I am nearing exchange of contracts for my maisonette in Selsey and the EA has just e-mailed to say that the buyers are swapping law firm. The excuse is that the mortgage company will only deal with property lawyers on their approved list. Why would a major lender only work with specific solicitors rather the firm that they want to choose to handle their conveyancing in Selsey ?
UK lenders have always had panels of law firms they are content to work with, but in the past few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Banks point to the increase in fraud as the reason for the reduction – criteria have been stiffened as a smaller panel is easier to maintain. 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 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.
I am buying a property for cash in Selsey. I have been residing for the previous 20 years in Selsey. Conveyancing searches are a lot of money. As I know the area and road intimately must I have all the conveyancing searches?
If you not getting a mortgage, then all but one or two of the Selsey conveyancing searches are non-obligatory. Your lawyer will 'advise', perhaps strongly, that you should have searches completed, but she has a professional duty to do this. Do take into account; if you are intend to sell the house at a future date, it may be of importance to your future purchaser what the searches reveal. Sometimes premises with no practical issues can still show up detrimental search results. A competent conveyancing solicitor in Selsey should be able to give you some helpful advice concerning this.
My wife and I have recently appointed a conveyancing solicitor in Selsey. I I am struggling to find out whether they are accepted on the Leeds Building Society conveyancing panel. Can you help?
The first thing you should do is call your lawyer and enquire if they can act for the bank. Otherwise please get in touch with Leeds Building Society who may be able to assist.
How does conveyancing in Selsey differ for newly converted properties?
Most buyers of new build property in Selsey come to us having been asked by the builder to sign contracts and commit to the purchase even before the property is finished. This is because developers in Selsey usually acquire 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 used to new build conveyancing in Selsey or who has acted in the same development.
Should I be wary that 3rd parties that I am dealing with are suggesting a factory type conveyancing firm rather than a local Selsey conveyancing practice?
As with lots of professional services, often input from relatives can be extremely useful or valuable. Yet there are lots of players in a conveyancing transaction; estate agents, mortgage brokers and lenders might all suggest conveyancers to retain. Sometimes these conveyancers might be known to one of the organisations as being good in their field, but sometimes there behind the scenes financial incentive behind the endorsement. You have the right to select your own lawyer. Don't forget that many mortgage providers have an approved list of solicitors you are obliged to use for the mortgage related work in your conveyancing.