I am progressing with the sale of my home in Solva and the estate agent has just text me to advise that the purchasers are changing their property lawyer. The reason given is that the lender will only engage with solicitors on their conveyancing panel. Why would a big named mortgage company only work with certain law firms rather the firm that they want to appoint to handle their conveyancing in Solva ?
UK lenders have always had an approved set of law firms that can represent them, 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 over 25 years.
Lenders point to the increase in fraud as the reason for the pruning – 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 says 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. Your purchasers are unlikely to have any impact on this.
We are purchasing our first property. The lawyer has messagedto ask if we want to purchase additional conveyancing searches. We are really unsure what's needed for conveyancing in Solva
The quantity and type of Solva conveyancing searches should be triggered based entirely on the premises, the location, the possibility of any of these risks, your familiarity of the region and risks, your general approach to risk. What is important is that you properly appreciate what information the searches could provide. Then you can decide if you personally think you need that search. Should you be unclear, ask the conveyancing practitioner to explain.
How does conveyancing in Solva differ for new build properties?
Most buyers of new build or newly converted property in Solva come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is built. This is because house builders in Solva usually acquire the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Solva or who has acted in the same development.
Over the last few months I have been searching for a flat up to £305k and identified one close by in Solva I like with a park and station nearby, the downside is that it only has 49 years unexpired on the lease. There is not much else in Solva for this price, so just wondered if I would be making a mistake buying a short lease?
Should you require a home loan the shortness of the lease will likely be problematic. Reduce the price by the expected lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of 2 years you could request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should consult your conveyancing solicitor about this.
I'm refinancing my current home to a buy to let loan with Godiva Mortgages Ltd and I will use the rest of the raised equity towards a second property. The location we are looking at is Solva. Will your lawyers be able to act for both sets of lenders and tie in the transactions?
Make use of our comparison tool on this site to check that the conveyancers are on the relevant lender panels. Assuming that they are the solicitor should be able to simultaneously deal with the two deals but you should talk with you solicitor and communicate your desired outcome and needs.
My lawyers in Solva have advised me that they can not locate my conveyancing file. At the time of my purchase I took out a mortgage with the lender. Is it case that being on the mortgage company conveyancing panel they need to have retained the file for a number of years?
Different lenders have different requirements but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the lender Conveyancing Panel Terms. It might be worth you contacting the lender directly.