My wife and I are planning to purchase a property in Llanbradach and are in fact using a Llanbradach conveyancing firm. Within the past 48 hours our solicitor has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Skipton Building Society have this afternoon contacted us to advise us that there is now an issue as our Llanbradach solicitor is not on their conveyancing panel. Is this a problem?
Where you are buying a property needing a mortgage it is standard for the purchasers' lawyers to also represent the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should contact your bank and see 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 the lender’s conveyancing panel and you may continue to use your own Llanbradach solicitors, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
Is it realistic for conveyancing in Llanbradach to be concluded in under two weeks?
In a situation where the seller is applying pressure for your conveyancing we would recommend that your conveyancer is familiar with the area as they will benefit local contacts and insight. It is even conceivable that they may have conducted otherhomes in the same street. You would be best advised to use a Llanbradach conveyancing firm. Second, ensure that the lawyer is on the on the approved list for your mortgage company. It is estimated that nearly one in five of Llanbradach conveyancing transactions are held up or jeopardised after finding out that a purchaser’s solicitor was not on their mortgage lender’s member panel. This can often result in the home move being held up by almost three weeks. It is believed that this issue affects approximately one hundred thousand home moves annually. Most Llanbradach conveyancing practices can not act for certain banks so do check as early as possible.
What is the first thing I need to know concerning purchase conveyancing in Llanbradach?
Not many law firms shout this from the rooftops but conveyancing in Llanbradach or throughout Caerphilly is an adversarial experience. In other words, when it comes to conveyancing there exists plenty of opportunity for confrontation between you and others involved in the home moving process. E.g., the vendor, selling agent and even potentially your mortgage company. Appointing a law firm for your conveyancing in Llanbradach should not be taken lightly as your conveyancer is your adviser, and is the ONE party in the process whose interest is to protect your best interests and to protect you.
We are witnessing a distinct ongoing adversarial element to conveyancing- someone has to be at fault for the process being so protracted. You your first instinct should be to trust your solicitor ahead of all other players in the home moving process.
I have been told by my lawyer that flying freehold insurance is required on my purchase. What is the typical level of cover needed for conveyancing in Llanbradach?
The right level of flying freehold indemnity insurance depends on your lender. It would differ for example between National Westminster Bank and Coventry Building Society. Conveyancing practitioners as opposed to borrowers take out such policies.
I had a mortgage agreed in principle with Lloyds. Llanbradach conveyancing solicitors have been appointed. How long does it take for Lloyds to issue the offer to the lawyer?
Some lenders take longer than others. Have Lloyds done the survey? Have you advised Lloyds as to your lawyers' details and checked that your lawyers are on the Lloyds conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
Completion of my purchase has taken place for my property in Llanbradach. Conveyancing was a necessary evil but I feel I should register my dissatisfaction about the lender. How does one go about formally complaining?
Most banks and building societies have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Care Department at head office. We understand that complaints to a lender are resolved effectively and efficiently. If you feel the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
I decided to have a survey done on a house in Llanbradach ahead of retaining conveyancers. I have been informed that there is a flying freehold aspect to the house. Our surveyor advised that some banks tend not give a mortgage on a flying freehold house.
It depends who your proposed lender is. HSBC has different instructions for example to Nationwide. If you e-mail us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Llanbradach. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Llanbradach to see if the conveyancing will be more expensive.
Taking into account that I am about to spend over three hundred thousand on a house in Llanbradach I would like to talk to a lawyer concerning theconveyancing ahead of giving the go ahead to the firm. Can this be arranged?
Absolutely - we would be happy to talk to you we do not take any clients on without you first talking to the solicitor due to be carrying out your property ownership legalities in Llanbradach.There is no ‘factory style conveyancing’ - every client is unique individual, not a matter number. The practices that we put you in touch with believe that the figure you are calculated and presented to you for residential conveyancing in Llanbradach should be the figure that you end up paying.