I am one month into the sale of my apartment in Mynydd Isa and the EA has just e-mailed to say that the buyers are switching conveyancer. I am told that this is due to the fact that the mortgage company will only engage with solicitors on their approved list. On what basis would a big named lender only work with specific law firms rather the firm that they want to choose for their conveyancing in Mynydd Isa ?
Lenders have always had an approved set of law firms they are content 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 many years.
Lenders blame a rise in fraud by way of justification for the reduction – criteria have been stiffened as a smaller panel is easier to oversee. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Plenty of firms 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 purchasers are not going to have any sway in the decision.
My wife and I have lately acquired a property in Mynydd Isa. We have noticed several issues with the house which we suspect were omitted in the conveyancing searches. What action can we take? Can you clarify the nature of searches that needed to have been conducted for conveyancing in Mynydd Isa?
It is not clear from the question as what problems have arisen and if they are relate to conveyancing in Mynydd Isa. Conveyancing searches and investigations initiated as part of the legal transfer of property are supposed to help avoid problems. As part of the process, the vendor fills in a form known as a Seller’s Property Information Form. answers turns out to be inaccurate, then you may have a claim against the seller for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in Mynydd Isa.
I am looking to buy a flat and require a conveyancing solicitor in Mynydd Isa who is on the Bank of Ireland approved. Could you point me in the right direction as regards a firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Bank of Ireland in certain locations such as Mynydd Isa. We dont recommend any particular firm.
I have been told that property searches are a common cause of obstruction in Mynydd Isa conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released findings of research by MoveWithUs that conveyancing searches do not feature amongst the most frequent causes of hindrances during the legal transfer of property. Searches are not likely to be the root cause of delay in conveyancing in Mynydd Isa.
I decided to have a survey carried out on a property in Mynydd Isa prior to instructing lawyers. I have been advised that there is a flying freehold element to the property. My surveyor has said that some lenders may refuse to give a loan on this type of property.
It depends who your proposed lender is. Santander has different instructions from Halifax. If you call us we can look into this further with the relevant lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Mynydd Isa. Conveyancing may be slightly more expensive based on your lender's requirements.
We have just found out that one of the directors of the solicitors handling the purchase conveyancing in Mynydd Isa is an aunty of the vendor. Is this permitted?
Provided there is no conflict of interest this should be fine. Where you are needing mortgage finance then the bank may have a say as many lenders have specific instructions concerning this. For example for Virgin as of 16/3/2023, the requirements read as follows :