I am nearing exchange of contracts for my apartment in Ogmore Vale and the estate agent has just e-mailed to say that the purchasers are swapping solicitor. I am told that this is due to the fact that the mortgage company will only work with property lawyers on their conveyancing panel. Why would a big named mortgage company only deal with specific solicitors rather the firm that they want to choose for their conveyancing in Ogmore Vale ?
Mortgage companies have always had an approved set of law firms they are content to work with, but in the past few 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 many years.
Lenders point to the increase in fraud as the reason for the cull – criteria have been tightened as a smaller panel is easier to maintain. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says 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.
What happens if my lawyer’s firm is suspended from the HSBC Conveyancing panel ahead of completing my conveyancing in Ogmore Vale?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
I used Stirling Law a few years ago for my conveyancing in Ogmore Vale. I now require my papers however the law firm has closed. What do I do?
Do contact the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Ogmore Vale of the conveyancing firm of solicitors you previously retained, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
I've found a house that appears to be perfect, at a great figure which is making it all the more appealing. I have subsequently been informed that the title is leasehold rather than freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Ogmore Vale. Conveyancing solicitors have are soon to be instructed. Will my lawyers set out the implications of buying a leasehold house in Ogmore Vale ?
The majority of houses in Ogmore Vale are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. It is clear that you are buying in Ogmore Vale so you should seriously consider looking for a Ogmore Vale conveyancing practitioner and be sure that they have experience in dealing with leasehold houses. First you will need to check the number of years remaining. Being a lessee you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as requiring the freeholder’sconsent to carry out alterations. You may also be required to pay a contribution towards the maintenance of the estate where the house is part of an estate. Your lawyer should appraise you on the various issues.
Ogmore Vale Leasehold Conveyancing - Sample of Queries before buying
Who are the managing agents? This information is useful as a) areas can result in problems in the building as the communal areas may start to deteriorate where services are not paid for b) if the leasehold owners have an issue with the managing agents you will wish to have complete disclosure Is the freehold owned jointly by the tenants?
Been searching for a property lawyer for freehold sale conveyancing in Ogmore Vale. I'm selling, simple no mortgage to discharge, no rush, no onward chain. Had an estimate from a solicitor for £900 including VAT which is a tad steep given that its so straightforward. Can I pay less for conveyancing in Ogmore Vale?
Considering it’s a sale only, £425 + VAT should be about the lowest for a Ogmore Vale solicitor firm.