Me and my fiance are hoping to buy a 2 bedroom apartment in Vale Of Glamorgan with a mortgage. We would like to retain our Vale Of Glamorgan lawyer, however the mortgage company advise he's not on their "panel". It appears that we have no choice but to instruct one of the bank panel solicitors or keep our Vale Of Glamorgan lawyer and pay for one of their panel ones to act for them. This seems very unfair; can we not require that the lender use our Vale Of Glamorgan property lawyer ?
No, not really. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, 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 Vale Of Glamorgan conveyancing lawyer to apply to be on the conveyancing panel.
Are the BSA intent on creating a searchable register to to identify firms on the Norwich and Peterborough Building Society conveyancing panel for instance in Vale Of Glamorgan?
We would not expect to be advised of any plans on the part of the BSA to develop such a search facility.
When it comes to lenders such as Leeds Building Society, do Vale Of Glamorgan conveyancers have to pay a fee to be on the list of approved solicitors?
We are not aware of any bank fees to be on their panel, although some do charge an administration fee to deal with the processing of the conveyancing panel submission.
I had a mortgage agreed in principle with TSB. Vale Of Glamorgan conveyancing solicitors are selected. How long does it take for TSB to forward the offer to the conveyancer?
There is no definitive answer here. Have TSB conducted the valuation? Have you informed TSB as to your lawyers' details and checked that your lawyers are on the TSB conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I can not fathom if my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Vale Of Glamorgan building society branch on numerous occasions and was reassured it wasn't an issue and they would lend. My Vale Of Glamorgan conveyancing solicitor - who is on the mortgage company conveyancing panel- called and was told they will not lend based on their published requirements. I simply don't know who is right.
The lawyer must comply with the Council of Mortgage Lenders’ Handbook Part 2 conditions for your lender. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
I used Stirling Law a few years ago for my conveyancing in Vale Of Glamorgan. I now require my papers but cannot find the solicitor. What do I do?
Do contact the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Vale Of Glamorgan of the conveyancing firm of solicitors you previously hired, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
Over the last few months I have been searching for a ground for flat up to £245,000 and identified one round the corner in Vale Of Glamorgan I like with a park and station nearby, the downside is that it only has 51 remaining years left on the lease. I can't really find anything else in Vale Of Glamorgan for this price, so just wondered if I would be making a mistake buying a short lease?
Should you need a mortgage the remaining unexpired lease term will be a potential deal breaker. Discount the offer by the expected lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for a minimum of 2 years you may ask them to start the process of the extension and then assign it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing lawyer about this matter.
Should I be wary that 3rd parties that I am dealing with are encouraging me to use a national conveyancing firm as opposed to a local Vale Of Glamorgan conveyancing firm?
As is the case with many professional services, often suggestions from relatives can be worth their weight in gold. Nevertheless there are numerous people with a keen interest in a conveyancing transaction; estate agents, financial adviser and banks might all recommend conveyancers to retain. On occasion these conveyancers might be known to one of the organisations as one of the best in their field, but sometimes there is an underlying financial incentive behind the recommendation. You are free to choose your own lawyer. Don't forget that some banks specify a panel list of lawyers you must use for the lender related work in your transaction.