I am progressing with the sale of my apartment in Ogmore Vale and the EA has just e-mailed to warn that the buyers are swapping property lawyer. The reason given is that the lender will only deal with solicitors on their conveyancing panel. Why would a major mortgage company only work with specific lawyers rather the firm that they want to appoint for their conveyancing in Ogmore Vale ?

Mortgage companies have always had panels of law firms that can represent them, but in recent years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.

Lending institutions justify 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. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices 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.

Finally the sale completed on my house in Ogmore Vale last July but our buyer keeps calling me to say their lawyer needs to hear from mine. What are the post completion sale legalities following completion?

Following your house sale your lawyer is committed to forward the transfer documentation and all additional paperwork to the buyer’s solicitors. Depending on the transaction, your lawyer should also evidence that the home loan has been redeemed to the purchasers solicitors. There are no post completion tasks just for conveyancing in Ogmore Vale.

What does a local search tell me concerning the property we're buying in Ogmore Vale?

Ogmore Vale conveyancing often commences with the applying for local authority searches directly from your local Authority or through a personal search organisations for instance Xpress Legal The local search plays an important role in many a Ogmore Vale conveyancing purchase; that is if you don’t want any unpleasant surprises after you move into your new home. The search should provide information on, amongst other things, details on planning applications applicable to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 subject headings.

How does conveyancing in Ogmore Vale differ for newly converted properties?

Most buyers of new build residence in Ogmore Vale contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is constructed. This is because house builders in Ogmore Vale typically buy the site, 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 conveyancing solicitors 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 Ogmore Vale or who has acted in the same development.

Yesterday I discovered that there is a flying freehold issue on a house I have offered on two weeks back in what was supposed to be a simple, chain free conveyancing. Ogmore Vale is where the house is located. Is there any guidance you can impart?

Flying freeholds in Ogmore Vale are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Ogmore Vale you would need to get your solicitor to go through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Ogmore Vale may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.