I am in the process of selling my flat in Colwyn Bay and the EA has just called to advise that the buyers are swapping solicitor. The reason given is that the mortgage company will only engage with solicitors on their approved list. On what basis would a big named lender only engage with specific lawyers rather the firm that they want to choose to handle their conveyancing in Colwyn Bay ?
Lenders have always had panels of law firms they are content to work with, but in recent years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 25 years.
Lenders point to the increase in fraud by way of justification for the cull – 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 are unaware that 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 impact on this.
In the event thatI was to acquire a freehold homein Colwyn Bay for cash and dispense with a survey and no local authority searches how much would I expect to to save on my conveyancing in Colwyn Bay?
Any savings you would achieve will be isolated to the Colwyn Bay conveyancing searches. A property lawyer is required to do the vast majority of work - money laundering, liaising with the sellers solicitor, SDLT return, register the property etc. A marginal saving might be made by not having to register a mortgage but it won't be a lot.
It is is a decade since I acquired my house in Colwyn Bay. Conveyancing lawyers have just been appointed on the sale but I can't find my title documents. Will this cause complications?
You need not be too concerned. First there is a chance that the deeds will be retained by your mortgage company or they could be in the possession of the conveyancers who acted in your purchase. Secondly the likelihood is that the title will be registered at the land registry and you will be able to establish that you are the registered owner by your conveyancing solicitors obtaining current official copies of the land registers. Most conveyancing in Colwyn Bay involves registered property but in the unlikely event that your home is unregistered it is more tricky but is resolvable.
The Colwyn Bay conveyancing solicitors that I recently instructed on my purchase in Colwyn Bay have without warning shut down. I chose them because I had to have a firm on the Nationwide conveyancing panel and my preferred Colwyn Bay lawyer was not. I paid them funds in advance. What should be my next steps?
If you have an estate agent involved then inform them immediately so that they advise the vendors that there may be a slight delay due to reasons beyond your control. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Nationwide conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors should be in a position to help.
I have todaybecome aware that Wolstenholmes have closed. They carried out my conveyancing in Colwyn Bay for a purchase of a leasehold apartment 10 months ago. How can I check that my home is in my name in the name of the former proprietor?
The quickest way to check if the property is in your name, 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 Colwyn Bay conveyancing specialists.
Do I need to be wary by estate agents that I am dealing with are recommending an online conveyancing firm rather than a local Colwyn Bay conveyancing practice?
As is the case with lots of professional services, often recommendations from connections can be worth their weight in gold. But there are lots of people with a vested interest in a conveyancing matter; estate agents, financial adviser and lenders might all put forward conveyancers to instruct. On occasion these lawyers might be known to one of the organisations as experts in their field, but sometimes there behind the scenes financial incentive behind the endorsement. You are free to appoint your own lawyer. However, bear in mind that some lenders operate an approved list of lawyers you must use for the mortgage related work in your house move.