I am in the process of selling my ground floor flat in Pencoed and the estate agent has just e-mailed to warn that the buyers are switching solicitor. The excuse is that the lender will only deal with property lawyers on their conveyancing panel. Why would a big named lender only deal with certain law firms rather the firm that they want to choose to handle their conveyancing in Pencoed ?
Mortgage companies have always had panels of law firms that can act for them, but in recent years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for over 25 years.
Banks point to the increase in fraud as the reason for the reduction – criteria have been narrowed as a smaller panel is easier to oversee. 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. Plenty of firms 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.
Should lawyers request money on account for conveyancing in Pencoed?
If you are buying a property in Pencoed your solicitor will request that you to provide them with monies to cover the search fees. Normally this is asked for to cover the fees of the Local Authority Search. If any deposit is payable against the sale price then this will be asked for immediately in advance of contracts are exchanged. The final balance that is due will be payable a couple of days ahead of the day of completion.
is it true that all Pencoed solicitor firms on the Principality conveyancing panel are regulated by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Principality approved list of solicitors they would need to be overseen by the Solicitors Regulatory Authority. Many mortgage companies do allow licenced conveyancers on their panel in which case such practice would be regulated by the Council of Licensed Conveyancers.
Last month we had a mortgage agreed in principle with Nottingham. Pencoed conveyancing solicitors are appointed. What is the average time that one could expect to receive a mortgage offer from Nottingham?
There is no definitive answer here. Have Nottingham conducted the survey? Have you informed Nottingham as to your lawyers' details and checked that your lawyers are on the Nottingham conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I currently have a mortgage with Kent Reliance for my property in Pencoed. Conveyancing has been completed 12 months ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Kent Reliance?
You must advise Kent Reliance prior to renting your property as this is likely to be a breach of Kent Reliance’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Kent Reliance directly. You need not do this via a Kent Reliance conveyancing panel firm.
Are there restrictive covenants that are commonly identified during conveyancing in Pencoed?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Pencoed. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am using a search engine for the words cheap conveyancing in Pencoed it reveals many property lawyersin the vicinity. How do I determine which is the right conveyancer for the sale of my house?
The preferential method of finding the right conveyancer is through a trusted testimonial, so ask colleagues and those you trust who have bought a property in Pencoed or the reputable estate agent or mortgage broker. Fees for conveyancing in Pencoed differ, so it's advisable to request a minimum of four fee calculations from different solicitors. Be sure to secure confirmation that the charges are assured not to rise.
What is the average legal costs for conveyancing in Pencoed?
The average fee last year for conveyancing in Pencoed was just over one thousand four hundred and fifty pounds excluding Land Tax and Land Registry charges.