I am nearing exchange of contracts for my flat in Old Colwyn and the estate agent has just called to say that the purchasers are appointing a new law firm. The reason given is that the mortgage company will only deal with solicitors on their approved list. Why would a big named lender only deal with specific lawyers rather the firm that they want to appoint for their conveyancing in Old Colwyn ?
Mortgage companies have always had an approved set of law firms they are willing to work with, but in the past few years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 25 years.
Mortgage companies blame a rise in fraud by way of justification for the cull – criteria have been stiffened as a smaller panel is easier to maintain. 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 being contacted daily by practices 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. The purchasers are not going to have any sway in the decision.
I am told that my conveyancing solicitors will need to check that the building insurance when buying a house in Old Colwyn. My lender is Tesco Bank
Tesco Bank have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 16/4/2025, the requirements read as follows :
My relative advised me that where I am buying in Old Colwyn I should ask my conveyancer to carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is occasionally quoted for as part of the standard Old Colwyn conveyancing searches. It is a large report of about 40 pages, listing and setting out significant information about Old Colwyn around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Old Colwyn Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Local Education with maps and statistics, Local Amenities and other useful information concerning Old Colwyn.
I'm purchasing my first flat in Old Colwyn benefiting from help to buy. The builders refused to budge the price so I negotiated five thousand pounds worth of extras instead. The estate agent told me not disclose to my lawyer about the extras as it could put at risk my loan with Birmingham Midshires. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I've recently found out that there is a flying freehold element on a property I put an offer in two weeks back in what should have been a quick, chain free conveyancing. Old Colwyn is the location of the property. Can you offer any assistance?
Flying freeholds in Old Colwyn are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Old Colwyn you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Old Colwyn may ascertain 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.
I need to find a conveyancing solicitor for leasehold conveyancing in Old Colwyn. I happened to stumble across a web site which seems to have the ideal solution If it is possible to get all this stuff done via phone that would be ideal. Should I be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?