I am in the process of selling my maisonette in Sheringham and the EA has just e-mailed to warn that the purchasers are swapping conveyancer. The excuse is that the mortgage company will only deal with property lawyers on their conveyancing panel. On what basis would a leading lender only engage with certain lawyers rather the firm that they want to choose to handle their conveyancing in Sheringham ?
UK lenders have always had panels of law firms that can represent them, but in the last few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Mortgage companies blame a rise in fraud as the reason for the pruning – criteria have been stiffened as a smaller panel is easier to monitor. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that 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. Your purchasers are unlikely to have any sway in the decision.
I do hope you can help me. My Sheringham solicitor is advising me that he is legally obliged toconduct Sheringham conveyancing searches becausethe firm are on the Santanderconveyancing panel. Is this really necessary?
Unfortunately both you and your lawyer have little choice here. Given that you are taking out a loan with a lender your conveyancer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your lawyer would have previously signed the Terms and Conditions of your lender’s conveyancing panel appointment which obliges them to comply with the Council of Mortgage Lenders’ Handbook specifications . Even if you were a cash buyer you would be ill advised not to carry out Sheringham conveyancing searches.
Why do I have to pay up front for conveyancing in Sheringham?
Where you are retaining lawyers for conveyancing in Sheringham your solicitor will request that you place them with monies to cover the search fees. Generally this is asked for to cover the fees of the Local Authority Search. If any deposit is payable against the sale price then this should be needed immediately ahead of exchange of contracts. The closing balance that is needed will be payable a couple of days ahead of the day of completion.
How does conveyancing in Sheringham differ for new build properties?
Most buyers of new build property in Sheringham contact us having been asked by the seller to sign contracts and commit to the purchase even before the property is ready to move into. This is because developers in Sheringham tend to buy 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 Sheringham or who has acted in the same development.
As co-executor for the estate of my uncle I am selling a residence in Neath but reside in Sheringham. My lawyer (who is 260 miles from mehas requested that I sign a stat dec before completion. Can you recommend a conveyancing practitioner in Sheringham to witness this legal document for me?
Technically speaking you are not likely to be required to have the documents attested by a conveyancing solicitor. Normally or notary public or qualified solicitor will be fine regardless of whether they are Sheringham based