I am nearing exchange of contracts for my home in Letchworth Garden City and the estate agent has just e-mailed to warn that the purchasers are appointing a new solicitor. The excuse is that the mortgage company will only engage with solicitors on their approved list. Why would a major mortgage company only deal with certain solicitors rather the firm that they want to choose for their conveyancing in Letchworth Garden City ?
UK lenders have always had an approved set of law firms that can represent them, but in recent years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Banks justify 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 keep an eye on. 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. Your buyers are not going to have any impact on this.
We see that you have a post code search directory listing firms on the Kent Reliance conveyancing panel. Do firms pay you a commission if I instruct them for our own conveyancing in Letchworth Garden City?
We are a listing service only for law firms wishing to communicate if they are on the Kent Reliance conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Letchworth Garden City.
I am purchasing a flat and require a conveyancing solicitor in Letchworth Garden City who is on the Santander solicitor. Can you recommend a local solicitor?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Santander in certain locations such as Letchworth Garden City. We dont recommend any particular firm.
How does conveyancing in Letchworth Garden City differ for newly converted properties?
Most buyers of new build or newly converted property in Letchworth Garden City come to us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is constructed. This is because new home sellers in Letchworth Garden City typically buy the real estate, 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 property lawyers 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 Letchworth Garden City or who has acted in the same development.
I need to find a conveyancing solicitor for leasehold conveyancing in Letchworth Garden City. I happened to land on a web site which seems to have the ideal answer If it is possible to get all this stuff completed via email that would be ideal. Should I be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?