I am in the process of selling my ground floor flat in Builth Wells and the EA has just called to advise that the buyers are swapping solicitor. I am told that this is due to the fact that the bank will only work with solicitors on their conveyancing panel. On what basis would a leading mortgage company only deal with specific law firms rather the firm that they want to choose to handle their conveyancing in Builth Wells ?
Lenders have always had panels of law firms that can represent them, but in recent years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 25 years.
Banks point to the increase in fraud by way of justification for the cull – criteria have been stiffened as a smaller panel is easier to oversee. No lender will say 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. Some 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 unlikely to have any impact on this.
I am buying a house without a mortgage in Builth Wells. I have resided for the last 15 years in Builth Wells. Conveyancing searches are a lot of money. Given that I have knowledge of the area and road intimately must I have all the conveyancing searches?
Provided that you do not need a home loan, then the vast majority of the Builth Wells conveyancing searches are optional. Your conveyancer will try and sway you, perhaps strongly, that you should have searches done, but she has a professional duty to take that path of guidance. One thing to bear in mind; if you are intend to dispose of the house one day, it will be of importance to your prospective purchaser what the searches reveal. Sometimes properties with functional issues can still reveal unexpected search results. A competent conveyancing solicitor in Builth Wells will be able to give you some helpful guidance in this regard.
I have been told that property searches are the primary reason for obstruction in Builth Wells conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) has noted the determinations of a review by MoveWithUs that conveyancing searches do not feature amongst the common causes of hindrances during the legal transfer of property. Local searches are unlikely to be the root cause of slowing down conveyancing in Builth Wells.
I am looking for a flat up to £305k and found one near me in Builth Wells I like with amenity areas and station in the vicinity, however it's only got 52 remaining years left on the lease. There is not much else in Builth Wells suitable, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you need a home loan the shortness of the lease will likely be an issue. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least 2 years you may ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this matter.
How do I search for a Builth Wells solicitor on the Norwich and Peterborough Building Society conveyancing panel? I am a keen cyclist and am prepared to travel upto 10miles to meet the lawyer.
Feel free to make use of the search on this page. Please pick a lender and your location and you will see a number of Builth Wells conveyancing lawyers locally. We have listed some Builth Wells conveyancing firms at the bottom of this page and you can telephone them to see whether they are on the Norwich and Peterborough Building Society approved list