I am selling my maisonette in Four Oaks and the EA has just called to say that the buyers are appointing a new property lawyer. The excuse is that the lender will only deal with property lawyers on their approved list. On what basis would a leading lender only engage with certain law firms rather the firm that they want to choose to handle their conveyancing in Four Oaks ?
UK lenders have always had panels of law firms they are content to work with, but in the past few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Lenders blame a rise in fraud by way of justification for the reduction – criteria have been narrowed as a smaller panel is easier to keep an eye on. No lender will say 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 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 purchasers are unlikely to have any impact on this.
Completed the sale of my flat in Four Oaks last December yet the purchaser is SMS messaging me to moan that his solicitor needs to hear from mylawyer. What are the post completion sale legalities now that I have sold?
Post completion of your disposal your conveyancer should send the transfer deeds and all supplemental paperwork to the purchaser's conveyancer. Depending on the transaction, your lawyer must also confirm that the home loan has been redeemed to the buyers lawyers. There are no post completion procedures peculiar conveyancing in Four Oaks.
I have been told that property searches are the primary cause of obstruction in Four Oaks house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the findings of research by MoveWithUs that conveyancing searches do not figure within the common causes of delays in the conveyancing process. Local searches are unlikely to feature in any holding up conveyancing in Four Oaks.
How easy is it to use the search app to select a conveyancing practitioner in Four Oaks on the panel for my bank?
Step one is to choose a bank such as Birmingham Midshires, Barnsley Building Society or Platform Home Loans Ltd then type in your location for example Four Oaks. Conveyancing practices in Four Oaks and nationally should be listed.
My lawyers in Four Oaks have advised me that no longer have my conveyancing file. To assist with my purchase I took out a mortgage with the bank. Is it case that being on the mortgage company conveyancing panel they need to have retained the file for a number of years?
Different lenders have different requirements 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.