I am one month into the sale of my home in Criccieth and the EA has just e-mailed to say that the purchasers are swapping solicitor. The excuse is that the bank will only engage with property lawyers on their conveyancing panel. Why would a major mortgage company only engage with specific lawyers rather the firm that they want to appoint to handle their conveyancing in Criccieth ?
Lenders have always had an approved set of law firms they are willing to work with, but in the past few years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Lenders point to the increase in fraud by way of justification for the reduction – 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 hearing daily from firms that have been removed from panels. Plenty of firms 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. Your purchasers are not going to have any sway in the decision.
Can you help? My Criccieth lawyer is assuring me that he has toapply for Criccieth conveyancing searches becausethe firm are on the HSBCapproved lawyer panel. Is this really necessary?
Unfortunately both you and your lawyer have little choice here. As you are taking a home loan with a mortgage company your solicitor has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your lawyer would have previously signed the Terms and Conditions of your lender’s conveyancing panel appointment which obliges them to comply with the Council of Mortgage Lenders’ Handbook requirements . Even if you were a cash buyer you would be ill advised not to carry out Criccieth conveyancing searches.
As someone not used to conveyancing in Criccieth what is your top tip you can impart concerning the ownership transfer in Criccieth
Not many law firms shout this from the rooftops but conveyancing in Criccieth and elsewhere in England and Wales is an adversarial process. In other words, when it comes to conveyancing there exists lots of room for conflict between you and other parties involved in the ownership transfer. E.g., the vendor, property agent and sometimes your lender. Choosing a solicitor for your conveyancing in Criccieth is a critical decision as your conveyancer is your adviser, and is the SOLE person in the transaction whose responsibility is to act in your best interests and to protect you.
Every so often a third party with a vested interest will try and persuade you that you should follow their advice. As an example, the property agent may claim to be helping by claiming that your solicitor is slow. Or your mortgage broker may advise you to do take action that is contrary to your solicitors guidance. You should always trust your lawyer above all other parties when it comes to the legal transfer of property.
4 months have gone by following my purchase conveyancing in Criccieth completed. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I opted to have a survey carried out on a property in Criccieth before retaining solicitors. I have been advised that there is a flying freehold element to the property. Our surveyor has said that some banks will refuse to issue a loan on such a property.
It varies from the lender to lender. Bank of Scotland has different instructions for example to Halifax. Should you wish to call us we can check with the relevant bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Criccieth. Conveyancing will be smoother if you use a solicitor in Criccieth especially if they are accustomed to such properties in Criccieth.
My cousin has recommend that I use his conveyancing solicitors in Criccieth. Should I use them?
Much as we are happy to recommend a Criccieth conveyancing lawyer it’s preferable to choose a conveyancing lawyer is to have guidance from friends or family who have actually previously instructed the conveyancer you're contemplating using.