My husband and I are planning to purchase a house in Ystalyfera and have instructed a Ystalyfera conveyancing firm. Within the last couple of days our property lawyer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Skipton Building Society have this morning contacted us to advise us that they have now hit a problem as our Ystalyfera solicitor is not on their approved list of lawyers. What do we do from here?
When purchasing a property with mortgage finance it is normal for the purchasers' solicitors to also act for the purchaser's lender. 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 lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the bank's conveyancing panel and you may continue to use your own Ystalyfera solicitors, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
We're in Ystalyfera, First time buyers purchasing with a mortgage (lender is Nottingham , and our lawyer is on the Nottingham conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Nottingham conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I happen to be the single recipient of my late father’s estate with all property in now in my sole name, including the my former home in Ystalyfera. Conveyancing formalities meant that the Land Registry date was in September. I want to move. I do know about the Mortgage Lenders 6 month 'rule', meaning my property ownership will be considered the same way as though I had purchased the house in September. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook instructs conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you may be affected by that. How sensible a view lenders take of it, depend on the lender as this provision primarily exists to pick up on subsales or the flipping of property.
Can I be sure that the Ystalyfera conveyancing solicitor on the RBS panel is any good?
When it comes to conveyancing in Ystalyfera getting recommendations is a good start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always recommend that you speak with the lawyer handling your conveyancing.
HSBC have agreed my mortgage in principle, my bid on a flat in Ystalyfera has been accepted, now what?
Your property agent will want to know who your solicitors are (ensure that the conveyancing practitioners are on the lender’s approved list). Contact HSBC or your broker and finalise any outstanding forms. HSBC will instruct a valuer who will get in touch with the estate agent or owners to schedule an appointment. Once carried out (assuming no problems) it takes on average a week to receive the mortgage offer. HSBC will issue the offer to you and your conveyancing practitioners. The legal work will then take it’s course according the nature and complexity of the conveyancing in Ystalyfera.
My wife and I are close to exchanging contracts on the sale of our property in Ystalyfera and the buyers lawyers are claiming that there is a possibility that the property was constructed land that was not decontaminated. Any high street Ystalyfera lawyer would know this is not the case. It does beg the question why the purchasers used a web based conveyancing firm as opposed to a conveyancing solicitor in Ystalyfera. Having lived in Ystalyfera for three years we know of no issue. Is it a good idea to contact our local Authority to obtain confirmation that there is no issue.
It sounds as though you may have a conveyancing lawyer already. What do they say? You must 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 health insurance to cover that same sickness)
How does conveyancing in Ystalyfera differ for new build properties?
Most buyers of new build property in Ystalyfera come to us having been asked by the builder to exchange contracts and commit to the purchase even before the residence is finished. This is because house builders in Ystalyfera typically 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 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 Ystalyfera or who has acted in the same development.