I am progressing with the sale of my ground floor flat in Wilsden and the estate agent has just called to say that the purchasers are switching law firm. The reason given is that the lender will only work with solicitors on their approved list. On what basis would a major mortgage company only work with certain lawyers rather the firm that they want to choose for their conveyancing in Wilsden ?
Mortgage companies have always had panels of law firms they are content to work with, but in the last few years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Banks point to the increase in fraud as the reason for the cull – 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 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. Your buyers are not going to have any impact on this.
Due to the encouragement of my in-laws I had a survey completed on a house in Wilsden ahead of retaining lawyers. I have been advised that there is a flying freehold aspect to the house. My surveyor advised that some lenders will not grant a loan on this type of home.
It depends who your proposed lender is. HSBC has different requirements for example to Halifax. Should you wish to call us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Wilsden. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Wilsden to see if the conveyancing will be more expensive.
Should I be suspicious that brokers that I am dealing with are recommending an online conveyancing firm as opposed to a local Wilsden conveyancing firm?
As is the case with many professional services, often recommendations from connections can be most helpful. Nevertheless there are numerous parties with a vested interest in a conveyancing deal; estate agents, financial adviser and banks might all recommend lawyers to retain. On occasion these solicitors might be known to one of the organisations as being good in their field, but sometimes there behind the scenes commercial relationship behind the endorsement. You have the discretion to appoint your own lawyer. You need to be aware that the majority of banks specify a panel list of law firms you have to use for the mortgage related work in your house move.
I need to appoint a conveyancing solicitor for residential conveyancing in Wilsden. I've land on a web site which appears to be the ideal offering If there is a chance to get all this stuff completed via email that would be ideal. Do I need to be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
My husband and I recently discovered that one of the directors of the firm undertaking the purchase conveyancing in Wilsden is an aunty of the seller. Is this permitted?
As long as there is no conflict of interest this should be fine. Where you are obtaining a mortgage then the bank may have a say as many lenders have specific instructions on this. For example for Bradford & Bingley as of 20/7/2019, the requirements read as follows :