I am one month into the sale of my home in Magor and the EA has just e-mailed to advise that the buyers are switching solicitor. I am told that this is due to the fact that the mortgage company will only engage with solicitors on their approved list. On what basis would a big named lender only work with certain solicitors rather the firm that they want to appoint to handle their conveyancing in Magor ?

UK lenders have always had an approved set of law firms that can represent them, but in recent years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.

Lenders point to the increase in fraud as the reason for the pruning – criteria have been stiffened as a smaller panel is easier to monitor. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices 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 not going to have any impact on this.

Can you clarify what the consequences are if my solicitor is suspended from the Nottingham Solicitor panel ahead of completing my conveyancing in Magor?

First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.

I am downsizing from my house. My former solicitors has retired. I would be grateful for any recommendation of a conveyancing firm. I happen to live in Magor if that affects matters.

You should use our search tool to help you find a solicitor for your conveyancing in Magor. We have connected thousands of home buyers and sellers with lender approved solicitors to ensure that the legalities of their house move runs with a minimum of fuss.

Expecting to exchange soon on a studio apartment in Magor. Conveyancing solicitors have said that they report fully tomorrow. What should I be looking out for?

The report on title for your leasehold conveyancing in Magor should include some of the following:

Whether your lease caters for for a slush fund? The physical extent of the property. This could be the property itself but may include a attic or basement if applicable. What you can do if an adjoining owner breaches a clause of their lease? Rent payments - what is due and when you need to pay, and be on notice if this is subject to change Does the lease require carpeting throughout thus preventing wood flooring?

Magor Conveyancing for Leasehold Flats - A selection of Questions you should ask Prior to Purchasing

Make sure you find out if the the lease includes any adverse restrictions in the lease. For example it is fairly common in Magor leases that pets are not allowed in in a block in Magor. If you like the flatin Magor yet your dog is not allowed to make the move with you then you have a very hard decision. The prefered form of lease arrangement is a share of the freehold. In this situation the lessees enjoy being in charge if their destiny and notwithstanding that a managing agent is frequently retained if it is larger than a house conversion, the managing agent retained by the leaseholders. If a Magor lease has less than 80 years it will impact the salability of the apartment. It is worth checking with your mortgage company that they are willing to to proceed given the lease term. A short lease means that you will most likely have to extend the lease sooner rather than later and you need to have some idea of how much this will be. For most Magorlease extensions you would need to own the residence for two years before you are legally able to carry out a lease extension.

Is it the case that all Magor legal practices on every lender conveyancing panel?

You can use our search tool or you can drop into your local bank branch in Magor. Chances are that they will know some good conveyancing solicitors in Magor