I am progressing with the sale of my house in Bude and the estate agent has just text me to advise that the buyers are appointing a new conveyancer. The excuse is that the mortgage company will only deal with property lawyers on their conveyancing panel. Why would a major lender only deal with certain solicitors rather the firm that they want to select to handle their conveyancing in Bude ?
Mortgage companies have always had an approved set of law firms they are willing to work with, but in the past few years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Banks point to the increase in fraud by way of justification for the pruning – criteria have been tightened 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. Some 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. Your buyers are unlikely to have any impact on this.
The owners of the home we are purchasing hired a conveyancing practitioner in Bude who has insisted on a preliminary agreement with a payment of 5k. Are such arrangements the norm for Bude conveyancing transactions?
Exclusivity contracts are contracts between a home seller and prospective acquirer giving the buyer the sole right to the sale of the premises within an agreed time frame. Essentially, a lock out agreement is a contract specifying that you should be issued with a contract at a later date which is the contract for the actual sale. It is generally utilised for buyer assurance though in many situations, the owner may stand to benefit from such agreements as well. There are numerous pros and cons to having them but you need to check with your lawyer but note that it may end up costing you more in conveyancing fees. For this these agreements are rare in relation to conveyancing in Bude.
Will my conveyancing lawyers need to check that the building insurance for my purchase of a house in Bude. My lender is Nationwide Building Society
Nationwide Building Society have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 20/9/2020, the requirements read as follows :
I am selling our home in Bude and the buyers lawyers are claiming that there is a risk of it being constructed on contaminated land. Any local conveyancer would know that there is no such problem. For the life of me I don't know why the buyers instructed a national conveyancing practice as opposed to a conveyancing solicitor in Bude. Having lived in Bude for many years we know that this is a non issue. Should we contact our local Authority to get confirmation need.
It would appear that you have a conveyancing solicitor already. Are they able to advise? You must enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same sickness)
How easy is it to transfer to a new conveyancer as I have to choose a firm on the Birmingham Midshires conveyancing panel. I hired a local conveyancing solicitor in Bude five minutes from me but she is not accepted by Birmingham Midshires
We will our best to assist in finding you a conveyancing solicitor in Bude on the Birmingham Midshires panel. Please note that the conveyancers that we work with do not pay us fee if you instruct them and are authorised and regulated by the Solicitors Regulation Authority who oversee all conveyancing solicitors in Bude. In utilising the find a conveyancing solicitor tool on this website, you can compare fees for conveyancing solicitors in Bude and throughout England and Wales.