the estate agent has just e-mailed to warn that the buyers are switching conveyancer. The reason given is that the lender will only work with property lawyers on their conveyancing panel. Why would a major lender only engage with specific solicitors rather the firm that they want to appoint for their conveyancing in Ceredigion ?
Banks have always had panels of law firms they are willing to work with, but in recent years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Banks point to the increase in fraud by way of justification for the reduction – criteria have been stiffened as a smaller panel is easier to keep an eye on. Banks tend not to reveal 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. Plenty of firms 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 unlikely to have any sway in the decision.
I had intended to instruct a property lawyer in Ceredigion for our house purchase. Our financial adviser has since advised us that our mortgage lenders Skipton Building Society won't deal with them. Surely this is unfair competition?
Before the recession most banks had an appetite for risk which was higher than today. Almost all Ceredigion conveyancing firms would have been on many lender panels. The FSA in 2010 conducted a thematic investigation into mortgage fraud which concluded: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, mortgage companies have regularly sought more data from law firms concerning their operations and their employees and establishing certain criteria such a completing on a minimum volume of transactions. Many Ceredigion conveyancing firms that have been excluded from lender panels have Unblemished track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Ceredigion is one of the many areas where the solicitors we list are members of the panel for Skipton Building Society.
What can a local search inform me concerning the property my wife and I purchasing 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 PSG The local search plays an important part in many a Ceredigion conveyancing purchase; that is if you don’t want any nasty surprises after you move into your property. The search will supply information 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 subject sections.
I have recentlydiscovered that Action Conveyancing have been shut down. They carried out my conveyancing in Ceredigion for a purchase of a freehold house 10 months ago. How can I check that my home is registered correctly in the name of the former proprietor?
The easiest method to check if the property is in your name, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Ceredigion conveyancing specialists.
I've recently found out that there is a flying freehold element on a property I have offered on a fortnight ago in what was supposed to be a quick, no chain conveyancing. Ceredigion is the location of the property. Is there any guidance you can give?
Flying freeholds in Ceredigion are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Ceredigion you must be sure that your lawyer goes through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Ceredigion may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
Am I right to be suspicious by brokers that I am dealing with are recommending an internet conveyancing firm rather than a High Street Ceredigion conveyancing company?
As is the case with lots of service providers, often suggestions from connections can be worth their weight in gold. Yet there are numerous players in a conveyancing matter; estate agents, mortgage brokers and mortgage companies might all put forward lawyers to select. On occasion these solicitors might be known to one of the organisations as being good in their field, but occasionally there behind the scenes commercial relationship behind the endorsement. You have the discretion to choose your preferred lawyer. You need to be aware that most lenders operate an approved list of law firms you have to use for the lender aspect of your transaction.