I am nearing exchange of contracts for my flat in Billericay and the estate agent has just called to say that the purchasers are swapping law firm. The excuse is that the bank will only deal with property lawyers on their conveyancing panel. Why would a major lender only engage with specific solicitors rather the firm that they want to appoint for their conveyancing in Billericay ?
UK lenders have always had panels of law firms that can act for them, 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.
Lending institutions point to the increase in fraud by way of justification for the reduction – criteria have been tightened as a smaller panel is easier to keep an eye on. 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 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 not going to have any impact on this.
When scouring online forums for an affordable lawyer in Billericay, many advise that I should instruct a CQS kitemarked solicitor. Can you explain what CQS is?
The Law Society's Conveyancing Quality Scheme is the recognised quality mark for legal experts in the legal transfer of properties, trusted by some of the UK's major banks. Four years ago the Conveyancing Quality Scheme was officially recognised by the Association of British Insurers (ABI). CQS is not a scheme offered by the Society for Licensed Conveyancers. Billericay is one of the numerous areas of the UK where there are CQS solicitors.
My wife and I are purchasing a house in Billericay. I might seem paranoid but how we can trust a conveyancer? On the day of competition we will need to put money into their account. What is the protection we have from them run away with our deposit?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
What is your number one tip for finding a conveyancing solicitor in Billericay
It would be unwise to be tempted by the lowest Billericay conveyancing fees. You really do get what you’re paying for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
I have a mortgage with Barclays for my property in Billericay. Conveyancing has been completed some time ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Barclays?
Barclays must be informed of your intention prior to letting out your property as this is likely to be a breach of Barclays’s mortgage conditions. It may be that Barclays will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Barclays directly. You need not do this via a Barclays conveyancing panel firm.
Am I best advised to choose a Billericay conveyancing lawyer who is local to the property I am purchasing? I have an old university friend who can carry out the conveyancing but her office is over three hundred miles away.
The primary upside of using a local Billericay conveyancing practice is that you can pop in to execute documents, deliver your ID and apply pressure on them where appropriate. Having local Billericay know how is a benefit. However nothing is more important than finding someone that will do a good and efficient job. If you know people who used your friend and in the main were impressed that must surpass using an unfamiliar Billericay conveyancing solicitor solely due to them being based in the area.
My solicitors in Billericay have advised me that no longer have my conveyancing file. To assist with my purchase I took out a mortgage with the mortgage company. Is it case that being on the bank conveyancing panel they need to have retained the file for a number of years?
It very much depends from lender to lender but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the mortgage company Conveyancing Panel Terms. It might be worth you contacting the lender directly.