I was notified yesterday by my financial adviser that my Grangetown solicitor is not on the bank Solicitor panel. How can I be sure that this is correct?
Your first step should be to call your Grangetown lawyer directly. It is reasonable to expect your lawyer to advise you what has happened. Where they are not on the panel they may recommend you to a Grangetown conveyancing practice that is on the conveyancing panel for your lender.
Last August we completed a house move in Grangetown. We have since encountered a number of issues with the house which we believe were overlooked in the conveyancing searches. Is there anything we can do? Can you clarify the nature of searches that needed to have been conducted as part of conveyancing in Grangetown?
The query is not clear as to the nature of the problems and if they are unique to conveyancing in Grangetown. Conveyancing searches and investigations initiated during the legal transfer of property are carried out to help avoid problems. As part of the process, a seller completes a form known as a SPIF. If the information proves to be incorrect, you may have a misrepresentation claim against the seller for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in Grangetown.
I am considering applying for a Coventry BS mortgage for purchase of a newly converted (under development) in Grangetown with 70% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Coventry BS ?
In theory, you could use a solicitor that is not on the Coventry BS conveyancing panel, but Coventry BS would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.
How does conveyancing in Grangetown differ for newly converted properties?
Most buyers of new build premises in Grangetown approach us having been asked by the seller to sign contracts and commit to the purchase even before the house is completed. This is because developers in Grangetown tend to buy the land, 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 accustomed to new build conveyancing in Grangetown or who has acted in the same development.
Should I choose a Grangetown conveyancing lawyer based in the location that I am purchasing? An old friend can carry out the legal formalities however her office is a couple of hundredkilometers away.
The primary upside of using a local Grangetown conveyancing firm is that you can drop in to execute paperwork, present your identification documents and apply pressure on them where appropriate. Having local Grangetown know how is a plus. That being said nothing is more important than finding someone that will do a good and efficient job. If you know people who instructed your friend and in the main were happy that should surpass using an unknown Grangetown conveyancing lawyer just because they are based in the area.
My wife and I are acquiring a ground floor flat in Grangetown. When we first instructed solicitor, they told us that they were on all mainstream lender panels. The financial adviser contacted us yesterday to say that they don't appear to be on the Virgin Money approved list. If it turns out to be true, what should we do? Do we just find a different conveyancer that is on their panel or should we cover the costs for separate representation, with Virgin Money appointing their own preferred conveyancing practitioner.
Where you are acquiring a property requiring a mortgage it is standard for the buyer’s solicitors to also act for the purchaser's lender. In order to act for a bank or building society a conveyancer has to be on that lender's conveyancing panel. An application has to be made by the lawyer to the lender to become a member of the lender's panel and there are increasingly strict criteria which the lawyer has to meet. Some building societies now require their panel firms to be part of the Law Society’s Conveyancing Quality Scheme. Your conveyancer should call Virgin Money to discover if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on Virgin Money's conveyancing panel as you are at liberty to use your preferred Grangetown lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.