I am in the process of selling my apartment in Monmouthshire and the EA has just e-mailed to advise that the purchasers are switching property lawyer. The reason given is that the bank will only deal with property lawyers on their conveyancing panel. Why would a big named mortgage company only deal with specific solicitors rather the firm that they want to select for their conveyancing in Monmouthshire ?
UK lenders have always had panels of law firms that can represent them, but in recent years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for over 25 years.
Lending institutions blame a rise in fraud as the reason for the reduction – criteria have been tightened as a smaller panel is easier to maintain. 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. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The buyers are unlikely to have any sway in the decision.
How up to date is your search tool for Monmouthshire conveyancing solicitors on the Kent Reliance conveyancing panel? Do Kent Reliance send you an updated list?
Monmouthshire conveyancing firms themselves provide us confirmation that they are on the Kent Reliance conveyancing panel as opposed to being supplied with a list from Kent Reliance directly.
In reviewing consumer advice sites for a cheap lawyer in Monmouthshire, many advise that I should use a CQS assured solicitor. What is CQS?
The Law Society's Conveyancing Quality Scheme is the recognised kitemark for legal experts in the legal transfer of properties, trusted by some of the UK's major mortgage companies. Four years ago the Conveyancing Quality Scheme was officially recognised by the Legal Ombudsman. CQS is not a scheme offered by the Council of Licensed Conveyancing. Monmouthshire is one of the many areas in England and Wales where there are CQS solicitors.
My brother has recommend that I appoint his conveyancers in Monmouthshire. Do I take his advice?
No doubt the best way to select a conveyancing practitioner is to seek referrals from friends or relatives who have actually previously instructed the firm you're are thinking of instructing.
Finally our conveyancing in Monmouthshire completes on Friday, however the couple I am purchasing from wishes to vacate on the Saturday at 2pm. Do I agree to this?
In situations where you are having a loan then your conveyancing practitioner will require that you have vacant possession on Friday - the mortgage company will compel it.