I am selling my ground floor flat in Chirk and the estate agent has just text me to say that the buyers are switching conveyancer. The excuse is that the bank will only deal with solicitors on their conveyancing panel. Why would a major mortgage company only deal with specific law firms rather the firm that they want to select for their conveyancing in Chirk ?
Mortgage companies have always had panels of law firms that can act for them, but in recent years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Lending institutions point to the increase in fraud by way of justification for the reduction – criteria have been narrowed as a smaller panel is easier to maintain. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms 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 purchasers are unlikely to have any impact on this.
In what way does my ID and proof of funds have anything to do with my conveyancing in Chirk? Why is this being asked of me?
You are right in these requests have nothing to do with conveyancing in Chirk. However these days you will not be able to proceed with any conveyancing deal without first submitting evidence of your identity. Ordinarily this takes the form of a either your passport or driving licence plus a council tax bill. Remember if you are providing your driving licence as evidence of ID it needs to be both the paper section and photo card part, one is not acceptable in the absence of the other.
Verification of your origin of monies is required under Money Laundering Regulations. Don’t be offended when you are asked to produce this as your conveyancing solicitor will need to have this information on record. Your Chirk conveyancing practitioner will need to see evidence of proof of funds prior to accepting any monies from you into their client account and they may also ask additional queries regarding the origin of funds.
Can you help - my lawyer advises that absentee landlord insurance is needed on my purchase. What is the typical level of cover needed for conveyancing in Chirk?
The appropriate level of absentee landlord indemnity insurance should be dictated by who who your lender is. It would differ for example between Accord Mortgages Ltd and The Royal Bank of Scotland. Conveyancing lawyers as opposed to borrowers take out such policies.
When it comes to mortgage companies such as Nationwide, do Chirk solicitors face an annual charge to be on the conveyancing panel?
We are unaware of any bank fees to register on their list of approved firms, although some do levy an administration charge to deal with the processing of the conveyancing panel application.
I have decided to exercise my right to buy my property in Chirk off the council. I have a mortgage agreed with Bank of Ireland. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Bank of Ireland, you will need to appoint a solicitor on the Bank of Ireland conveyancing panel.
I opted to have a survey completed on a house in Chirk ahead of instructing conveyancers. I have been told that there is a flying freehold overhang to the house. My surveyor has said that some banks will not give a mortgage on a flying freehold property.
It depends who your proposed lender is. Lloyds has different requirements from Halifax. If you contact us we can check with the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Chirk. Conveyancing may be slightly more expensive based on your lender's requirements.
My husband and I are novice buyers - had an offer accepted, yet the agent told us that the owners will only move forward if we use the agent's recommended solicitors as they are insisting on a ‘quick sale’. We would rather use a local solicitor accustomed to conveyancing in Chirk
It is unlikely the owners are behind this. Should the vendor want ‘a quick sale', turning down a genuine purchaser is counter productive. Contact the vendors directly and explain that (a)you are serious buyers (b)you are excited to move forward, with finances arranged © you have nothing to sell (d) you wish to move quickly (e)but you will continue to use your preferred Chirk conveyancing solicitors - rather thanthose that will give the negotiator at the agency a commission or meet his conveyancing figures pre-set by senior management.