I am five weeks into the sale of my home in Tonypandy and the estate agent has just called to say that the purchasers are swapping property lawyer. The excuse is that the mortgage company will only engage with solicitors on their conveyancing panel. On what basis would a major mortgage company only deal with specific law firms rather the firm that they want to choose to handle their conveyancing in Tonypandy ?
UK lenders have always had panels of law firms they are content to work with, but in the last few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Lending institutions attribute this action to a rise in fraud as the reason for the reduction – criteria have been stiffened 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 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 buyers are not going to have any sway in the decision.
We wanted to use a conveyancing solicitor in Tonypandy for our home move. Our financial adviser informed us that our mortgage lenders Accord Mortgages Ltd won't deal with them. Why is this not regarded as unduly restrictive?
A decade ago most lenders had a different appetite for risk. Almost all Tonypandy conveyancing firms would have been on most lender panels. The FSA in 2010 conducted a thematic investigation into mortgage fraud which come to the conclusion: know the conveyancing solicitors dealt with. Consequently, lenders have regularly sought more information from law firms concerning their operations and their employees and set certain criteria such a completing on a minimum amount of transactions. Many Tonypandy conveyancing firms that have been excluded from lender panels have Unblemished track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Tonypandy is amongst the numerous areas where the conveyancers showing on our search results are are authorised to act for Accord Mortgages Ltd.
We are aiming to move home in May. Will my conveyancing solicitor liaise with the removal company on the day of completion. On a separate note, can you recommend a removal company in Tonypandy. Conveyancing firm was organised before I stumbled across this site.
On the day of completion you will need to collect the house keys from your property agent but this can only happen once the vendors solicitors inform the agent that they have the completion monies and the keys can be collected. After that you can inform the removal company that they can start moving you in. As a matter of policy we do not recommend a specific removal company but can assist you in finding a residential property solicitor in Tonypandy or a lawyer with expertise in conveyancing in Tonypandy.
Does a directory service exist listing Bank of Ireland panel solicitors in Tonypandy on the Building Society Association’s Website?
Unfortunately not yet. There is no such directory service on the Council of Mortgage Lenders or Building Society Association sites. A small selection of banks make their panel listings available over the internet. If you are in need of a Tonypandy conveyancer on the Bank of Ireland please use our facility.
Virgin Money have agreed my mortgage in principle, my bid on a house in Tonypandy has been agreed to, what are the next steps?
Your property agent will want to be informed of your conveyancing practitioner's details (be sure the conveyancing practitioners are on the lender’s approved list). Contact Virgin Money or your broker and finish off any relevant paperwork. Virgin Money will sellect a valuer who will get in touch with the estate agent or seller to arrange a time for the valuation to take place. Once carried out (assuming no problems) it takes about a week for the mortgage offer to be issued. Virgin Money will send the offer to you and your property lawyers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Tonypandy.
Just had an offer accepted on a new build apartment in Tonypandy. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below is a sample of a selection of leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Tonypandy
-
Please confirm the Lease plans are architect prepared. Forfeiture - bankruptcy or liquidation must not apply under this provision. There must be mutual enforceability of lessee’s covenants. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents.
Due to the encouragement of my in-laws I had a survey completed on a property in Tonypandy before instructing lawyers. I have been advised that there is a flying freehold aspect to the house. The surveyor has said that some banks may refuse to issue a loan on such a property.
It depends who your proposed lender is. Lloyds has different instructions for example to Birmingham Midshires. If you contact us we can investigate further with the relevant lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Tonypandy. Conveyancing may be slightly more expensive based on your lender's requirements.
Finally our conveyancing in Tonypandy is completing on Friday, yet the person I am buying from wants to move out the next day at PM. Should I agree to this?
You can't complete on a Saturday because the bank systems aren't operational.