I am progressing with the sale of my maisonette in Old Colwyn and the EA has just e-mailed to warn that the purchasers are swapping conveyancer. The reason given is that the mortgage company will only engage with solicitors on their approved list. Why would a big named lender only engage with specific law firms rather the firm that they want to choose for their conveyancing in Old Colwyn ?
Banks have always had an approved set of law firms they are willing to work with, but in recent years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Lending institutions blame a rise in fraud as the reason for the cull – criteria have been stiffened as a smaller panel is easier to maintain. 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. Some 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 not going to have any impact on this.
When can the exchange of contracts happen for sale conveyancing in Old Colwyn and am I required to attend the conveyancers office?
Where you are round the corner to our conveyancing solicitors in Old Colwyn you are invited in to sign the paperwork. However, the firms we work with offer a national conveyancing service and give just as diligent and professional a job for you when dealing with you electronically. The executing of the contract is not the point of no return. A signed contract simply enables the firm to address the formalities when the time is right, which will usually be very shortly after signing. The exchange process is is usually a five minute process, although where a lengthy "chain" is in the mix, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Old Colwyn)to be in the office at the appropriate time.
What happens if my lawyer’s firm is suspended from the Coventry BS Conveyancing panel ahead of completing my conveyancing in Old Colwyn?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
Please help - my lawyer says that lack of building regulations insurance is needed on my purchase. What is the typical level of cover needed for conveyancing in Old Colwyn?
The right level of lack of building regulations indemnity insurance should be dictated by who your lender. It would differ for example between Accord Mortgages Ltd and Virgin Money. Conveyancing solicitors as opposed to borrowers take out such insurances.
Is it the case that all Old Colwyn solicitor firms on the Yorkshire BS conveyancing panel are regulated by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Yorkshire BS conveyancing panel they would need to be overseen by the SRA. The majority of lenders do allow licenced conveyancers on their panel in which case such practice would be regulated by the Council of Licensed Conveyancers.
Leeds Building Society have agreed my home loan in principle, my bid on a apartment in Old Colwyn has been agreed to, now what?
The estate agent will want to know who your solicitors are (be sure the conveyancers are on the lender’s approved list). Call up Leeds Building Society or the financial adviser and finish off any appropriate documentation. Leeds Building Society will sellect a valuer who will get in touch with the estate agent or owners to book an appointment. Once conducted (assuming no problems) it takes about ten days for the mortgage offer to be issued. Leeds Building Society will send the offer to you and your property lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Old Colwyn.
Over the last few months I have been searching for a leasehold apartment up to £305k and found one near me in Old Colwyn I like with open areas and station nearby, however it's only got 51 remaining years left on the lease. I can't really find anything else in Old Colwyn for this price, so just wondered if I would be making a mistake buying a lease with such few years left?
If you require a mortgage the shortness of the lease may be problematic. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for a minimum of twenty four months you can ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this matter.
My husband and I accepted an offer on a Old Colwyn ground floor flat we inherited 8 years ago in 2009. I have over 12 years conveyancing experience and, although retired, intend to do the conveyancing. The buyer's lawyer has informed me that their Lenders will not allow us to do our own conveyancing requiring the funds to be transferred to a solicitor's bank account.
Lending requirements to conveyancing practitioners from all mainstream lenders specify that If the vendor does not have legal representation the purchaser’s lawyers should check whether the lender needs to be informed so that a decision can be reached as to whether or not they are prepared to move forward.