I am in the process of selling my house in Par and the EA has just telephoned to say that the buyers are switching solicitor. I am told that this is due to the fact that the lender will only deal with property lawyers on their conveyancing panel. Why would a leading lender only deal with specific solicitors rather the firm that they want to select for their conveyancing in Par ?
UK lenders have always had panels of law firms they are content to work with, but in recent years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Mortgage companies point to the increase in fraud as the reason for the reduction – criteria have been stiffened 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 hearing daily from firms 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. The buyers are unlikely to have any sway in the decision.
IfI was to buy a simple residential housein Par for cash and dispense with a survey and no conveyancing searches how much would I expect to have to pay for conveyancing in Par?
Any savings you would make would be limited to the costs for searches. A conveyancer still be obliged to do everything else - money laundering, communicating with your sellers property lawyer, stamp duty return, register the property etc. You might save a bit for them not needing to register a charge however it won't be a lot.
What does my ID and proof of funds have anything to do with my conveyancing in Par? Is this really necessary?
You are right in the requirement set out by your solicitor has nothing to do with conveyancing in Par. However these days you will not be able to proceed with any conveyancing process if you have not submitting proof of your identity. This usually takes the form of a either your passport or driving licence plus a council tax bill. Remember if you are providing your driving licence as proof of ID it must be both the paper element as well as the photo card part, one is not sufficient in the absence of the other.
Evidence of your source of money is necessary in accordance with the Money Laundering Regulations. You should not be offended when when this is requested of you as your conveyancer will need to retain this information on record. Your Par conveyancing lawyer will need to see evidence of proof of funds before they are able to accept any funds from you into their client account and they will also ask additional questions regarding the origin of monies.
Do the Building Society Association intend to launch a online directory to to identify firms on the Melton Mowbray Building Society conveyancing panel for instance in Par?
Lexsure has not been advised of any intention on the part of the BSA to develop such a register.
Can I be sure that the Par conveyancing solicitor on the Nationwide panel is any good?
When it comes to conveyancing in Par obtaining recommendations is a good start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always advocate that you speak with the lawyer carrying out your transaction.
We were going to get a AIP from Bank of Ireland this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Bank of Ireland recommend any Par solicitors on the Bank of Ireland conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Par solicitors independently although you'll need to choose one on the Bank of Ireland conveyancing panel. The solicitor represents both you and Bank of Ireland through the process.
After months of negotiation I have agreed a price on an apartment in Par. My financial adviser recommended their conveyancers. I paid an upfront payment of £225. A couple of days later, the conveyancer contacted me to say that they were not on the Nationwide 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 Nationwide 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.