I am progressing with the sale of my flat in Colwyn Bay and the EA has just called to warn that the buyers are appointing a new conveyancer. The excuse is that the lender will only deal with property lawyers on their conveyancing panel. Why would a major lender only engage with certain law firms rather the firm that they want to appoint for their conveyancing in Colwyn Bay ?
Lenders have always had panels of law firms that can represent them, but in recent years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Lenders justify this action to a rise in fraud as the reason for the reduction – criteria have been stiffened as a smaller panel is easier to maintain. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says 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 buyers are unlikely to have any sway in the decision.
It is 10 years ago since I purchased my house in Colwyn Bay. Conveyancing solicitors have now been retained on the sale but I can't find the deeds. Will this jeopardise the sale?
You need not be too concerned. Firstly there is a chance that the deeds will be kept by your mortgage company or they may be in the possession of the solicitor who oversaw the purchase. Secondly the chances are that the property will be registered at the land registry and you will be able to establish that you are the registered owner by your conveyancing solicitors acquiring up to date copy of the land registers. The vast majority of conveyancing in Colwyn Bay involves registered property but in the unlikely event that your property is not registered it is more problematic but is resolvable.
My apartment in Colwyn Bay is up for sale and I have accepted an offer. Will the conveyancing practitioner need to be on the HSBC conveyancing panel in order to deal with paying off my mortgage?
Ordinarily, even if your lawyer is not on the HSBC conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their specifications fairly frequently in recent years.
How does conveyancing in Colwyn Bay differ for new build properties?
Most buyers of new build residence in Colwyn Bay come to us having been asked by the seller to exchange contracts and commit to the purchase even before the property is ready to move into. This is because developers in Colwyn Bay usually 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 accustomed to new build conveyancing in Colwyn Bay or who has acted in the same development.
I opted to have a survey carried out on a property in Colwyn Bay ahead of appointing solicitors. I have been advised that there is a flying freehold element to the house. My surveyor has said that some lenders tend refuse to issue a mortgage on a flying freehold property.
It varies from the lender to lender. Bank of Scotland has different requirements from Nationwide. If you e-mail us we can investigate further via the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Colwyn Bay. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Colwyn Bay to see if the conveyancing will be more expensive.
Been on the hunt for a conveyancing practitioner for leasehold sale conveyancing in Colwyn Bay. We are selling, simple no mortgage to redeem, no rush, no onward purchase. Got a quote from a conveyancer for £1000 excluding VAT which is a little high considering its so straightforward. Is it possible to find less expensive fees for conveyancing in Colwyn Bay?
Considering it’s a sale only, £450 + VAT is likely to be about the cheapest for sale conveyancing in Colwyn Bay.