I am hoping to receive a mortgage offer from Nat West. I intend to use a Licensed Conveyancer in Lampeter. Does the Nat West Solicitor panel exclude Licensed Conveyancers?
The Nat West approved solicitor list is, like many other lenders, represented by the CML or BSA, open to Licensed Conveyancers regulated by the CLC.
Is it realistic for conveyancing in Lampeter to be done in 3 weeks?
In a situation where you are under a tight deadline to sign contracts we would recommend that your solicitor is familiar with the location as they will make use of local relationships and insight. It is possible that they would have conducted otherproperties in the same neighbourhood. You would be best advised to use a Lampeter conveyancing solicitor. In addition, make sure that the lawyer is on the on the approved list for your mortgage company. It is estimated that 18% of Lampeter conveyancing transactions are held up or jeopardised after discovering a purchaser’s conveyancer was not on their mortgage lender’s member panel. In many cases this discovery resulted in the home move being delayed by an average of 21 days. It is said that this issue affects in the region of 100,000 home moves every year. Almost all Lampeter conveyancing firms can not represent certain mortgage companies so do check at the outset.
Will my conveyancing lawyers need to check that the building insurance when buying a house in Lampeter. My lender is Bank of Ireland
Bank of Ireland have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 25/5/2023, the requirements read as follows :
When it comes to lenders such as Leeds Building Society, do Lampeter property lawyers incur an annual charge to be on the conveyancing panel?
We are not aware of any bank fees to register on their list of approved firms, although some do charge an administration charge to deal with the processing of the conveyancing panel application.
is it true that all Lampeter solicitor practices on the Lloyds conveyancing panel are regulated by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Lloyds approved list of solicitors they would need to be overseen by the Solicitors Regulatory Authority. The majority of lenders do allow licenced conveyancers on their panel and in that case the organisation would be governed by the Council of Licensed Conveyancers.
After weeks of negotiation I have agreed a price on a house in Lampeter. My mortgage broker recommended their conveyancers. I paid an on account payment of £200. Not long after, the lawyer contacted me to say that they were not on the Leeds Building Society conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Leeds Building Society panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
How does conveyancing in Lampeter differ for new build properties?
Most buyers of new build premises in Lampeter approach us having been asked by the seller to exchange contracts and commit to the purchase even before the house is constructed. This is because new home sellers in Lampeter usually purchase 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 accustomed to new build conveyancing in Lampeter or who has acted in the same development.
I opted to have a survey carried out on a property in Lampeter ahead of appointing conveyancers. I have been advised that there is a flying freehold overhang to the property. The surveyor advised that some banks may not issue a mortgage on such a property.
It depends who your proposed lender is. Santander has different instructions from Halifax. Should you wish to telephone us we can check with the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Lampeter. Conveyancing may be slightly more expensive based on your lender's requirements.