I am nearing exchange of contracts for my flat in Bodelwyddan and the estate agent has just telephoned to say that the buyers are appointing a new conveyancer. The reason given is that the mortgage company will only engage with property lawyers on their conveyancing panel. On what basis would a major mortgage company only work with certain law firms rather the firm that they want to select for their conveyancing in Bodelwyddan ?
Mortgage companies have always had panels of law firms they are content to work with, but in recent years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Lending institutions blame a rise in fraud as the reason for the reduction – criteria have been stiffened as a smaller panel is easier to maintain. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that 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. Your buyers are not going to have any sway in the decision.
I am purchasing a property without a mortgage in Bodelwyddan. I have resided for the previous 20 years in Bodelwyddan. Conveyancing searches are a lot of money. As I have knowledge of the area and road intimately must I have all the conveyancing searches?
If you not getting a mortgage, then all but one or two of the Bodelwyddan conveyancing searches are at your discretion. Your lawyer will 'advise', perhaps strongly, that you should have searches done, but she is duty bound to take that path of guidance. Do bear in mind; if you are likely to sell the house in the future, it will be of relevance to your future buyer what the searches contain. On occasion properties with day to day issues can still throw up detrimental search results. A competent conveyancing solicitor in Bodelwyddan will be able to give you some sensible guidance here.
five months have elapsed since my purchase conveyancing in Bodelwyddan completed. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Bodelwyddan differ for new build properties?
Most buyers of new build or newly converted property in Bodelwyddan contact us having been asked by the seller to sign contracts and commit to the purchase even before the residence is finished. This is because builders in Bodelwyddan usually acquire the site, 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 used to new build conveyancing in Bodelwyddan or who has acted in the same development.
What is the distinction between surveying and conveyancing in Bodelwyddan?
Conveyancing - in Bodelwyddan or anywhere in England and Wales - is the process of legally transferring legal title of property from one person to another. It therefore includes the checking of the title. Whether buying or selling, you should be aware of anything affecting the property such as proposals by government departments, illegal buildings, or outstanding rates. The conveyancer should conduct the appropriate searches and inquiries on the property. Surveying relates to the structure of a property itself. A surveyor will look at a house, flat and any outbuildings you’re buying and will help you discover the condition of the building and, if there are problems, give you leverage for reducing the price down or asking the vendor to remedy the problems prior to you complete your move.