I am nearing exchange of contracts for my apartment in Monmouthshire and the EA has just telephoned to say that the buyers are changing their conveyancer. I am told that this is due to the fact that the mortgage company will only work with property lawyers on their conveyancing panel. Why would a big named lender only work with specific lawyers rather the firm that they want to appoint for their conveyancing in Monmouthshire ?
Mortgage companies have always had an approved set of law firms that can act for them, but in the past few years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Lenders point to the increase in fraud as the reason for the reduction – 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 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 purchasers are not going to have any sway in the decision.
When does exchange of contracts happen for sale conveyancing in Monmouthshire and am I required to attend the solicitors branch?
If you are local to one of the conveyancing solicitors in Monmouthshire you are welcome to come in to sign the paperwork. However, the lender approved solicitors we work with offer countrywide coverage for conveyancing and give just as diligent and professional a job for you when communicating with you by post or email. The signing of the contract is not when everything is set in stone. Signing on the dotted line simply enables the firm to address the formalities at the suitable time, which is ordinarily shortly after signing. The exchange process is is usually a five minute process, although where a lengthy "chain" is involved, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Monmouthshire)to be in the office at the appropriate time.
Do I find a Licenced Conveyancer or Solicitor for conveyancing in Monmouthshire?
There are two types of lawyers who can perform conveyancing in Monmouthshire namely CLC regulated conveyancers or solicitors. Both professionals handle conveyancing services that required to complete the disposal or purchase of property. Both are required to perform Monmouthshire conveyancing on similar standards and guidelines so you may be sure that your conveyancing will be properly carried out and that the requisite procedures should be suitably adhered to.
My solicitor has informed me that lack of right of way insurance is required on my purchase. What is the level of cover for Monmouthshire conveyancing?
The right level of lack of right of way indemnity insurance depends on who your lender is. It would differ for example between Birmingham Midshires and Leeds Building Society. Conveyancing lawyers as opposed to members of the public take out such policies.
is it true that all Monmouthshire solicitor firms on the Lloyds conveyancing panel are governed by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Lloyds conveyancing panel they would need to be overseen by the Solicitors Regulatory Authority. Some mortgage companies do permit licenced conveyancers on their panel and in such a situation the practice would be governed by the Council of Licensed Conveyancers.
The estate agent has sent us the confirmation of our purchase of a new build flat in Monmouthshire. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below are examples of a selection of leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Monmouthshire
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Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal.
I've recently found out that there is a flying freehold issue on a house I put an offer in last month in what should have been a straight forward, chain free conveyancing. Monmouthshire is where the house is located. What do you suggest?
Flying freeholds in Monmouthshire are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Monmouthshire you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Monmouthshire may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
How easy is it to swap firm as I have to appoint one who is on the Platform Home Loans Ltd conveyancing panel. I instructed a family conveyancing solicitor in Monmouthshire five minutes from me but the firm is not approved by Platform Home Loans Ltd
It would be our pleasure to assist you find a conveyancing solicitor in Monmouthshire on the Platform Home Loans Ltd panel. Please note that the law firms that we list do not pay us a referral fee if you instruct them and are authorised and regulated by the SRA who regulate all conveyancing solicitors in Monmouthshire. Using the find a conveyancing solicitor tool on this page, you can scrutinise costs for conveyancing solicitors in Monmouthshire and throughout England and Wales.