I am progressing with the sale of my house in Hirwaun and the estate agent has just e-mailed to warn that the purchasers are switching law firm. I am told that this is due to the fact that the bank will only engage with solicitors on their conveyancing panel. Why would a leading mortgage company only work with specific law firms rather the firm that they want to choose to handle their conveyancing in Hirwaun ?
Mortgage companies have always had panels of law firms they are willing to work with, but in the past few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Lenders point to the increase in fraud as the reason for the reduction – criteria have been narrowed as a smaller panel is easier to monitor. Banks tend not to reveal 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 purchasers are not going to have any sway in the decision.
Due to complete my purchase in Hirwaun next Thursday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as she informs me that she is duty bound to validate that it is in order for the lender. What does the insurance need to cover?
Any lawyer on acting for lenders would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s UK Finance Lenders’ Handbook requirements. These requirements are not unique to conveyancing in Hirwaun.
I have been told that property searches are a common cause of obstruction in Hirwaun conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) published determinations of research by MoveWithUs that conveyancing searches do not figure amongst the top 10 causes of hindrances in the conveyancing process. Local searches are not likely to feature in any slowing down conveyancing in Hirwaun.
Is it best to appoint a Hirwaun conveyancing practitioner in close proximity to the house I am hoping to buy? An old friend can carry out the conveyancing but they are based 400miles drive away.
The benefit of a local Hirwaun conveyancing firm is that you can drop in to sign documents, present your ID and pester them if necessary. They will also have local intelligence which is a bonus. However it's more important to get someone that will do a good and efficient job. If if people you trust instructed your friend and in the main were impressed that must trump using an unknown Hirwaun conveyancing lawyer solely due to them being local.
I am in need of some leasehold conveyancing in Hirwaun. Before I get started I require certainty as to the number of years remaining on the lease.
If the lease is registered - and 99.9% are in Hirwaun - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Hirwaun Leasehold Conveyancing - Sample of Queries before Purchasing
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What is the name of the managing agents? What is the service charge and ground rent on the apartment? How many of the leaseholders are in arrears for their service charge payments?
I have read on numerous consumer advice websites that when selecting a conveyancing lawyer they must be approved by your mortgage company. I am a FTB but I have an AIP via Santander and I already have a local conveyancing solicitor in Hirwaun at the ready. Can Santander require an approved conveyancer to be used? If so, where can I find that list so I can choose a conveyancing lawyer in Hirwaun?
You need to use a solicitor that is on the Santander panel. Simply call your preferred Hirwaun conveyancing lawyer to check if they are on the Santander panel. If they are not on the panel you have a number of alternatives available to you here:
- Complete the purchase with your existing Hirwaun lawyer but Santander will need to use a solicitor from their approved panel. The net impact is additional fees together with potential delay.
- Appoint a fresh conveyancer to conduct the conveyancing, making sure they are on the Santander conveyancing panel.
- Convince your property lawyer to seek to join the mortgage company panel.