I am selling my flat in Beaworthy and the estate agent has just called to warn that the buyers are swapping solicitor. The excuse is that the mortgage company will only work with property lawyers on their approved list. On what basis would a major lender only deal with certain law firms rather the firm that they want to choose to handle their conveyancing in Beaworthy ?
UK lenders have always had panels of law firms that can represent them, but in the past few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 years.
Mortgage companies blame a rise in fraud as the reason for the reduction – criteria have been stiffened as a smaller panel is easier to oversee. 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. Plenty of firms do not even realise 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 impact on this.
We are acquiring a newly constructed apartment in Beaworthy and my conveyancer is advising me that she is duty bound to the lender to disclose incentives from the builder. I am nearing the developer’s deadline to exchange and I have no desire to prolong deal. Is my lawyer right?
You should not exchange unless you have been advised to do so by your conveyancer. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook conditions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Various web forums that I have frequented warn that are the primary reason for delay in Beaworthy house deals. Is this right?
The Council of Property Search Organisations (CoPSO) has noted the conclusions of a review by MoveWithUs that conveyancing searches do not feature amongst the top 10 causes of delays during the legal transfer of property. Local searches are unlikely to feature in any holding up conveyancing in Beaworthy.
My cousin has urged me to appoint his lawyers for conveyancing in Beaworthy. Should I use them?
No doubt the best way to find a conveyancing lawyer is to seek referrals from friends or family who have actually used the conveyancer that you are considering.
Been looking for a solicitor for freehold sale conveyancing in Beaworthy. We are selling, simple no mortgage to discharge, no hurry, currently empty. Received an estimate from a conveyancing practitioner for £1000 plus VAT which is a tad steep given that its so straightforward. Is it possible to find less expensive fees for conveyancing in Beaworthy?
Considering it’s a sale only, £450 + VAT is likely to be about the best for sale conveyancing in Beaworthy.