I am nearing exchange of contracts for my house in Aberbargoed and the EA has just telephoned to say that the purchasers are switching conveyancer. The reason given is that the lender will only work with property lawyers on their approved list. Why would a major mortgage company only deal with certain law firms rather the firm that they want to choose to handle their conveyancing in Aberbargoed ?
Lenders have always had an approved set of law firms they are willing to work with, but in the past few years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for over 25 years.
Banks blame a rise in fraud as the reason for the pruning – criteria have been tightened as a smaller panel is easier to keep an eye on. 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 being contacted daily by practices that have been removed from panels. Plenty of firms 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 not going to have any sway in the decision.
At what point does exchange of contracts happen for residential conveyancing in Aberbargoed and do I need to attend the lawyers branch?
If you are local to one of the conveyancing solicitors in Aberbargoed you are invited in to sign contracts. However, the lender approved solicitors we recommend offer a countrywide conveyancing service and give just as comprehensive and professional a job for you when dealing with you electronically. The executing of the contract is not the important part. Signing on the dotted line is just a prerequisite for the conveyancer to exchange contracts at the appropriate time, which will usually be very shortly after signing. The procedure is nowadays normally dealt with by telephone and can be very rapid, although where a long "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Aberbargoed)to be in the office at the appropriate time.
This question may be naive but I am unexperienced as FTB of a garden flat in Aberbargoed. Do I receive the keys to the property on the completion date from my solicitor? If this is the case, I will appoint a local conveyancing solicitor in Aberbargoed?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will electronically transfer the purchase money to the vendor’s solicitors, and once they have received this, you will be able to receive the keys from the property Agents and start moving into the property. Usually this occurs early afternoon.
Is there a list of Barclays panel solicitors in Aberbargoed on the Council of Mortgage Lender’s Website?
Unfortunately not yet. There is no such facility on the Council of Mortgage Lenders or Building Society Association sites. A small selection of mortgage companies make their panel listings available on the web. Where you are seeking to appoint a Aberbargoed lawyer on the Barclays please make the most of our tool.
Our sealed bid on a property in Aberbargoed has been accepted, the vendors do nevertheless have an associated purchase. The owners have offered on a flat, however it’s not yet agreed to, and have viewings of other apartments in the pipeline. I have instructed a high street conveyancing solicitor in Aberbargoed. What do I do now? At what point do I apply for the mortgage with Virgin Money?
It is usual to have anxieties where there is a chain as you are unlikely to want to incur expenses prematurely (home loan application is in the region of one thousand pounds, then survey, Aberbargoed conveyancing search fees, etc). The first thing to do is ensure that your lawyer is on the Virgin Money conveyancing panel. Regarding the subsequent stages this very much dictated by the uniqueness of your case, attraction to the property and on the state of the market. In a buoyant market the majority of purchasers would apply for the mortgage with Virgin Money and arrange for the valuation and only if it was satisfactory would they ask their conveyancer to proceed with searches.
How does conveyancing in Aberbargoed differ for newly converted properties?
Most buyers of new build premises in Aberbargoed come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the premises is built. This is because builders in Aberbargoed usually acquire the real estate, 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 used to new build conveyancing in Aberbargoed or who has acted in the same development.
I decided to have a survey carried out on a property in Aberbargoed in advance of appointing solicitors. I have been informed that there is a flying freehold element to the property. My surveyor advised that some banks will refuse to grant a mortgage on a flying freehold premises.
It varies from the lender to lender. Santander has different requirements from Nationwide. If you call us we can look into this further with the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Aberbargoed. Conveyancing will be smoother if you use a solicitor in Aberbargoed especially if they are accustomed to such properties in Aberbargoed.
I have been pointed in your direction by a number of property agents in Aberbargoed to select a conveyancer using your seach tool. Is there a financial upside for Estate Agents to promote your lawyers over a competitor’s?
We don’t give any commission for directing people our way. We found it would be just too difficult to pay a commission as a client could think, ‘Why is the agent getting a kickback? Why aren’t I receiving any benefit too?’ So we decided to step away from that.