I am in the process of selling my apartment in Kilgetty and the estate agent has just telephoned to say that the purchasers are changing their conveyancer. The reason given is that the bank will only deal with solicitors on their conveyancing panel. On what basis would a major lender only deal with specific law firms rather the firm that they want to select for their conveyancing in Kilgetty ?
Lenders have always had an approved set of law firms they are content to work with, but in recent years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Banks attribute this action to a rise in fraud by way of justification for the cull – 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. Some 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 buyers are not going to have any impact on this.
Our son is purchasing a house that has just been built in Kilgetty with a mortgage from Lloyds. His conveyancer has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The document is intended to provide information to the main parties involved in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Lloyds conveyancing panel as a standard part of the process, and to the valuer when asked. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Lloyds conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
We are expecting a mortgage offer soon. The lender mentioned the loan came with free conveyancing. Is the implication that I have to instruct their panel solicitor as I would much rather appoint a Kilgetty based conveyancing firm?
You should check but the chances are that give you one of their panel solicitors if you accept the "fee-free" incentive. Contact the mortgage company and see if they allow a cash alternative. It is not unheard for a lender to give a £250 cashback as a further option in which case you could put that amount towards your preferred conveyancing solicitor in Kilgetty.
When it comes to mortgage companies such as Co-operative, do Kilgetty property lawyers have to pay a fee to be on the list of approved solicitors?
We are not aware of any mortgage company fees to register on their list of approved firms, although some do charge an administration charge to deal with the processing of the conveyancing panel submission.
I have decided to exercise my right to buy my property in Kilgetty off the council. I have a mortgage offer with Kent Reliance. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Kent Reliance, you will need to appoint a solicitor on the Kent Reliance conveyancing panel.
I recently had an offer accepted on a house in Kilgetty. My mortgage broker suggested a solicitor. I paid an upfront payment of £225. Not long after, the conveyancing practitioner called me to say that they were not on the Principality conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Principality panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
three months have gone by since my purchase conveyancing in Kilgetty completed. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £170,000. 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.
In my capacity as executor for the estate of my grandmother I am disposing of a residence in Monmouth but live in Kilgetty. My conveyancer (based 260 kilometers awayrequires that I execute a statutory declaration prior to completion. Can you recommend a conveyancing lawyer in Kilgetty who can witness and place their company stamp on the document?
Technically speaking you should not be required to have the documents attested by a conveyancing solicitor. Normally any notary public or solicitor will do regardless of whether they are Kilgetty based