I am one month into the sale of my maisonette in Shanklin and the EA has just text me to say that the buyers are swapping law firm. I am told that this is due to the fact that the bank will only work with property lawyers on their conveyancing panel. Why would a leading lender only work with specific lawyers rather the firm that they want to appoint to handle their conveyancing in Shanklin ?
Lenders have always had panels of law firms that can act for them, but in the past few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Mortgage companies point to the increase in fraud by way of justification for the pruning – criteria have been tightened as a smaller panel is easier to keep an eye on. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms that have been removed from panels. Some 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 purchasers are unlikely to have any impact on this.
Various internet forums that I have frequented warn that are a common cause of delay in Shanklin house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the determinations of a review by MoveWithUs that conveyancing searches do not feature within the common causes of delays during the legal transfer of property. Searches are unlikely to feature in any delay in conveyancing in Shanklin.
I decided to have a survey carried out on a house in Shanklin in advance of instructing solicitors. I have been informed that there is a flying freehold overhang to the property. The surveyor advised that some banks tend refuse to grant a loan on this type of premises.
It varies from the lender to lender. Lloyds has different requirements from Halifax. If you contact us we can investigate further via the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Shanklin. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Shanklin to see if the conveyancing will be more expensive.
What tools are available to identify a Shanklin law firm on the Bank of Scotland conveyancing panel? I drive a motor bike and am prepared to travel upto 25kilometers to meet the conveyancer.
Feel free to make use of the search on this page. Please pick a lender and your location and you will see a number of Shanklin conveyancing lawyers located nearest you. We have listed some Shanklin conveyancing firms towards the end of this page and you can call them to see if they are on the Bank of Scotland approved list
Should I instruct a Shanklin conveyancing solicitor based in the location that I am buying? I have an old university friend who can deal with the conveyancing but his firm is located 300kilometers away.
The primary upside of using a high street Shanklin conveyancing firm is that you can visit the firm to sign documents, deliver your identification documents and pester them where appropriate. Having local Shanklin know how is a plus. That being said it's more important to get someone that will do a good and efficient job. If if people you trust used your friend and on the whole were content that must surpass using an unfamiliar Shanklin conveyancing lawyer solely due to them being based in the area.