I am selling my ground floor flat in Treforest and the estate agent has just text me to advise that the buyers are swapping solicitor. The reason given is that the mortgage company will only work with solicitors on their conveyancing panel. On what basis would a leading lender only work with specific lawyers rather the firm that they want to select to handle their conveyancing in Treforest ?
UK lenders have always had an approved set of law firms that can act for them, but in recent years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Lending institutions point to the increase in fraud as the reason for the pruning – criteria have been tightened as a smaller panel is easier to maintain. Banks tend not to reveal 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. Your purchasers are not going to have any sway in the decision.
Do lawyers ask for an advanced payment for my conveyancing in Treforest?
Where you are retaining lawyers for conveyancing in Treforest your solicitor will request that you to provide them with monies to cover the the cost of the conveyancing searches. This will be the total of the cost of the conveyancing searches. When the deposit is payable against the total price then this will be needed immediately prior to exchange of contracts. The final balance that is needed should be transferred a few days prior to the completion date.
My fiance and I are buying a purpose built apartment in Treforest with a loan from Santander.We would like to retain our Treforest conveyancing solicitor but Santander advised that her practice is not listed on their "panel". We have to appoint a Santander panel firm or retain our local solicitor and fork out for one of their panel ones to act for them. This seems very unfair; Can we not simply insist that Santander use our lawyer?
Unfortunately,no. The mortgage issued to you is subject to its terms and conditions, a common one being that solicitors needs to be on the Santander approved list. in the past, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for Santander
Should commercial conveyancing searches reveal impending roadworks that may impact a commercial property in Treforest?
Many commercial conveyancing solicitors in Treforest will order a SiteSolutions Highways report as it dramatically cuts the time that conveyancers invest in sourcing accurate data on highways that impact buildings and development assets in Treforest. The search result sets out definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Treforest.
For each commercial conveyancing transaction in Treforest it is critical to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been addressed adequately could cause delays to Treforest commercial conveyancing deals as well as present a risk to future intentions for the site. These searches are not carried out for residential conveyancing in Treforest.
I opted to have a survey completed on a property in Treforest in advance of retaining conveyancers. I have been advised that there is a flying freehold aspect to the house. The surveyor advised that some lenders tend not grant a mortgage on such a premises.
It varies from the lender to lender. Bank of Scotland has different requirements from Nationwide. Should you wish to call us we can investigate further with 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 Treforest. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Treforest to see if the conveyancing will be more expensive.
Should I choose a Treforest conveyancing lawyer based in the location that I am hoping to buy? An old friend can deal with the legal formalities but his firm is located 300kilometers drive away.
The benefit of a local Treforest conveyancing practice is that you can pop in to sign documents, present your identification documents and apply pressure on them where appropriate. Having local Treforest know how is a bonus. However nothing is more important than finding someone that will do a good and efficient job. If other friends have used your friend and in the main were impressed that should surpass using an unknown Treforest conveyancing solicitor just because they are based in the area.