Unfortunately I am unable to travel far from Old Colwyn. Can you please explain the reason why all Old Colwyn solicitors aren't automatically on all lender panels?
Pre- 2008 most mortgage companies exhibited an attitude to risk which is different from today. The FSA in 2010 carried out a thematic review into mortgage fraud which concluded: know the conveyancers on your panel. Consequently, banks have subsequently looked to extract more data from law firms concerning their processes and the individuals who work for them and set certain criteria such as completing a minimum number of transactions. Many firms have been removed from lender panels even though they had an exemplary disciplinary record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Many firms were never going to meet the criteria of volume of transactions the lenders insisted on.
I am buying a semi-detached house in Old Colwyn. Can I do my own conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Old Colwyn you will have to appoint a solicitor on your mortgage company's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Old Colwyn.
Various internet forums that I have visited warn that are the main reason for obstruction in Old Colwyn conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) has noted the findings of research by MoveWithUs that conveyancing searches do not feature within the top 10 causes of delays in the conveyancing process. Local searches are not likely to feature in any holding up conveyancing in Old Colwyn.
I have been on the look out for a ground for flat up to £305k and found one close by in Old Colwyn I like with a park and transport links in the vicinity, the downside is that it's only got 52 remaining years left on the lease. There is not much else in Old Colwyn suitable, so just wondered if I would be making a mistake purchasing a short lease?
Should you need a mortgage the remaining unexpired lease term will likely be an issue. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the property for at least twenty four months you may ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should consult your conveyancing solicitor concerning this.
How easy is it to transfer to a new conveyancer as I have to choose one who is on the Bank of Ireland conveyancing list. I hired a high street conveyancing solicitor in Old Colwyn round the corner but the firm is not approved by Bank of Ireland
It would be our pleasure to assist you select a conveyancing solicitor in Old Colwyn on the Bank of Ireland panel. Please note that the property lawyers that we list do not pay us fee if you instruct them and are fully regulated by the SRA who oversee all conveyancing solicitors in Old Colwyn. Using search facility on this website, you can compare and instruct different solicitors and conveyancers both nationally and in Old Colwyn.