I am one month into the sale of my ground floor flat in Reynoldston and the estate agent has just called to warn that the buyers are swapping solicitor. The reason given is that the bank will only work with solicitors on their conveyancing panel. Why would a leading mortgage company only work with certain lawyers rather the firm that they want to appoint to handle their conveyancing in Reynoldston ?
Mortgage companies have always had an approved set of law firms that can act for them, but in the past few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Banks blame a rise in fraud by way of justification for the pruning – criteria have been tightened as a smaller panel is easier to keep an eye on. 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. 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 buyers are not going to have any sway in the decision.
The sellers of the home we are looking to purchase are using a conveyancing firm in Reynoldston who has insisted on a preliminary agreement with a payment 6,000. Is it wise to enter into such agreements?
There are two primary drawbacks with executing a lock out contract (also referred to as a shut-out contract) is that it can distract from progressing with the conveyancing process, so in the absence of it needing little or no negotiation then it could transpire to be unhelpful. It is not promoted amongst Reynoldston conveyancing practitioners for this reason. The other main issue is the extent of the remedies available - a jilted purchaser is not likely to secure injunctive relief to prohibit the owner disposing of the property to another buyer, so the only remedy available under the contract will be the reimbursement of abortive costs and, in rare situations, the additional payment of damages.
Various web forums that I have frequented warn that are a common reason for delay in Reynoldston house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) released findings of research by MoveWithUs that conveyancing searches do not feature amongst the common causes of hindrances during the legal transfer of property. Local searches are not likely to feature in any delay in conveyancing in Reynoldston.
I have todaybecome aware that Action Conveyancing have been shut down. They conducted my conveyancing in Reynoldston for a purchase of a leasehold apartment 9 months ago. How can I check that the property is registered correctly in the name of the former proprietor?
The easiest method to check if the property is in your name, you can carry out 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 Reynoldston conveyancing specialists.
As co-executor for the estate of my grandmother I am disposing of a house in Swansea but live in Reynoldston. My solicitor (who is 250 kilometers awayrequires that I sign a statutory declaration ahead of the transaction finalising. Can you recommend a conveyancing practitioner in Reynoldston to attest this legal document for me?
Technically speaking you should not be required to have the documents attested by a conveyancing solicitor. Normally or notary public or qualified solicitor will be fine regardless of whether they are Reynoldston based
My fiance is buying a studio flat in Reynoldston. He was given a quote by the lawyer connected to the selling agents totaling £1250 . It was seven years ago I sold and bought a property and the fee was £just under six hundred pounds. Have charges really increased to that extent?
We would recommend that you contact a few local Reynoldston conveyancing firms seeking estimates. You should base your selection not just on cost, but on promptness and on how comprehensive the response was.