I am progressing with the sale of my ground floor flat in Roath Park and the EA has just called to warn that the buyers are switching law firm. The reason given is that the bank will only work with property lawyers on their approved list. On what basis would a leading mortgage company only engage with specific lawyers rather the firm that they want to choose for their conveyancing in Roath Park ?
UK lenders have always had an approved set of law firms they are willing to work with, but in recent years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Banks point to the increase in fraud by way of justification for the pruning – criteria have been stiffened as a smaller panel is easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms 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. Your buyers are unlikely to have any impact on this.
How up to date is your database of Roath Park solicitors on the Virgin Money conveyancing panel? Do Virgin Money send you an updated list?
Roath Park conveyancing firms themselves provide us confirmation that they are on the Virgin Money conveyancing panel as opposed to being supplied with a list from Virgin Money directly.
I have been told that property searches are the number one cause of stalling in Roath Park conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) has noted the conclusions of research by MoveWithUs that conveyancing searches do not feature amongst the most frequent causes of hindrances during the legal transfer of property. Local searches are not likely to feature in any slowing down conveyancing in Roath Park.
How does conveyancing in Roath Park differ for newly converted properties?
Most buyers of new build residence in Roath Park contact us having been asked by the builder to sign contracts and commit to the purchase even before the property is finished. This is because new home sellers in Roath Park tend to 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 Roath Park or who has acted in the same development.
In scouring the world wide web for the phrase cheap conveyancing in Roath Park it reveals many property lawyerslocally. How do I determine which is the suitable conveyancing solicitor for my move?
The ideal method of finding the right conveyancer is via trusted referral, so ask colleagues and those you trust who have acquired a property in Roath Park or the respected estate agent or financial adviser. Charges for conveyancing in Roath Park vary, so it's sensible to obtain at least four fee estimates from different conveyancers. Make sure that you know that the fees are fixed.