Find a Preston Park Conveyancing Solictior on Your Lender’s Panel

Ready to buy a new home in Preston Park? Failing to check that a lawyer is on your lender’s list of approved solicitors can put your Preston Park conveyancing at risk of delay or failure.

Only LenderPanel.com provides a subset of authorised Preston Park conveyancers for over 130 lenders.

Recently asked questions about conveyancing in Preston Park

I am in the process of selling my home in Preston Park and the EA has just text me to warn that the purchasers are appointing a new law firm. The reason given is that the lender will only engage with solicitors on their conveyancing panel. Why would a major mortgage company only work with specific lawyers rather the firm that they want to select to handle their conveyancing in Preston Park ?

Mortgage companies have always had panels of law firms they are willing 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 acted for them for many years.

Lending institutions justify this action to a rise in fraud as the reason for the reduction – criteria have been stiffened as a smaller panel is easier to oversee. 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 unlikely to have any impact on this.

Can you clarify what the consequences are if my lawyer’s firm is expelled from the HSBC Solicitor panel ahead of completing my conveyancing in Preston Park?

First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.

How does conveyancing in Preston Park differ for new build properties?

Most buyers of new build property in Preston Park come to us having been asked by the builder to exchange contracts and commit to the purchase even before the property is built. This is because builders in Preston Park tend to purchase the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Preston Park or who has acted in the same development.

How do I use the search tool to locate a conveyancing practitioner in Preston Park on the approved list for my lender?

1st choose a lender such as HSBC Bank, Norwich and Peterborough Building Society or Bank of Ireland then type in your preferred area a common one being Preston Park. Conveyancing firms in Preston Park and across England and Wales will then be identified.

In searching the world wide web for the term on line conveyancing in Preston Park it brings up many solicitorsin the vicinity. With so much choice what is the best way to find the suitable property lawyer for my move?

The ideal way of finding the right conveyancer is via trusted recommendation, so ask friends and family who have purchased a property in Preston Park or the reputable estate agent or mortgage broker. Fees for conveyancing in Preston Park vary, so it's advisable to request a minimum of three estimates from varying types of conveyancers. Make sure that you know that the charges are guaranteed not to to be inflated.

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