My husband and I are hoping to purchase a house in Shirehampton and are in fact using a Shirehampton conveyancing firm. Within the past 48 hours our conveyancer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Britannia have this afternoon contacted us to inform me that there is now an issue as our Shirehampton lawyer is not on their approved list of lawyers. Is this a problem?
When purchasing a property with the benefit of a mortgage it is usual for the purchasers' solicitors to also represent the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyer should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel as you are at liberty to use your preferred Shirehampton lawyers, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
My fiance and I are purchasing a newly converted flat in Shirehampton with a residential mortgage from Lloyds TSB Bank.We would like to retain our Shirehampton conveyancing practitioner but Lloyds TSB Bank informed us she’s not listed on their approved list of member firms. we are left little option but to use a Lloyds TSB Bank panel lawyer or keep our preferred solicitor and pay for one of their panel ones to act for them. We feel as though this is unjust; is there anything we can do?
No, not really. The loan offered to you contains various provisions, a common one being that conveyancers will be on the Lloyds TSB Bank conveyancing panel. Until recently, most mortgage companies had large numbers of solicitors on their panels: a borrower could find 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. A further alternative is for your solicitors to apply to be on the conveyancing panel for Lloyds TSB Bank
Should I be wary about estate agents that I am dealing with are recommending a nationwide conveyancing firm as opposed to a local Shirehampton conveyancing practice?
As is the case with lots of professional services, often suggestions from connections can be most helpful. Nevertheless there are many parties with a vested interest in a conveyancing deal; estate agents, mortgage brokers and lenders may suggest solicitors to use. Sometimes the conveyancers might be known to one of the organisations as being good in their field, but occasionally there might be a commercial relationship behind the recommendation. You have the discretion to appoint your preferred conveyancer. You need to be aware that the majority of lenders specify a panel list of solicitors you must use for the mortgage aspect of your home move.
My partner has urged me to instruct his lawyers for conveyancing in Shirehampton. Should I use them?
No doubt it’s preferable to find a conveyancing lawyer is to have guidance from friends or family who have experience in using the solicitor that you are are thinking of instructing.
My wife and I have instructed a Shirehampton conveyancing solicitor for our home move (first time buyers) and have noticed in the Ts and Cs that they are not overseen by the Financial Conduct Authority. Should I be concerned or is that the norm with conveyancing practitioner?
We can't see why they should be. Most property lawyer don't lend money. They will be regulated by the SRA, who dictate strict rules in relation to amounts held in their bank.