I am progressing with the sale of my home in Llwyngwril and the estate agent has just telephoned to warn that the buyers are changing their property lawyer. I am told that this is due to the fact that the mortgage company will only engage with solicitors on their approved list. On what basis would a major lender only engage with certain solicitors rather the firm that they want to choose to handle their conveyancing in Llwyngwril ?

Lenders have always had an approved set of law firms that can act for them, but in the past few years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.

Mortgage companies attribute this action to a rise in fraud by way of justification for the pruning – criteria have been tightened as a smaller panel is easier to monitor. 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. Your purchasers are unlikely to have any sway in the decision.

Due to move into my new home in Llwyngwril next Friday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as she informs me that she is duty bound to validate that it is in order for the lender. What does the insurance need to cover?

Any lawyer on acting for banks would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s UK Finance Lenders’ Handbook requirements. These obligations are not unique to conveyancing in Llwyngwril.

How does conveyancing in Llwyngwril differ for new build properties?

Most buyers of new build or newly converted property in Llwyngwril come to us having been asked by the builder to sign contracts and commit to the purchase even before the residence is constructed. This is because builders in Llwyngwril tend to acquire 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 conveyancers 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 Llwyngwril or who has acted in the same development.

Is it best to go with a Llwyngwril conveyancing lawyer based in the vicinity that I am buying? I have an old university friend who can carry out the legal formalities however his firm is located approximately 350kilometers away.

The primary upside of using a local Llwyngwril conveyancing practice is that you can pop in to execute documents, present your identification documents and pester them if necessary. Having local Llwyngwril know how is a plus. That being said nothing is more important than finding someone that will pull out all the stops for you. If if people you trust instructed your friend and the majority were impressed that must outweigh using an unfamiliar Llwyngwril conveyancing solicitor solely due to them being local.

I'm selling a bungalow in Llwyngwril. I can find my conveyancer's company on the Law Society's list, but I can't find my lawyer's name as listed on the regulator's website. Is this a big problem?

Not all staff in the practice must be listed by the regulator. As long there is someone qualified to 'oversee' the transaction, the actual day-to-day activity can be undertaken by unlicensed staff.