I am nearing exchange of contracts for my home in Hertford and the estate agent has just e-mailed to warn that the purchasers are appointing a new property lawyer. I am told that this is due to the fact that the lender will only work with solicitors on their conveyancing panel. Why would a leading lender only engage with specific solicitors rather the firm that they want to appoint for their conveyancing in Hertford ?
UK lenders have always had an approved set of law firms that can represent them, but in the last few years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Mortgage companies point to the increase in fraud as the reason for the pruning – 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 claims that it is being contacted daily by practices 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 purchasers are unlikely to have any impact on this.
I am buying a new build flat in Hertford. Conveyancing solicitors are said to be ‘a necessary evil’ but can I do it myself?
Leaving aside the complexities and merits of DIY conveyancing in Hertford you will have to appoint a solicitor on your lender's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Hertford.
Have just purchased a probate house at auction in Hertford. Conveyancing is needed. What happens now?
Having for in every practical sense signed on the dotted line you now have to instruct a conveyancing solicitor as a matter of urgency as you are faced with a pending deadline in which to complete the property. Every auction property should have a bespoke legal set of papers. This will include the copy title deeds, local authority and drainage searches. Where you are dealing with leasehold premises the auction pack may provide a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork specific to a leasehold property. You should give this to your appointed conveyancing solicitor ASAP. Do make sure that you have funds in place to complete the transaction on the set completion date.
Is it the case that all Hertford solicitor practices on the Leeds Building Society conveyancing panel are governed by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Leeds Building Society approved list of solicitors they would need to be governed by the Solicitors Regulatory Authority. The majority of mortgage companies do permit licenced conveyancers on their panel and in such a situation the firms would be regulated by the Council of Licensed Conveyancers.
I had an offer accepted on a house in Hertford on 24/5/2019, valuation was booked five days after, all came back fine. Conveyancer instructed, so the only thing outstanding was my mortgage offer. Having made daily calls to Barclays and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the Barclays conveyancing panel. Can the lender hold off the offer?
Mortgage companies tend not to not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Barclays to deal with your lawyer's application to be on the Barclays conveyancing panel. There's no guarantee that your solicitor will be accepted.
Will commercial conveyancing searches reveal planned roadworks that could affect a commercial site in Hertford?
Many commercial conveyancing solicitors in Hertford will conduct a SiteSolutions Highways report as it reduces the time that conveyancers spend in looking into accurate data on highways that impact buildings and development assets in Hertford. The report sets out definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Hertford.
For every commercial conveyancing transaction in Hertford it is crucial to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been addressed adequately could cause delays to Hertford commercial conveyancing deals as well as present a risk to future plans for the site. These searches are not carried out for residential conveyancing in Hertford.
I opted to have a survey done on a house in Hertford prior to instructing lawyers. I have been told that there is a flying freehold aspect to the house. My surveyor has said that some banks may not issue a mortgage on this type of home.
It varies from the lender to lender. HSBC has different requirements for example to Birmingham Midshires. Should you wish to call us we can check via the appropriate lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Hertford. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Hertford to see if the conveyancing will be more expensive.