I can't travel far from Cowbridge. I would like to know the reason why all Cowbridge property lawyers are not on all mortgage company panels?
Before the recession most mortgage companies displayed an attitude to risk which differs from the current day. The FSA in 2010 conducted a thematic review into fraud which concluded: know the property lawyers on your panel. As a result, banks have subsequently soughtmore information from law firms about their operations and the staff employed by them and set certain criteria such as completing a minimum amount of transactions. Thousands of firms have been removed from lender panels even though they had 100% healthy disciplinary record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Such firms found it impossible satisfy the minimum amount of transactions the lenders insisted on.
My partner and I are buying a new build apartment in Cowbridge and my solicitor is informing me that she is duty bound to the bank to reveal incentives from the developer. I am on a tight deadline to sign contracts and my preference is not to delay matters. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancing practitioner. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook provisions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
A colleague recommended that where I am buying in Cowbridge I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is usually included in the estimate for your Cowbridge conveyancing searches. It is a large report of more than thirty pages, listing and detailing significant information about Cowbridge around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Cowbridge Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Local Education with maps and statistics, Local Amenities and other useful data regarding Cowbridge.
How does conveyancing in Cowbridge differ for new build properties?
Most buyers of new build residence in Cowbridge approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the property is constructed. This is because developers in Cowbridge typically buy the land, 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 accustomed to new build conveyancing in Cowbridge or who has acted in the same development.
I'm converting the mortgage on my primary home to a buy to let mortgage with Barclays and I will use the rest of the raised equity as a down payment on another house. The neighborhood we are interested in is Cowbridge. Will your conveyancers be able to act for the two banks and tie in the two deals?
Do use our comparison tool on this page to be sure that the conveyancers are on the appropriate lender panels. Assuming that they are your conveyancer should be able to tie up the two deals but you should have a chat with you lawyer and specify your expectations and requirements.