I am 3 weeks into the sale of my maisonette in Halkyn and the estate agent has just e-mailed to say that the purchasers are changing their property lawyer. I am told that this is due to the fact that the lender will only work with property lawyers on their conveyancing panel. On what basis would a major mortgage company only work with specific law firms rather the firm that they want to choose for their conveyancing in Halkyn ?
Banks have always had panels of law firms that can act for them, but in the last 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 over 25 years.
Mortgage companies point to the increase in fraud as the reason for the pruning – criteria have been stiffened as a smaller panel is easier to monitor. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says 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 unlikely to have any impact on this.
Is there a reason why leasehold purchase conveyancing in Halkyn costs more?
Halkyn leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving relevant notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
I am thinking of remortgaging my flat in Halkyn, does my lawyer have to be on the UBS Solicitor panel?
There is nothing to stop you using your solicitor, but UBS will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
Is it the case that all Halkyn solicitors on the Aldermore conveyancing panel are overseen by the SRA?
As a firm of solicitors, in order to be on the Aldermore approved list of solicitors they would need to be regulated by the Solicitors Regulatory Authority. Many mortgage companies do list licenced conveyancers on their panel in which case such organisation would be regulated by the CLC.
We have agreed to purchase a house in Halkyn. A rare aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender TSB be concerned?
As your lender is TSB your lawyer must check the formal instructions set out in Part two of UK Finance Lenders’ Handbook for TSB. The Council of Mortgage Lenders’ Handbook stipulates minimum provisions for solar panel roof-space leases, and property lawyers are required to report to TSB where a lease does not satisfy these specifications. The specifications relate to the installation of panels on properties countrywide and is not isolated to Halkyn.
My wife and I are in the process of viewing houses in Halkyn and I am now considering a potential offer. Should I already have a property lawyer appointed at this stage? I will be getting a home loan with Leeds Building Society.
It would be advisable to start your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their details on to the EA. As you are seeking a mortgage with Leeds Building Society, ask your prospective lawyers if they are on the Leeds Building Society conveyancing panel otherwise they can't do the mortgage legal work.
How does conveyancing in Halkyn differ for new build properties?
Most buyers of new build or newly converted property in Halkyn come to us having been asked by the builder to exchange contracts and commit to the purchase even before the property is constructed. This is because builders in Halkyn typically buy the real estate, 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 property lawyers 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 Halkyn or who has acted in the same development.
We're novice buyers - had an offer accepted, but the selling agent told us that the owners will only issue a contract if we use their preferred lawyers as they want a ‘quick sale’. Our preferred option is to instruct a family solicitor with experience of conveyancing in Halkyn
We suspect that the owner is not behind this demand. If they desire ‘a quick sale', alienating a motivated buyer is going to damage their objectives. Bypass the agents and go straight to the owners and make the point that (a)you are genuine purchasers (b)you are excited to move forward, with mortgage lined up © you are unencumbered (d) you wish to move quickly (e)however you are going to use your own,trusted Halkyn conveyancing lawyers - as opposed tothose that will provide the estate agent a introducer fee or meet his conveyancing figures pre-set by HQ.