I am selling my flat in Norfolk and the estate agent has just text me to warn that the purchasers are appointing a new solicitor. The reason given is that the mortgage company will only work with solicitors on their conveyancing panel. Why would a leading mortgage company only deal with specific solicitors rather the firm that they want to choose for their conveyancing in Norfolk ?
Lenders have always had panels of law firms they are content to work with, but in the past few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 years.
Lenders blame a rise in fraud by way of justification for the reduction – criteria have been tightened as a smaller panel is easier to maintain. Banks tend not to disclose 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. Plenty of firms 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 not going to have any impact on this.
four months have gone by following my purchase conveyancing in Norfolk completed. 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.
My company is looking to lease a unit on the high street. Can you recommend lawyers offering competitive costs for commercial conveyancing in Norfolk for under £2000?
We are happy to recommend firms who have well rounded knowledge of commercial conveyancing in Norfolk, including the disposal and acquisition of businesses as well as simply premises. Whether you are intending to acquire or lease a shop, pub, restaurant, office, retail premises or a whole business we will find you the right firm. Regarding the fees this will depend on the structure and complexity of the proposed transaction. Let us have your details or telephone us so that we may provide you with a fixed commercial conveyancing calculation.
Is it best to choose a Norfolk conveyancing solicitor in close proximity to the house I am hoping to buy? An old friend can carry out the conveyancing however his firm is located 400miles away.
The benefit of a local Norfolk conveyancing practice is that you can drop in to sign documents, hand in your ID and apply pressure on them if necessary. They will also have local knowledge which is a bonus. That being said nothing is more important than finding someone that will pull out all the stops for you. If other friends have used your friend and the majority were happy that must trump using an unknown Norfolk conveyancing lawyer solely due to them being based in the area.
I have read on various consumer advice websites that when choosing a conveyancing lawyer they must be approved by your bank. I am first time buyer with but I have an AIP with HSBC and I already have a family conveyancing solicitor in Norfolk in place. Will Nat West Bank need an approved conveyancer to be used? Does a list of panel solicitors even exist for my conveyancing in Norfolk?
You should instruct a solicitor that is on the Nat West Bank panel. Just call your chosen Norfolk conveyancing lawyer and ask if they are on the Nat West Bank panel. If they are not on the panel you have a couple of choices available to you here:
- Carry on with your preferred Norfolk property lawyer but Nat West Bank will undoubtedly instruct a conveyancer on their approved panel. This will result in additional charges together with likely frustration.
- Choose a new conveyancer to act in the purchase, making sure they are on the Nat West Bank conveyancing panel.
- Convince your lawyer to pull out all the stops to get listed on the Nat West Bank conveyancing panel.