I am selling my apartment in Croesyceiliog and the estate agent has just text me to say that the buyers are switching law firm. The reason given is that the bank will only deal with solicitors on their conveyancing panel. Why would a major mortgage company only engage with certain lawyers rather the firm that they want to choose to handle their conveyancing in Croesyceiliog ?
Lenders have always had an approved set of law firms that can act for them, but in recent years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Mortgage companies attribute this action to a rise in fraud as the reason for the pruning – criteria have been tightened as a smaller panel is easier to maintain. No lender will say 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 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 buyers are not going to have any sway in the decision.
We're in Croesyceiliog, FTBs purchasing with a mortgage (lender is Virgin Money , and our lawyer is on the Virgin Money conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Virgin Money conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no 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.
Should commercial conveyancing searches disclose proposed roadworks that may impact a commercial premises in Croesyceiliog?
Its becoming the norm that commercial conveyancing solicitors in Croesyceiliog will execute a SiteSolutions Highways report as it reduces the time that conveyancers invest in sourcing accurate data on highways that impact buildings and development assets in Croesyceiliog. The search result sets out definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Croesyceiliog.
For every commercial conveyancing transaction in Croesyceiliog it is critical to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been dealt with adequately could cause delays to Croesyceiliog commercial conveyancing transactions as well as present a risk to future intentions for the site. These searches are not conducted for residential conveyancing in Croesyceiliog.
My wife and I purchased a renovated Victorian property in Croesyceiliog. Conveyancing solicitor represented me and Alliance & Leicester . I did a free Land Registry search last week and there are a couple of entries: the first freehold, the second leasehold under the matching property. If a house is not a freehold shouldn't I have been informed?
You should review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Croesyceiliog and other areas of the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with purchasers. You can also question the position with your conveyancing lawyer who conducted the conveyancing.
How does conveyancing in Croesyceiliog differ for new build properties?
Most buyers of new build property in Croesyceiliog approach us having been asked by the builder to exchange contracts and commit to the purchase even before the premises is built. This is because house builders in Croesyceiliog typically buy the site, 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 conveyancers 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 used to new build conveyancing in Croesyceiliog or who has acted in the same development.
I opted to have a survey done on a property in Croesyceiliog prior to retaining lawyers. I have been told that there is a flying freehold overhang to the house. The surveyor has said that some lenders may not give a mortgage on such a home.
It depends who your proposed lender is. Lloyds has different instructions from Nationwide. If you e-mail 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 Croesyceiliog. Conveyancing will be smoother if you use a solicitor in Croesyceiliog especially if they are familiar with such properties in Croesyceiliog.