I am progressing with the sale of my flat in Colwyn Bay and the EA has just text me to warn that the buyers are appointing a new property lawyer. The excuse is that the lender will only work with property lawyers on their approved list. Why would a big named mortgage company only work with specific solicitors rather the firm that they want to select for their conveyancing in Colwyn Bay ?
Banks have always had panels of law firms that can represent them, but in the past few years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Mortgage companies point to the increase in fraud as the reason for the cull – criteria have been tightened as a smaller panel is easier to keep an eye on. 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. 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 buyers are unlikely to have any sway in the decision.
Is it the case that all Colwyn Bay solicitor practices on the RBS conveyancing panel are governed by the Solicitors Regulatory Authority?
As solicitors, in order to be on the RBS approved list of solicitors they would need to be governed by the Solicitors Regulatory Authority. Some mortgage companies do permit licenced conveyancers on their panel in which case such practice would be overseen by the Council of Licensed Conveyancers.
I had a mortgage agreed in principle with Skipton. Colwyn Bay conveyancing solicitors have been selected. How long does it take for Skipton to send the offer to the conveyancing practitioner?
There is no definitive answer here. Have Skipton conducted the valuation? Have you informed Skipton as to your lawyers' details and checked that your lawyers are on the Skipton conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I am currently in the process of buying my council flat in Colwyn Bay. I have a mortgage offer with Nationwide. 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 Nationwide, you will need to appoint a solicitor on the Nationwide conveyancing panel.
My colleague suggested that if I am purchasing in Colwyn Bay I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is sometimes included in the estimate for your Colwyn Bay conveyancing searches. It is not a small document of about 40 pages, listing and setting out important information about Colwyn Bay around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Colwyn Bay Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Local Education with plans and statistics, Local Amenities and other useful data regarding Colwyn Bay.
Are there restrictive covenants that are commonly identified during conveyancing in Colwyn Bay?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Colwyn Bay. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I decided to have a survey done on a house in Colwyn Bay ahead of retaining lawyers. I have been advised that there is a flying freehold aspect to the property. The surveyor has said that some lenders will not grant a mortgage on a flying freehold home.
It depends who your proposed lender is. Lloyds has different requirements for example to Halifax. If you contact us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Colwyn Bay. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Colwyn Bay to see if the conveyancing costs will increase in light of this.