Am I correct in assuming that the fact that my solicitor in Paddock Wood is not on my bank's conveyancing panel that there is a problem with the standard of his work?
It would not be wise to jump to that conclusion. There are plenty of reasonable explanations. A recent report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) lack of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Should you be concerned you should simply call the Paddock Wood conveyancing practice and enquire why they are no longer on the approved list for your bank.
We wanted to use a conveyancing solicitor in Paddock Wood for our house purchase. Our broker informed us that our bank Leeds Building Society won't deal with them. Why is this not regarded as unfair competition?
Lenders normally restrict either the category or the amount of conveyancing firms on their approved list of lawyers. A common example of such criteria being that a firm must not be a sole practitioner. In addition to restricting the type of firm, some have decided to limit the amount of firms they use to act for them. Be aware that Leeds Building Society have no responsibility for the quality of advice provided by any member of Leeds Building Society Conveyancer Panel. Mortgage fraud was a key driver in the reduction of conveyancing panels a few years ago even though there are mixed opinions about the level of solicitor involvement in some of that fraud. Data from the Land Registry indicate that hundreds of law firms, including some in or near Paddock Wood only execute a couple conveyances per annum.
We are buying a property in Paddock Wood. I might seem paranoid but how we can trust a solicitor? At some point we will need to send funds into their account. What protection do we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
Does a directory service exist listing Nottingham panel conveyancers in Paddock Wood on the Building Society Association’s Website?
No. There is no such directory service on the CML or Building Society Association sites. Very few lenders make their panel listings available online. Where you are seeking to appoint a Paddock Wood conveyancing practitioner on the Nottingham please make the most of our facility.
Completion of my purchase has taken place for my property in Paddock Wood. Conveyancing was a necessary evil but I feel I should register my dissatisfaction about the lender. Who do I contact should I wish to lodge a complaint?
All lenders have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Care Department at head office. We understand that complaints to a lender are resolved effectively and efficiently. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR with full details of your complaint.
My relative advised me that where I am purchasing in Paddock Wood I should ask my conveyancer to execute a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is sometimes quoted for as part of the standard Paddock Wood conveyancing searches. It is a large document of more than thirty pages, listing and setting out important information about Paddock Wood around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Local Education with plans and statistics, Local Amenities and other useful data about Paddock Wood.
Due to the input of my in-laws I had a survey completed on a property in Paddock Wood in advance of appointing solicitors. I have been informed that there is a flying freehold overhang to the house. The surveyor has said that some banks may not give a loan on this type of premises.
It depends who your proposed lender is. Bank of Scotland has different requirements from Halifax. Should you wish to telephone us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Paddock Wood. Conveyancing may be slightly more expensive based on your lender's requirements.