I am nearing exchange of contracts for my ground floor flat in St Asaph and the estate agent has just telephoned to say that the buyers are appointing a new property lawyer. The excuse is that the lender will only deal with solicitors on their approved list. On what basis would a leading mortgage company only deal with specific lawyers rather the firm that they want to choose for their conveyancing in St Asaph ?
Lenders have always had panels of law firms they are willing to work with, 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 by way of justification for the pruning – criteria have been tightened as a smaller panel is easier to monitor. No lender will say 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. 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. Your buyers are not going to have any sway in the decision.
IfI were to acquire a straightforward homein St Asaph for cash and have no survey and no conveyancing searches how much would I expect to to save on my conveyancing in St Asaph?
Any savings you would gain would be limited to the St Asaph conveyancing searches. A property lawyer still got to do everything else - money laundering, liaising with your vendors property lawyer, SDLT return, register the title etc. You might save a bit for them not having to register a mortgage however it won't be meaningful.
We're in St Asaph, First time buyers buying with a mortgage (lender is Lloyds , and our lawyer is on the Lloyds conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Lloyds conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
is it true that all St Asaph solicitor firms on the Barclays conveyancing panel are regulated by the SRA?
As solicitors, in order to be on the Barclays approved list of solicitors they would need to be governed by the SRA. The majority of mortgage companies do allow licenced conveyancers on their panel in which case such firms would be governed by the CLC.
I have decided to exercise my right to buy my property in St Asaph off the council. I have a mortgage offer with Skipton. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Skipton, you will need to appoint a solicitor on the Skipton conveyancing panel.
After weeks of negotiation I have agreed a price on an apartment in St Asaph. My financial adviser pressured me to appoint their solicitor. I paid an on account payment of £200. Soon after, the property lawyer called me sheepishly admitting that they were not on the Lloyds conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Lloyds panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
Should our conveyancer be making enquiries about flooding during the conveyancing in St Asaph.
The risk of flooding is if increasing concern for solicitors specialising in conveyancing in St Asaph. There are those who acquire a property in St Asaph, completely aware that at some time, it may be flooded. However, leaving to one side the physical destruction, where a property is at risk of flooding, it may be difficult to obtain a mortgage, suitable insurance cover, or sell the property. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Conveyancers are not best placed to give advice on flood risk, however there are a various searches that may be carried out by the buyer or by their conveyancers which can give them a better appreciation of the risks in St Asaph. The conventional set of property information forms sent to a purchaser’s lawyer (where the Conveyancing Protocol is adopted) incorporates a usual inquiry of the seller to determine if the property has historically flooded. In the event that the residence has been flooded in past which is not disclosed by the vendor, then a buyer may bring a claim for damages as a result of such an incorrect answer. The purchaser’s solicitors may also carry out an enviro report. This should disclose if there is any known flood risk. If so, more detailed investigations should be initiated.
In sourcing the internet for the term cheap conveyancing in St Asaph it reveals many conveyancersin the area. How do I determine which is the suitable property lawyer for the sale of my house?
The preferential method of seeking the right conveyancer is via personal testimonial, so seek the guidance of friends and relatives who have bought a property in St Asaph or a respected estate agent or financial adviser. Charges for conveyancing in St Asaph vary, so it's advisable to request a minimum of four fee estimates from varying types of solicitors. Dont forget to clarify that the fees are fixed.