I am five weeks into the sale of my flat in Abersoch and the estate agent has just telephoned to advise that the buyers are switching law firm. The excuse is that the mortgage company will only deal with property lawyers on their approved list. On what basis would a big named lender only engage with specific law firms rather the firm that they want to appoint for their conveyancing in Abersoch ?
Mortgage companies have always had an approved set of law firms they are willing to work with, but in recent years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for over 25 years.
Banks attribute this action to a rise in fraud by way of justification for the reduction – 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 claims that it is being contacted daily by practices that have been removed from panels. Some 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. The purchasers are not going to have any sway in the decision.
What does my ID and proof of funds have anything to do with my conveyancing in Abersoch? What am I being asked for?
To satisfy the Money Laundering Regulations any Abersoch conveyancing firm will require evidence of your identity in all conveyancing transactions. This is normally dealt with by provision of a passport and an original bank statement or utility bill evidencing your correct address.
Under Money Laundering Regulations, conveyancing solicitors are obliged by law to check not only the identity of conveyancing clients but also the origin of monies that they receive in respect of any matter. An unwillingness to disclose this will lead to your solicitor cancelling their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers are duty bound to make a disclosure to the appropriate authorities should they consider that any monies received by them may contravene the Money Laundering Regulations.
I have a decision in principle. The lender mentioned the loan came with free conveyancing. Does this mean I have to instruct their panel lawyer as I would much rather use a high street conveyancing solicitor in Abersoch?
You should check but the chances are that appoint one of their panel solicitors if you want the "fee-free" deal. Speak to the lender and explore if they allow a monetary alternative. In the past a few mortgage companies offered a £250 cashback as an alternative in which case you could put that amount towards your preferred conveyancing solicitor near Abersoch.
This question may be naive but I am new to the home moving as FTB of a ground floor flat in Abersoch. Do I pick up the keys to the premises on the completion date from my conveyancer? If this is the case, I will appoint a High Street conveyancing solicitor in Abersoch?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will arrange to send the completion advance to the seller's lawyers, and once they have received this, you will be able to pick up the keys from the selling Agents and move into your new home. Usually this occurs between 1 and 3pm.
I am purchasing a property in Abersoch. A rare aspect is that the roof has a solar panel. Bank of Ireland have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that you are obtaining a mortgage with Bank of Ireland your lawyer must check the formal instructions outlined in Part 2 of UK Finance Lenders’ Handbook for Bank of Ireland. The CML Handbook contains minimum conditions for solar panel roof-space leases, and conveyancing practitioners are required to report to Bank of Ireland where a lease fails to comply with these specifications. The conditions relate to the installation of panels on properties countrywide and is not limited to Abersoch.
I'm in the process of looking at apartments in Abersoch and I am about to put in an offer. Is it sensible to have my solicitor on ‘stand by’? I will be getting a home loan with UBS.
You should start obtaining conveyancing quotes from solicitors ASAP. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their details on to the EA. Given that you are seeking a mortgage with UBS, make sure you remember to check that your lawyer is on the UBS conveyancing panel.
We are close to exchanging contracts on the sale of our house in Abersoch and according to the buyers it appears that there is a risk of it being constructed land that was not decontaminated. Any high street Abersoch lawyer would know this is not the case. For the life of me I don't know why the purchasers instructed a web based conveyancing firm rather than a conveyancing solicitor in Abersoch. We have lived in Abersoch for three years we know that this is a non issue. Is it a good idea to get in touch with our local Authority to obtain clarification that there is no issue.
It would appear that you have a conveyancing firm already. Are they able to advise? You should enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same illness)
Despite weeks of looking the Title Certificate and documents to our house are lost. The conveyancers who did the conveyancing in Abersoch 4 years ago are no longer around. What do I do?
Gone are the days when you need to hold title official documentation to evidence that you own the land or property, given that the Land Registry hold details of all registered land or property electronically.