I am nearing exchange of contracts for my apartment in Bude and the EA has just called to warn that the buyers are swapping law firm. The reason given is that the mortgage company will only engage with property lawyers on their conveyancing panel. Why would a big named mortgage company only deal with specific solicitors rather the firm that they want to select for their conveyancing in Bude ?
Lenders have always had an approved set of law firms that can represent them, but in recent years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Mortgage companies attribute this action to a rise in fraud as the reason for the cull – criteria have been tightened 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 says it is being contacted daily by practices that have been removed from panels. Some 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. The buyers are unlikely to have any impact on this.
What is the optimum way to discover of the solicitor carrying out my conveyancing in Bude is on the lender’sconveyancing panel? I am looking to avoid the situation of having one lawyer for me and one for National Westminster Bank thus spending £192.00 in further conveyancing charges.
Please do take advantage of the find a conveyancing panel solicitor tool on this site. Please choose the mortgage company and type ‘Bude’ or your location and you will discover a number of lawyer offices in Bude or nearest you.
What does a local search inform me regarding the property we're buying in Bude?
Bude conveyancing often commences with the submitting local authority searches directly from your local Authority or through a personal search organisations such as Onsearch The local search plays a central part in many a Bude conveyancing purchase; as long as you wish to avoid any unpleasant surprises after you move into your new home. The search should supply data on, amongst other things, details on planning applications relevant to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 subject sections.
How does conveyancing in Bude differ for new build properties?
Most buyers of new build property in Bude contact us having been asked by the builder to sign contracts and commit to the purchase even before the house is completed. This is because developers in Bude tend to acquire the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Bude or who has acted in the same development.
I have read on numerous online forums that before selecting a conveyancing solicitors they need approved by your bank. This is my first house move but I have an offer in principle via Santander and I already have a local conveyancing lawyer in Bude lined up. Can Halifax insist on an approved conveyancer to be selected? Does a list of approved firms even exist so I can appoint a conveyancing lawyer in Bude?
You should instruct a solicitor that is on the Halifax panel. The simplest thing to do is ring your preferred Bude conveyancing lawyer and ask if they are on the Halifax panel. If they are not on the panel you have numerous options open to you here:
- Complete the deal with your preferred Bude lawyer but Halifax will no doubt appoint a solicitor on their approved list. The net result is additional cost together with likely frustration.
- Choose a new conveyancer to act in the purchase, not forgetting to check that they are on the Halifax conveyancing panel.
- Convince your lawyer to seek to join the lender panel.