We are purchasing a 1 bedroom apartment in Sandy with a mortgage. We have a Sandy conveyancer, but the bank advise she’s not on their "panel". We have to appoint one of the lender panel solicitors or retain our Sandy property lawyer and pay for one of their panel lawyers to act for them. This feels very unfair; is there anything we can do?
No, not really. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Sandy conveyancing lawyer to apply to be on the conveyancing panel.
I had intended to instruct a property lawyer in Sandy for our house purchase. Our financial adviser informed us that our bank Leeds Building Society won't deal with them. Surely this is unfair competition?
Banks tend to imposes restrictions either the category or the volume of conveyancing firms on their panel. Typical examples of such restriction(s) being that a law practice must have two or more partners. In addition to restricting the profile of firm, a few banks have limited the number of solicitor practices they permit to represent them. You should note 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 since 2008 even though there are differing opinions concerning the extent of solicitor involvement in some of that fraud. Data from the Land Registry reveal that plenty of law firms, including some in or near Sandy only execute a couple conveyances a year.
Various web forums that I have frequented warn that are a common reason for hinderance in Sandy house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released determinations of research by MoveWithUs that conveyancing searches do not figure within the most frequent causes of delays during the legal transfer of property. Local searches are not likely to feature in any slowing down conveyancing in Sandy.
The deeds to our house are lost. The conveyancers who conducted the conveyancing in Sandy 4 years ago no longer exist. What are my next steps?
Gone are the days when you need to have the physical official documentation to prove you own the land or premises, as the Land Registry hold details of all registered land or property electronically.
My father-in-law has encouraged me to appoint his conveyancers in Sandy. Should I use them?
Much as we are happy to recommend a Sandy conveyancing lawyer the ideal way to select a conveyancing solicitor is to seek feedback from friends or relatives who have used the firm you're are thinking of instructing.