I am in the process of selling my maisonette in Lancing and the EA has just called to say that the purchasers are switching law firm. The excuse is that the bank will only engage with solicitors on their conveyancing panel. Why would a major lender only work with specific lawyers rather the firm that they want to appoint to handle their conveyancing in Lancing ?
Mortgage companies have always had panels of law firms that can represent them, but in recent years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Lending institutions 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. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms 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 impact on this.
We note that you have a post code search directory listing law firms on the Nationwide conveyancing panel. Do firms pay you a commission if I retain them for our conveyancing in Lancing?
We are a listing service only for law firms wishing to communicate if they are on the Nationwide conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Lancing.
It has been three months following my purchase conveyancing in Lancing took place. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Lancing differ for newly converted properties?
Most buyers of new build property in Lancing contact us having been asked by the seller to sign contracts and commit to the purchase even before the house is ready to move into. This is because builders in Lancing tend to acquire the site, 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 conveyancers 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 Lancing or who has acted in the same development.
Given that I am about to part with 450k on 3 bedroom house in Lancing I wish to have a conversation with the lawyer about myconveyancing ahead of instructing the firm. Can this be arranged?
Absolutely - we would be delighted to talk to you we do not take any clients on without you first talking to the lawyer who will be carrying out your conveyancing in Lancing.There is no ‘factory style conveyancing’ - every client is an important person, not a file number. The law firms that we put you in touch with believe that the figure you are calculated and presented to you for residential conveyancing in Lancing should be the amount on the final invoice that you end up paying.