I am nearing exchange of contracts for my ground floor flat in Llandysul and the EA has just text me to say that the purchasers are swapping law firm. The reason given is that the lender will only work with property lawyers on their approved list. On what basis would a leading lender only work with specific law firms rather the firm that they want to choose to handle their conveyancing in Llandysul ?
Lenders have always had panels of law firms they are willing to work with, but in the past few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 years.
Banks blame a rise in fraud as the reason for the cull – criteria have been stiffened as a smaller panel is easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that 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 unlikely to have any impact on this.
My wife and I are due to exchange on the purchase of a property in Llandysul but as a consequence of damage from the recent storms I have was able negotiate recompense from the current proprietors in the sum of three thousand pounds by way of a reduction in the price. This was going to be addressed as part of amending the contract but Bank of Ireland are not allowing this. Why were they informed?
Your solicitor that is on the Bank of Ireland conveyancing panel is obliged to advise Bank of Ireland of any variations to the sale price. If you were to refuse your solicitor to notify the price change to Bank of Ireland then they would have to discontinue acting for you. In addition, Bank of Ireland and you would have to appoint a new conveyancer for your conveyancing in Llandysul.
What is the first thing I need to know concerning purchase conveyancing in Llandysul?
Not many law firms shout this from the rooftops but conveyancing in Llandysul and elsewhere in Ceredigion is an adversarial process. In other words, when it comes to conveyancing there is lots of opportunity for conflict between you and other parties involved in the house moving process. For instance, the seller, property agent and on occasion a lender. Selecting a law firm for your conveyancing in Llandysul is a critical decision as your conveyancer is your adviser, and is the ONE person in the legal process whose interest is to act in your best interests and to keep you safe.
Every so often a potential adversary may try and convince you that it is in your interests to do things their way. For instance, the estate agent may claim to be assisting by suggesting your lawyer is slow. Or your mortgage broker may tell you to do something that is contrary to your conveyancers recommendation. You should always trust your lawyer above all other parties in the home moving process.
We're in Llandysul, First time buyers buying with a mortgage (lender is Yorkshire BS , and our solicitor is on the Yorkshire BS conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Yorkshire BS conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no property lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
We're novice buyers - agreed a price, yet the estate agent has warned us that the vendor will only move forward if we instruct the agent's chosen lawyers as they want an ‘expedited deal’. My instinct tells me that we should use a high street solicitor who is accustomed to conveyancing in Llandysul
It is unlikely the vendors are behind this. If they want ‘a quick sale', turning down a genuine purchaser is going to damage their objectives. Speak to the vendors direct and explain that (a)you are keen to buy (b)you are ready to progress, with mortgage lined up © you are unencumbered (d) you wish to move quickly (e)but you intend to use your preferred Llandysul conveyancing solicitors - not the ones that will provide their negotiator at the agency a referral fee or achieve conveyancing targets set by senior management.
I need to switch lawyers as my Llandysul lawyer is not on the bank's panel of conveyancing solicitors. Is it advisable to appoint a new law firm?
If you haven't yet appointed a solicitor to commence the conveyancing and have just received quotes, you're perfectly free to choose a different solicitor to carry out your work for you. The best way is to get recommendations from friends or family who have actually used the solicitor or conveyancer in Llandysul that you're thinking of instructing.