I am in the process of selling my ground floor flat in Belbroughton and the EA has just telephoned to warn that the purchasers are changing their property lawyer. The reason given is that the bank will only engage with solicitors on their approved list. On what basis would a major lender only engage with specific lawyers rather the firm that they want to choose to handle their conveyancing in Belbroughton ?
Lenders have always had panels of law firms they are content 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 represented them for more than 25 years.
Banks attribute this action to a rise in fraud as the reason for the cull – criteria have been narrowed as a smaller panel is easier to oversee. Banks tend not to reveal 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. Plenty of firms 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 purchasers are unlikely to have any sway in the decision.
The Belbroughton conveyancing firm handling our Belbroughton conveyancing has identified a difference when comparing the surveyor’s assumptions in the valuation report and what is revealed within the legal papers for the property. My solicitor has advised that he needs to check that the lender is happy with this discrepancy and is still content to lend. Is my lawyer’s stance legitimate?
Your solicitor must comply with the UK Finance Lenders’ Handbook provisions 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.
The Belbroughton conveyancing solicitors that I recently instructed on my house acquisition in Belbroughton have without warning closed. They were on acting for me because I needed a solicitor on the Principality conveyancing panel and my previous Belbroughton lawyer was not. I issued them a cheque for £250 in advance. What should be my next steps?
Assuming that you have an Estate Agent in the equation then let them know immediately so that they advise the vendors that there may be a slight delay due to reasons beyond your control. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Principality conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors may be able to help.
Hoping to buy a property located in Belbroughton and I am already nervous. I couldn't find anything specific about Belbroughton. Conveyancing will be needed in due course but do you know about the Belbroughton area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Belbroughton. In the meantime here are some basic statistics that we found
My father has suggested that I instruct his lawyers for conveyancing in Belbroughton. Should I use them?
No doubt the ideal way to find a conveyancing practitioner is to get recommendations from friends or family who have actually previously instructed the solicitor that you are contemplating using.