Can you help? My Abergavenny lawyer is advising me that he is legally obliged toconduct Abergavenny conveyancing searches resulting from the fact thatthe firm are on the Nat Westapproved lawyer panel. Is this really necessary?
Unfortunately both you and your lawyer have little choice here. As you are obtaining a home loan with a mortgage company your lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your lawyer would have previously signed the Terms and Conditions of your lender’s conveyancing panel appointment which obliges them to follow the CML Handbook conditions . Even if you were a cash buyer you would be ill advised not to carry out Abergavenny conveyancing searches.
I am considering remortgaging my home in Abergavenny, does my lawyer need to be on the Nationwide Solicitor panel?
There is nothing to stop you using your solicitor, but Nationwide will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
Me and my partner are purchasing a property in Abergavenny. I might seem paranoid but how we can trust a lawyer? At some point we have to deposit our life savings into their account. What is the protection we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
When it comes to lenders such as Yorkshire BS, do Abergavenny lawyers have to pay a fee to be on the conveyancing panel?
We are unaware of any lender fees to be on their list of approved firms, although some do levy an administration charge to deal with the processing of the conveyancing panel submission.
It is not clear whether my mortgage offer requires a lease extension. I have called into my local Abergavenny building society branch on a couple of occasions and was told it does not affect the mortgage offer and they would lend. My Abergavenny conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned and was told they refuse to lend based on their published requirements. Who do I believe?
As long as the conveyancing practitioner is on the lender panel, she or he must adhere to the CML Handbook requirements for the bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
How does conveyancing in Abergavenny differ for new build properties?
Most buyers of new build property in Abergavenny come to us having been asked by the seller to sign contracts and commit to the purchase even before the house is finished. This is because builders in Abergavenny typically acquire the site, 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 accustomed to new build conveyancing in Abergavenny or who has acted in the same development.
We're first time buyers - had an offer accepted, yet the agent informed us that the vendor will only issue a contract if we appoint the agent's recommended conveyancers as they need a ‘quick sale’. We would rather use a family conveyancer accustomed to conveyancing in Abergavenny
We suspect that the seller is unaware of this demand. If they desire ‘a quick sale', turning down a genuine purchaser is counter productive. Try to communicate with the sellers directly and make the point that (a)you are genuine purchasers (b)you are ready to progress, with finances arranged © you do not need to sell (d) you wish to move quickly (e)however you will continue to use your preferred Abergavenny conveyancing firm - as opposed tothose that will provide the estate agent a referral fee or meet his conveyancing figures set by HQ.