I am progressing with the sale of my maisonette in Brewood and the EA has just e-mailed to say that the purchasers are appointing a new solicitor. The excuse is that the lender will only engage with property lawyers on their conveyancing panel. Why would a major mortgage company only work with certain law firms rather the firm that they want to appoint to handle their conveyancing in Brewood ?
Mortgage companies have always had an approved set of law firms they are willing to work with, but in the last few years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Lenders attribute this action to a rise in fraud as the reason for the reduction – criteria have been tightened 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 says it is hearing daily from firms 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 buyers are not going to have any impact on this.
In what way does my ID and proof of funds have anything to do with my conveyancing in Brewood? What am I being asked for?
You are right in the requirement set out by your lawyer has nothing to do with conveyancing in Brewood. Nowadays you can not proceed with any conveyancing transaction without first providing proof of your identity. Ordinarily this takes the form of a either your passport or driving licence and a council tax bill. Remember if you are supplying your driving licence as evidence of ID it must be both the paper section as well as the photo card part, one is not acceptable without the other.
Verification of the origin of monies is required in accordance with the Money Laundering Regulations. Please do not be offended when you are asked to produce this as your conveyancer will need to retain this information on record. Your Brewood conveyancing lawyer will require evidence of proof of funds prior to accepting any funds from you into their client account and they will also ask further queries concerning the source of funds.
Is there a list of Co-operative panel conveyancers in Brewood on the Council of Mortgage Lender’s Website?
No. There is no such facility on the CML or Building Society Association sites. Very few lenders make their panel listings visible over the internet. If you are looking for a Brewood property lawyer on the Co-operative please use our tool.
We previously selected solicitors located in Brewood on the Bank of Ireland solicitor panel. They are now charging me a supplemental fee for the legal aspects of the Bank of Ireland mortgage. Is this an additional conveyancing fee specified by Bank of Ireland?
As unfair as it may seem, as long as it’s in their Terms of Engagement or estimate then yes your solicitor can levy a fee for this. The charge is not set by Bank of Ireland but by your Brewood lawyer. Some firms on the Bank of Ireland panel will charge an ‘acting for lender’ fee but some firms incorporate it on their overall fee.
About to purchase flat in Brewood. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Santander conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Brewood conveyancing practitioner is on the Santander conveyancing panel.
I'm remortgaging my current house to a BTL loan with Halifax and I will use the ballance of the raised equity towards another property. The location we are interested in is Brewood. Will your lawyers be able to act for both sets of banks and link together the conveyances?
Do use our search tool on this page to be sure that the lawyers are on the relevant lender panels. Having checked that they are the conveyancer will be able to simultaneously deal with the two conveyancing matters but you should have a chat with you lawyer and communicate your desired outcome and needs.
I am thinking of appointing a conveyancing practitioner in Brewood for my home move. Is it possible to review a firm’s complaints history with the legal regulator?
You may find documented Solicitor Regulator Association (SRA) decisions arising from investigations started on or after Jan 2008. Visit Check a solicitor's record. To find information Pre 2008, or to check a solicitors record, telephone 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For non-uk callers, use +44 (0)121 329 6800. The regulator sometimes monitor call for training purposes.