I am selling my maisonette in Resolven and the EA has just called to say that the purchasers are changing their law firm. The excuse is that the mortgage company will only work with property lawyers on their approved list. On what basis would a leading lender only work with specific lawyers rather the firm that they want to appoint for their conveyancing in Resolven ?
UK lenders have always had panels of law firms they are willing to work with, but in recent 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 many years.
Lenders point to the increase in fraud by way of justification for the cull – criteria have been tightened as a smaller panel is easier to oversee. No lender will say 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. The purchasers are not going to have any sway in the decision.
I am looking to buy a house and require a conveyancing solicitor in Resolven who is on the Clydesdale conveyancing. Could you point me in the right direction as regards a conveyancing firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Clydesdale in certain locations such as Resolven. We dont recommend any particular firm.
How does conveyancing in Resolven differ for new build properties?
Most buyers of new build property in Resolven contact us having been asked by the builder to sign contracts and commit to the purchase even before the property is completed. This is because house builders in Resolven tend to buy 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 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 used to new build conveyancing in Resolven or who has acted in the same development.
I've recently found out that there is a flying freehold element on a house I have offered on two weeks back in what was supposed to be a straight forward, chain free conveyancing. Resolven is the location of the property. Is there any advice you can give?
Flying freeholds in Resolven are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Resolven you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Resolven may ascertain 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.
Do I stop the direct debit for my mortgage with Coventry BS as soon as a completion date for my sale in Resolven has been set?
No, you must continue paying any mortgage payments to Coventry BS pending the mortgage being discharged from the proceeds of sale as part of your Resolven conveyancing.