I am nearing exchange of contracts for my apartment in Pontypool and the estate agent has just e-mailed to say that the buyers are changing their property lawyer. The excuse is that the mortgage company will only deal with property lawyers on their approved list. On what basis would a major mortgage company only engage with certain law firms rather the firm that they want to select to handle their conveyancing in Pontypool ?
Banks have always had panels 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 represented them for many years.
Banks attribute this action to a rise in fraud by way of justification for the reduction – criteria have been stiffened as a smaller panel is easier to monitor. 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 hearing daily from firms that have been removed from panels. Plenty of firms 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 unlikely to have any impact on this.
When will exchange of contracts happen for purchase conveyancing in Pontypool and do I need to attend the solicitors branch?
Where you are round the corner to one of the conveyancing solicitors in Pontypool you are welcome to attend to sign documents. However, the lender approved solicitors we work with offer a nationwide conveyancing service and give just as comprehensive and professional a job for you when communicating with you by post or email. The executing of the purchase agreement is not the important part. A signed contract is just a prerequisite for the firm to officially exchange when the time is right, 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 Pontypool)to be in the office at the appropriate time.
What does a local search tell me about the house my wife and I buying in Pontypool?
Pontypool conveyancing often starts with the ordering local authority searches directly from your local Authority or through a personal search organisations such as Xpress Legal The local search is essential in every Pontypool conveyancing purchase; that is if you wish to avoid any unpleasant once you have moved into your new home. The search should reveal information on, amongst other things, details on planning applications relevant to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic sections.
I am purchasing a new build house in Pontypool with the aid of help to buy. The sellers refused to move on the amount so I negotiated five thousand pounds worth of extras instead. The sale representative suggested that I not disclose to my lawyer about this extras as it could jeopardize my loan with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder 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.
My husband and I are 3 weeks into a freehold purchase having been referred to solicitors by the local agent to do our conveyancing in Pontypool. I am am extremely disappointed with the level of service. Could you help me find new conveyancers?
They would have to be really bad in order to consider replacing them. Has your loan offer been issued? If so you must make them aware of the new contact details and have the mortgage documents are re-sent. Your conveyancer should be on the banks approved list to avoid escalating fees and complications. So that should be your starting point. The search tool can assist you in finding a bank approved conveyancer for your home move in Pontypool
I need to swap lawyers as my Pontypool lawyer is not on the bank's panel of conveyancing solicitors. Is it advisable to appoint a new law firm?
If you haven't yet appointed a solicitor to commence the conveyancing and at this stage simply received an estimate as to costs, you're perfectly free to choose a different solicitor to carry out your work for you. The best way is to get recommendations from friends or family who have actually used the solicitor or conveyancer in Pontypool that you're thinking of instructing.