My husband and I are hoping to purchase a flat in Prestatyn and have appointed a Prestatyn conveyancing firm. Within the last couple of days our property lawyer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Lloyds TSB Bank have this evening contacted us to advise us that there is now an issue as our Prestatyn lawyer is not on their approved list of lawyers. Is this a problem?
When purchasing a property with mortgage finance it is normal for the purchasers' solicitors to also act for the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel as you are at liberty to use your preferred Prestatyn lawyers, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
How does conveyancing in Prestatyn differ for newly converted properties?
Most buyers of new build residence in Prestatyn approach us having been asked by the builder to sign contracts and commit to the purchase even before the house is ready to move into. This is because builders in Prestatyn tend to acquire the real estate, 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 used to new build conveyancing in Prestatyn or who has acted in the same development.
Due to the advice of my in-laws I had a survey completed on a property in Prestatyn in advance of retaining solicitors. I have been told that there is a flying freehold aspect to the property. Our surveyor advised that some lenders will refuse to grant a loan on this type of house.
It depends who your proposed lender is. Santander has different requirements from Nationwide. If you contact us we can investigate further with the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Prestatyn. Conveyancing will be smoother if you use a solicitor in Prestatyn especially if they are accustomed to such properties in Prestatyn.
I am downsizing from my house. My previous conveyancers has retired. I would be grateful for any recommendation of a conveyancing firm. I happen to live in Prestatyn if that affects matters.
Do use our search tool to help you choose a solicitor for your conveyancing in Prestatyn. We have connected thousands of home buyers and sellers with lender approved solicitors to ensure that the legalities of their house move goes smoothly.
How much experience do your Prestatyn conveyancing solicitors have with Help To Buy, Shared Equity and similar schemes?
Prestatyn conveyancing lawyers help thousands of people move home every year and assisted lots of clients through the Help To Buy scheme. The chances are that whatever makes your case unique Prestatyn conveyancers have worked on recent similar matters.