I am nearing exchange of contracts for my maisonette in Marston Moretaine and the EA has just text me to warn that the purchasers are swapping law firm. The reason given is that the bank will only work with solicitors on their approved list. On what basis would a leading mortgage company only work with certain lawyers rather the firm that they want to appoint to handle their conveyancing in Marston Moretaine ?
Mortgage companies have always had panels of law firms they are willing to work with, but in the past few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Lenders blame a rise in fraud as the reason for the reduction – criteria have been narrowed as a smaller panel is easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices 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.
Is it the case that all Marston Moretaine solicitor firms on the Clydesdale conveyancing panel are governed by the SRA?
As a firm of solicitors, in order to be on the Clydesdale approved list of solicitors they would need to be overseen by the Solicitors Regulatory Authority. Some mortgage companies do list licenced conveyancers on their panel and in that case the practice would be overseen by the CLC.
My wife and I have arranged a further advance on our home loan from Virgin Money as we wish to carry out a loft conversion to our home in Marston Moretaine. Are we obliged to choose a nearby Marston Moretaine solicitor on the Virgin Money conveyancing panel to deal with the legals?
Virgin Money would not normally appoint a member of their conveyancing panel to deal with such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Virgin Money panel.
After much negotiation I have agreed a price on a house in Marston Moretaine. My mortgage broker pressured me to appoint their conveyancing practitioner. I paid an on account payment of £225. A couple of days later, the conveyancer contacted me to say that they were not on the Skipton 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 Skipton 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.
I decided to have a survey completed on a house in Marston Moretaine before instructing conveyancers. I have been advised that there is a flying freehold element to the property. Our surveyor advised that some lenders may not grant a mortgage on such a property.
It varies from the lender to lender. HSBC has different requirements for example to Halifax. If you e-mail us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Marston Moretaine. Conveyancing may be slightly more expensive based on your lender's requirements.
Should I be wary that brokers that I am dealing with are encouraging me to use an online conveyancing firm rather than a local Marston Moretaine conveyancing practice?
As is the case with lots of professional services, often input from relatives can be extremely useful or valuable. But there are numerous parties with a keen interest in a conveyancing transaction; estate agents, financial adviser and mortgage companies might all suggest lawyers to instruct. Sometimes these solicitors might be known to one of the organisations as experts in their field, but occasionally there exists a commercial relationship behind the recommendation. You have the discretion to choose your preferred conveyancer. Don't forget that most lenders specify a panel list of conveyancers you have to use for the mortgage aspect of your house move.
In scouring the internet for the words conveyancing in Marston Moretaine it shows results of numerous solicitorsin the vicinity. With so much choice what is the best way to find the right solicitor for purchase transaction?
The preferential method of choosing the right conveyancer is through a personal testimonial, so enquire of friends and those you trust who have purchased a property in Marston Moretaine or the respected estate agent or mortgage broker. Costs for conveyancing in Marston Moretaine vary, so it's advisable to obtain at least four fee estimates from varying types of conveyancers. Make sure that you know what costs in the quote includes.