I am one month into the sale of my maisonette in Radyr and the estate agent has just telephoned to say that the buyers are appointing a new solicitor. I am told that this is due to the fact that the mortgage company will only engage with solicitors on their approved list. Why would a leading mortgage company only engage with certain lawyers rather the firm that they want to choose for their conveyancing in Radyr ?
Mortgage companies have always had panels of law firms that can represent them, but in the last few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Lenders point to the increase in fraud by way of justification for the pruning – criteria have been stiffened 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 hearing daily from firms that have been removed from panels. Plenty of firms do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your buyers are not going to have any sway in the decision.
How up to date is your search tool for Radyr conveyancing solicitors on the Kent Reliance conveyancing panel? Do Kent Reliance send you an updated list?
Radyr conveyancing firms themselves provide us confirmation that they are on the Kent Reliance conveyancing panel as opposed to being supplied with a list from Kent Reliance directly.
I am being told by my conveyancer that missing deeds insurance is needed on my purchase. What is the typical level of cover needed for conveyancing in Radyr?
The right level of missing deeds indemnity insurance should be dictated by who your lender. It would differ for example between Accord Mortgages Ltd and The Mortgage Works. Conveyancing lawyers as opposed to borrowers take out such policies.
When it comes to mortgage companies such as Nottingham, do Radyr lawyers incur an annual charge to be on the conveyancing panel?
We are not aware of any mortgage company fees to be on their list of approved firms, although some do charge an administration fee to deal with the processing of the conveyancing panel submission.
I am expecting a OIP from Skipton this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Skipton recommend any Radyr solicitors on the Skipton conveyancing panel, or is it better to go independently?
You will need to appoint Radyr solicitors independently although you'll need to choose one on the Skipton conveyancing panel. The solicitor represents both you and Skipton through the process.
I'm converting the mortgage on my existing house to a BTL loan with Chelsea Building Society and intend to use the remaining equity as a down payment on another house. The neighborhood we are talking about is Radyr. Will your lawyers be able to act for the two banks and link together the conveyances?
Make use of our search tool on this site to ensure that the conveyancers are approved by both lenders. On the basis that they are your conveyancer will be able to connect the two deals but you should have a chat with you lawyer and make apparent your expectations and needs.
What is the reason for new build conveyancing in Radyr being more expensive?
Buying a new build property is significantly distinct from the normal house buying conveyancing in Radyr. For a start housebuilders usually require contracts to exchange inside a short timeframe, the result being a a great deal of pressure on your solicitor to make sure all is in order. Furthermore new build premises frequently necessitate examination of adoption of highways, drains, planning considerations, building warranties or architects certificates. Mortgage lender requirements are also more detailed. Given the complex nature of the process for these types of properties, the conveyancing new build fees are higher than normal.