My partner and I are looking to purchase a property in Mancot and are in fact using a Mancot conveyancing firm. Within the past 48 hours our property lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. Santander have this evening contacted us to advise us that they have now hit a problem as our Mancot solicitor is not on their conveyancing panel. Is this a problem?
When purchasing a property with the benefit of a mortgage it is conventional for the purchasers' lawyers to also act for the mortgage company. 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 Accreditation Scheme. Your property lawyer 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 don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own Mancot solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
It is a dozen years since I acquired my home in Mancot. Conveyancing lawyers have just been retained on the sale but I can't find the deeds. Will this cause complications?
Don’t worry too much. First there is a possibility that the deeds will be retained by the mortgage company or they may be in the possession of the solicitor who oversaw the purchase. Secondly in most cases the property will be registered at the land registry and you will be able to prove you own the property by your conveyancing solicitors procuring up to date copy of the land registers. Almost all conveyancing in Mancot relates to registered property but in the unlikely event that your property is not registered it adds to the complexity but is not insurmountable.
I have been told that property searches are the number one reason for delay in Mancot conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) has noted the determinations of a review by MoveWithUs that conveyancing searches do not figure amongst the common causes of hindrances during the legal transfer of property. Searches are not likely to feature in any slowing down conveyancing in Mancot.
How does conveyancing in Mancot differ for newly converted properties?
Most buyers of new build residence in Mancot approach us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is ready to move into. This is because developers in Mancot 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 conveyancing solicitors 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 used to new build conveyancing in Mancot or who has acted in the same development.
Given that I will soon part with £400,000 on a garden flat in Mancot I wish to talk to a conveyancer concerning thetransaction in advance of instructing the firm. Can this be arranged?
Absolutely - it is our preference to talk to you we do not take any clients on without you first talking to the solicitor who will be conducting your property ownership legalities in Mancot.There is no ‘factory style conveyancing’ - each client is unique person, not a matter reference. The practices that we put you in touch with believe that the fees you are provided with for your conveyancing in Mancot should be the figure that you end up paying.
I am using a search engine for the phrase conveyancing in Mancot it reveals numerous solicitorsin the area. With so much choice what is the best way to find the suitable property lawyer for purchase transaction?
The ideal way of choosing a suitable conveyancer is via trusted testimonial, so enquire of friends and relatives who have acquired a property in Mancot or a respected estate agent or financial adviser. Fees for conveyancing in Mancot differ, so it's a good idea to request a minimum of three estimates from different law firms. Dont forget to clarify that the fees are fixed.