I am six weeks into the sale of my house in Holbrook and the estate agent has just e-mailed to say that the buyers are swapping law firm. The excuse is that the bank will only work with solicitors on their conveyancing panel. Why would a major mortgage company only work with certain lawyers rather the firm that they want to appoint for their conveyancing in Holbrook ?
Mortgage companies have always had an approved set of law firms that can act for them, but in the last few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 25 years.
Banks justify this action to a rise in fraud as the reason for the pruning – criteria have been stiffened as a smaller panel is easier to maintain. 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 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 sway in the decision.
Me and my partner are about to complete on the purchase of a house in Holbrook but as a consequence of damage from some water damage at the property I have managed to agree reparation from the seller of £3k in the form of a reduction in the price. This was going to be dealt with as part of a side agreement yet Principality are not allowing this. Should they have been notified?
Any solicitor that is on the Principality conveyancing panel is obliged to disclose to Principality of any amendments to the sale price. If you were to refuse your lawyer to report the reduction to Principality then they would have to discontinue acting for you. In addition, Principality and you would have to appoint a new lawyer for your conveyancing in Holbrook.
Completed the sale of my flat in Holbrook last July yet the purchaser is Skype messaging every few hours to moan that his conveyancer is waiting to hear from mine. What are the post completion sale formalities now that I have sold?
Post completion of your disposal your conveyancer should deliver the transfer documentation and all additional paperwork to the purchaser's solicitors. Depending on the transaction, your solicitor should also send confirmation that the legal charge in favour of the lender has been discharged to the buyers solicitors. There is unlikely to be post completion tasks specific conveyancing in Holbrook.
Do the Building Society Association intend to launch a search tool with a view to to identify solicitors on the Melton Mowbray Building Society conveyancing panel for instance in Holbrook?
We would not expect to be advised of any intention on the part of the BSA to promote such a tool.
Do I choose a Licenced Conveyancer or Solicitor for conveyancing in Holbrook?
Two types of professional can execute conveyancing in Holbrook namely licenced conveyancers or solicitors. The two can administer conveyancing services that you need to complete the sale or purchase of property. They are both required to carry out Holbrook conveyancing on similar quality and guidelines so you can be safe in the knowledge that your conveyancing will be properly carried out and that the requisite procedures will be appropriately followed.
My bid for a property was accepted at auction in Holbrook. Conveyancing is needed. What is next?
Given that you have now exchanged you now have to retain a conveyancing practitioner quickly as you now have a fast approaching a fixed date to complete the conveyancing. An auction property should have a corresponding legal set of papers. This will likely include the copy title deeds, local authority and drainage searches. Where you are dealing with leasehold premises the conveyancing pack should contain a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork relating to a leasehold property. You need to pass this on to your appointed conveyancing solicitor as soon as possible. You also need to ensure that that you have the requisite funding organised to complete on the date specified in the contract.
I recently had an offer accepted on a house in Holbrook. My mortgage broker suggested a lawyer. I paid an upfront payment of £225. Soon after, the property lawyer called me sheepishly admitting that they were not on the Coventry BS conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Coventry BS panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.