I am six weeks into the sale of my maisonette in Hurst and the estate agent has just called to say that the buyers are appointing a new law firm. The excuse is that the lender will only work with solicitors on their approved list. Why would a leading lender only work with certain lawyers rather the firm that they want to select for their conveyancing in Hurst ?
Lenders have always had panels of law firms they are willing to work with, but in recent years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for over 25 years.
Lending institutions attribute this action to a rise in fraud by way of justification for the pruning – criteria have been narrowed as a smaller panel is easier to monitor. Banks tend not to reveal 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. The purchasers are not going to have any sway in the decision.
The Hurst conveyancing firm handling our Hurst conveyancing has spotted a discrepancy when comparing the information in the valuation report and what is revealed within the conveyancing documents. My lawyer has advised that he is obliged to ensure that the bank is OK with this discrepancy and is still content to lend. Is my lawyer’s approach legitimate?
Your conveyancer must comply with the UK Finance Lenders’ Handbook provisions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
My wife and I have recently appointed a conveyancing solicitor in Hurst. I I would like to check if they are on the Skipton Building Society conveyancing panel. Can you advise?
You should phone the solicitor and ask them if they are on the lender panel. Otherwise please call Skipton Building Society who may be able to confirm.
My partner has suggested that I use his conveyancing solicitors in Hurst. Should I use them?
No doubt the best way to choose a conveyancing practitioner is to have feedback from friends or relatives who have actually experience in using the firm you're considering.
My fiance and I are buying a 2 bedroom bungalowin Hurst with a residential mortgage from a lender. We have selected a lawyer in Hurst but our bank says he's not on their "panel". Apparently we need to choose one of the our mortgage company panel solicitors or keep our Hurst conveyancer and pay for one of their panel ones to represent them. This seems very unfair; Can we not simply insist that our bank use our Hurst lawyer?
Unfortunately,no. The bank home loan issued is subject to its terms and conditions, one of which will be that solicitors will on the lender's conveyancing panel. Until recently, most mortgage companies had large numbers of law firms on their panels, including most conveyancing solicitors in Hurst : a mortgagee could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your lawyer to apply to be on the conveyancing panel for your bank.