Me and my partner are buying a 1 bedroom apartment in Treuddyn with a mortgage. We like our Treuddyn lawyer, however the lender advise she’s not on their "panel". We have to appoint one of the lender panel conveyancing practices or keep our Treuddyn conveyancer and pay for one of their panel firms to represent them. We consider that this is inequitable; are we not able to insist that the lender use our Treuddyn solicitor ?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Treuddyn conveyancing solicitor to apply to be on the conveyancing panel.
My wife and I are purchasing a newly built flat in Treuddyn and my solicitor is advising me that she is duty bound to the bank to reveal incentives from the builder. I am under pressure to sign contracts and I would rather not delay matters. Is my lawyer right?
You should not exchange unless you have been advised to do so by your solicitor. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I am close to exchanging contracts on the sale of our property in Treuddyn and the buyers lawyers are claiming that there is a possibility that the property was constructed on contaminated land. A local conveyancer would know this is not the case. For the life of me I don't know why the purchasers are using an online conveyancing outfit as opposed to a conveyancing solicitor in Treuddyn. Having lived in Treuddyn for three years we know that this is a non issue. Is it a good idea to get in touch with our local Authority to obtain confirmation need.
It would appear that you have a conveyancing firm currently acting for you. Are they able to advise? You need to check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same illness)
How does conveyancing in Treuddyn differ for new build properties?
Most buyers of new build property in Treuddyn come to us having been asked by the seller to exchange contracts and commit to the purchase even before the house is finished. This is because developers in Treuddyn usually buy the land, 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 Treuddyn or who has acted in the same development.
Me and my husband accepted an offer on a Treuddyn bungalow left to us 8 years ago in 2012. I have over 15 years conveyancing know-how and, although retired, see no reason not to do the legal work. The purchaser's solicitor has informed me that their mortgage company will not allow you to do your own conveyancing as they require the funds to be transferred to a solicitor's bank account.
Mortgage requirements to property lawyers from all mainstream lenders state that If the vendor is not legally represented the borrower's lawyers should check whether the lender needs to be informed so that a decision can be reached if they are willing to proceed.