I am in the process of selling my ground floor flat in Undy and the estate agent has just telephoned to advise that the buyers are switching law firm. The excuse is that the lender will only work with property lawyers on their conveyancing panel. Why would a leading mortgage company only engage with specific law firms rather the firm that they want to appoint for their conveyancing in Undy ?
UK lenders have always had an approved set of law firms they are content to work with, but in the past few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Lending institutions point to the increase in fraud as the reason for the reduction – criteria have been stiffened as a smaller panel is easier to maintain. Banks tend not to disclose 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. The purchasers are unlikely to have any sway in the decision.
My Undy solicitor has spotted an inconsistency when comparing the assumptions in the home valuation survey and what is revealed within the conveyancing documents. My lawyer has advised that he is duty bound to check that the lender is OK with this discrepancy and is content to go ahead. Is my solicitor’s course or action correct?
Your lawyer must comply with the UK Finance Lenders’ Handbook conditions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
I am about to put a bid on a leasehold apartment in Undy. The estate agents tell me that it is normal for flats in Undy to have less than 75 years left on the lease. I am getting a mortgage with Bank of Ireland. Will the property be mortgageable given that the lease has 69 years to go.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are obtaining a mortgage then your lender may insist that the lease be extended before competition. Bank of Ireland have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 6/12/2025 the requirements read as follows :
A friend advised me that where I am purchasing in Undy I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is occasionally quoted for as part of the standard Undy conveyancing searches. It is not a small document of more than thirty pages, listing and detailing important information about Undy around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Undy Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Local Education with plans and statistics, Local Amenities and other useful information concerning Undy.
How does conveyancing in Undy differ for newly converted properties?
Most buyers of new build residence in Undy come to us having been asked by the developer to sign contracts and commit to the purchase even before the property is built. This is because builders in Undy usually acquire 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 accustomed to new build conveyancing in Undy or who has acted in the same development.