I am in the process of selling my flat in Cardiff and the EA has just called to advise that the buyers are swapping conveyancer. The reason given is that the mortgage company will only engage with solicitors on their conveyancing panel. Why would a big named lender only deal with certain law firms rather the firm that they want to appoint for their conveyancing in Cardiff ?
Mortgage companies have always had panels of law firms they are willing to work with, but in the last few 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 more than 25 years.
Lenders attribute this action to a rise in fraud as the reason for the reduction – criteria have been stiffened as a smaller panel is easier to monitor. Banks tend not to disclose 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 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.
We are a couple about to sign contracts for a garden flat in Cardiff. We encountered a snag. The mortgage offer with Lloyds TSB Bank runs out on 15/10/2025 but the vendors are putting forward a completion date of 17/10/2025. Can one prolong the mortgage expiry date?
The person best placed to address this concern is your lawyer who will determine if they should be discussing with the lender, vendor’s conveyancers, selling agents or indeed all parties taking into account the history of your transaction as of today.
I have been told that property searches are the primary cause of delay in Cardiff conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the findings of a review by MoveWithUs that conveyancing searches do not figure amongst the common causes of hindrances in the conveyancing process. Local searches are not likely to be the root cause of holding up conveyancing in Cardiff.
I have todaybeen informed that Wolstenholmes have been shut down. They conducted my conveyancing in Cardiff for a purchase of a freehold house 9 months ago. How can I be sure that the property is not still registered in the name of the previous owner?
The easiest way to check if the premises is registered to you, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Cardiff conveyancing specialists.
How does conveyancing in Cardiff differ for new build properties?
Most buyers of new build residence in Cardiff approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the premises is constructed. This is because new home sellers in Cardiff tend to buy 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 conveyancers 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 Cardiff or who has acted in the same development.
Due to the encouragement of my in-laws I had a survey completed on a house in Cardiff ahead of retaining conveyancers. I have been advised that there is a flying freehold overhang to the property. The surveyor advised that some lenders may not give a mortgage on a flying freehold property.
It varies from the lender to lender. Lloyds has different requirements for example to Halifax. Should you wish to call us we can check via the relevant bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Cardiff. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Cardiff to see if the conveyancing costs will increase in light of this.