I am in the process of selling my house in Pembrokeshire and the estate agent has just called to warn that the buyers are changing their law firm. I am told that this is due to the fact that the lender will only engage with property lawyers on their approved list. Why would a big named mortgage company only engage with specific lawyers rather the firm that they want to appoint for their conveyancing in Pembrokeshire ?
Lenders have always had panels of law firms that can act for them, but in recent years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Lenders point to the increase in fraud as the reason for the reduction – criteria have been narrowed 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 says it is hearing daily from firms 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 buyers are not going to have any impact on this.
We are a couple about to exchange contracts for a freehold house in Pembrokeshire. We have hit a stumbling block. Our loan offer with Santander runs out on 16/6/2025 but the sellers are suggesting a completion date of 18/6/2025. Is it possible to extend the mortgage offer?
The best person to deal with your question is your solicitors who will assess whether they corresponding with the mortgage broker, vendor’s conveyancers, property agents or conceivably all parties based on what has gone on in your conveyancing to date.
I have been told that property searches are a common cause of stalling in Pembrokeshire conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) published findings of research by MoveWithUs that conveyancing searches do not figure amongst the top 10 causes of delays in the conveyancing process. Local searches are not likely to feature in any delay in conveyancing in Pembrokeshire.
I have recentlyfound out that Stirling Law have been shut down. They conducted my conveyancing in Pembrokeshire for a purchase of a freehold house 12 months ago. How can I establish that the property is registered correctly in the name of the former proprietor?
The quickest way to check if the premises is registered to you, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Pembrokeshire conveyancing specialists.
I am buying my first flat in Pembrokeshire with the aid of help to buy. The builders refused to move on the price so I negotiated £7000 of additionals instead. The house builders rep advised me not inform my conveyancer about this side-deal as it could adversely affect my loan with the lender. Should I keep quiet?.
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 decided to have a survey done on a house in Pembrokeshire prior to appointing lawyers. I have been told that there is a flying freehold element to the house. The surveyor advised that some lenders will not give a mortgage on such a home.
It depends who your proposed lender is. Lloyds has different requirements from Halifax. Should you wish to call us we can look into this further via the appropriate bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Pembrokeshire. Conveyancing may be slightly more expensive based on your lender's requirements.