Me and my partner are intending to buy a 2 bedroom flat in Colwyn Bay with a mortgage. We would like to retain our Colwyn Bay conveyancer, however the mortgage company says she’s not on their "panel". We have to appoint one of the bank panel conveyancing practices or continue with our Colwyn Bay property lawyer and pay for one of their panel firms to act for them. We consider that this is unjust; is there anything we can do?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your Colwyn Bay conveyancing solicitor to apply to be on the conveyancing panel.
Can conveyancing in Colwyn Bay to be concluded within 28 days?
Where you are under a tight deadline to exchange we would recommend that your conveyancer is familiar with the area as they will have local relationships and intelligence. It is even conceivable that they would have handled previousproperties in the same street. Therefore consider using a Colwyn Bay conveyancing lawyer. Second, check that the lawyer is on the member panel. It is understood that 18% of Colwyn Bay conveyancing deals are frustrated or derailed after finding out that a buyer’s lawyer was not on their mortgage lender’s list of approved solicitors. In many cases this discovery resulted in the conveyancing being held up by an average of three weeks. It is estimated that this issue impacts in the region of 100,000 home sales annually. Almost all Colwyn Bay conveyancing firms can not represent certain banks so do check at the outset.
Various web forums that I have come across warn that are the primary cause of obstruction in Colwyn Bay house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) published determinations of research by MoveWithUs that conveyancing searches do not figure within the most frequent causes of hindrances in the conveyancing process. Searches are unlikely to be the root cause of delay in conveyancing in Colwyn Bay.
My husband and I are first time buyers - agreed a price, but the selling agent has warned us that the seller will only proceed if we use the agent's chosen conveyancers as they want an ‘expedited deal’. We would rather use a local conveyancer accustomed to conveyancing in Colwyn Bay
We suspect that the owner is unaware of this ultimatum. If they desire ‘a quick sale', taking such a hostile approach to a genuine buyer is not the way to achieve this. Try to communicate with the vendors directly and make sure they comprehend that (a)you are keen to buy (b)you are ready to progress, with mortgage lined up © you are unencumbered (d) you wish to move quickly (e)but you are going to appoint your preferred Colwyn Bay conveyancing lawyers - not the ones that will provide the negotiator at the agency a kickback or hit his conveyancing thresholds pre-set by head office.
Our solicitor in Colwyn Bay has identified a a legal deficiency with the lease for the apartment we are buying in Colwyn Bay. The other side have offered title insurance as a solution. We are content with insurance and will pay for it. Our lawyer says that as he is on the bank conveyancing panel he must check that the lender is happy with this solution. Who is the client here, us or the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. A precondition to being on the mortgage company approved panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects will the lease so that the mortgage company can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.