I am nearing exchange of contracts for my house in Wembley Park and the EA has just text me to warn that the purchasers are appointing a new conveyancer. The reason given is that the mortgage company will only engage with property lawyers on their approved list. Why would a major lender only work with certain solicitors rather the firm that they want to appoint to handle their conveyancing in Wembley Park ?
Banks have always had an approved set of law firms they are content to work with, but in the past few years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Mortgage companies point to the increase in fraud by way of justification for the cull – criteria have been narrowed as a smaller panel is easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says 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. The purchasers are unlikely to have any impact on this.
My partner and I intend to remortgage our flat in Wembley Park with Nottingham. We have a son 18 who lives with us. Our solicitor requested us to identify any adults other than ourselves who reside at the property. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the property is forfeited by the lender. I have a couple of concerns (1) Is this form unique to the Nottingham conveyancing panel as he never had to sign this form when we bought 5 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
First, rest assured that your Nottingham conveyancing panel solicitor is doing the right thing as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Nottingham. This is solely used to protect Nottingham if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Nottingham had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
I have been told that property searches are the primary cause of hinderance in Wembley Park conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) released findings of a review by MoveWithUs that conveyancing searches do not feature amongst the common causes of hindrances in the conveyancing process. Local searches are not likely to be the root cause of slowing down conveyancing in Wembley Park.
We are 17 days into a residential purchase having been recommend to conveyancers by the high street agent to execute conveyancing in Wembley Park. I am am extremely dissatisfied with the level of service. Could you you assist me in finding new solicitors?
They would need to be very bad to suggest diss instructing them. Has your mortgage been generated? In the event that it has you need to advise them of the new contact details and have the mortgage documents are issued to the new lawyers. Your solicitor ideally should be on the lenders approved list to avoid supplemental expenses and frustration. So that should be your first question of the new conveyancers. Our find a solicitor tool should assist you in finding a lender approved conveyancer for your conveyancing in Wembley Park
My father-in-law mentioned that when selecting a conveyancing lawyer they need approved by your lender. It happens to be my first home move but I have an offer in principle with Halifax and I already have a bricks and morter conveyancing solicitor in Wembley Park in place. Will Birmingham Midhshires require an approved conveyancer to be selected? If so, where do I find that list for my conveyancing in Wembley Park?
You need to choose a solicitor that is on the Birmingham Midhshires panel. Simply ring your preferred Wembley Park conveyancing lawyer to check if they are on the Birmingham Midhshires panel. If they are not approved you have a number of options open to you here:
- Complete the purchase with your existing Wembley Park solicitor but Birmingham Midhshires will undoubtedly retain a solicitor on their approved list. The net result is additional charges and potential frustration.
- Appoint a new solicitor to act in the purchase, ensuring that they are on the Birmingham Midhshires conveyancing panel.
- Appeal to your conveyancer to seek to join the bank panel.