I am progressing with the sale of my maisonette in Ebbw Vale and the estate agent has just text me to say that the buyers are switching property lawyer. The excuse is that the bank will only engage with solicitors on their conveyancing panel. Why would a major mortgage company only deal with specific law firms rather the firm that they want to appoint for their conveyancing in Ebbw Vale ?
Banks have always had panels of law firms they are willing to work with, but in the past few years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Lenders point to the increase in fraud by way of justification for the reduction – criteria have been tightened as a smaller panel is easier to monitor. Banks tend not to disclose 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. 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. The purchasers are not going to have any sway in the decision.
We had chosen conveyancing lawyers with offices in Ebbw Vale on the TSB solicitor approved list. They are now charging me a supplemental amount for handling the TSB mortgage. Is this an additional conveyancing fee specified by TSB?
Unfortunately, so long as it is in their Terms and Conditions or estimate then yes your conveyancer can charge a fee for this. This charge is not set by TSB but by your Ebbw Vale property lawyer. Numerous firms on the TSB panel will charge an ‘acting for lender’ fee but plenty of firms incorporate it on their overall fee.
We are getting a further advance on our home loan from RBS as we intend to carry out a loft conversion to our house in Ebbw Vale. Are we obliged to choose a bricks and mortar Ebbw Vale solicitor on the RBS conveyancing panel to deal with the legals?
RBS don't usually instruct a member of their conveyancing panel to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the RBS conveyancing panel.
I was told four weeks ago that my mortgage has been agreed to by Bank of Ireland. Is it usual for Bank of Ireland to only issue the offer once my solicitor in Ebbw Vale is approved on their conveyancing panel? Bank of Ireland have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Bank of Ireland to deal with your lawyer's application to be on the Bank of Ireland conveyancing panel. There's no guarantee that your solicitor will be accepted.
Various online forums that I have come across warn that are a common reason for hinderance in Ebbw Vale house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) released findings of a review by MoveWithUs that conveyancing searches do not figure amongst the top 10 causes of hindrances in the conveyancing process. Local searches are unlikely to be the root cause of holding up conveyancing in Ebbw Vale.
It has been 3 months following my purchase conveyancing in Ebbw Vale took place. I have checked the Land Registry website 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 premises 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've recently found out that there is a flying freehold issue on a house I have offered on a fortnight ago in what was supposed to be a simple, chain free conveyancing. Ebbw Vale is the location of the property. What do you suggest?
Flying freeholds in Ebbw Vale are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Ebbw Vale you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Ebbw Vale may decide 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.
What should I expect to pay for conveyancing in Ebbw Vale?
The amount you are levied for Ebbw Vale conveyancing charges can differ significantly from lawyer to lawyer. This makes it especially critical for you to have a complete summary of costs before you appoint a conveyancer. It is advisable to find a couple quotes.