My husband and I are planning to purchase a flat in Bala and are in fact using a Bala conveyancing firm. Within the past 48 hours our solicitor has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Skipton Building Society have this morning contacted us to inform me that they have now hit a problem as our Bala lawyer is not on their approved list of lawyers. Is this a problem?
When purchasing a property with the benefit of a mortgage it is usual for the purchasers' lawyers to also represent the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyer should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the bank's conveyancing panel as you are at liberty to use your preferred Bala lawyers, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
Would the conveyancing solicitors listed on your site carry out attended exchange conveyancing in Bala?
We do have a number of conveyancing specialists carrying out attended exchanges. Do contact us to receive a costs illustration and details as to availability.
Are there restrictive covenants that are commonly identified as part of conveyancing in Bala?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Bala. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in Bala differ for new build properties?
Most buyers of new build property in Bala contact us having been asked by the developer to exchange contracts and commit to the purchase even before the house is built. This is because house builders in Bala tend to buy the land, 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 Bala or who has acted in the same development.
I opted to have a survey done on a property in Bala in advance of retaining lawyers. I have been informed that there is a flying freehold element to the property. The surveyor has said that some lenders tend not grant a loan on such a property.
It varies from the lender to lender. HSBC has different requirements for example to Halifax. If you contact us we can check via the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Bala. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Bala to see if the conveyancing will be more expensive.
In my capacity as executor for the will of my aunt I am selling a residence in Cardiff but reside in Bala. My lawyer (based 260 kilometers from meneeds me to sign a stat dec ahead of completion. Could you suggest a conveyancing practitioner in Bala to attest this legal document for me?
Technically speaking you are unlikely to be required to have the documents attested by a conveyancing solicitor. Ordinarily any notary public or qualified solicitor will suffice regardless of whether they are based in Bala