I am nearing exchange of contracts for my maisonette in Adamsdown and the estate agent has just e-mailed to say that the buyers are switching solicitor. The excuse is that the lender will only work with property lawyers on their conveyancing panel. Why would a big named lender only work with certain law firms rather the firm that they want to choose for their conveyancing in Adamsdown ?
Banks have always had an approved set of law firms they are willing to work with, but in recent 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 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. The buyers are not going to have any sway in the decision.
Are you able to suggest a Yorkshire Building Society sanctioned Adamsdown conveyancing firm who can have us moved in within a short deadline? Would it be better to use a high street Adamsdown firm or an internet comparison site?
We can recommend some very good Adamsdown conveyancing firms. Another option is to visit the high street in Adamsdown. Visit two or three law practices and ask to speak with a conveyancing solicitor for a fee estimate. Explain your expectations together with the reasons and ask for an assurance on speed. Choose the lawyer that genuine.
What does my ID and proof of funds have anything to do with my conveyancing in Adamsdown? Why is this being asked of me?
Adamsdown conveyancing solicitors and indeed property lawyers throughout the UK have an obligation under Anti-terror and anti-money-laundering rules to check the identity of any client in order to ensure that clients are who they say they are.
Conveyancing clients are required to provide two forms of certified ID; proof of identity (usually a Passport or Driving Licence) and evidence of address (typically a Utility Bill no older than three months).
Evidence of source of monies is also required in compliance with the money laundering regulations as lawyers have a duty to investigate that the money you are utilising to purchase a property (be it the exchange deposit or the total purchase monies if you are a cash purchaser) has originated from a reputable source (such as an inheritance) as opposed to the fruits of criminal behaviour.
We are expecting a mortgage offer soon. The lender mentioned the mortgage came with free conveyancing. Does this mean I have to use their panel solicitor as I would much rather appoint a Adamsdown based conveyancing firm?
You should check but the chances are that give you one of their panel conveyancers if you want the "fee-free" incentive. Contact the mortgage company to see if they offer you a monetary alternative. In the past a few mortgage companies offered a £250 cashback as a further option in which case that money can go towards the cost for your conveyancing solicitor in Adamsdown.
Various internet forums that I have frequented warn that are a common reason for obstruction in Adamsdown conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the determinations of research by MoveWithUs that conveyancing searches do not figure within the common causes of delays in the conveyancing process. Searches are not likely to feature in any slowing down conveyancing in Adamsdown.
I am purchasing a flat and need a conveyancing solicitor in Adamsdown who is on the lender solicitor panel. Could you point me in the right direction as regards a Adamsdown conveyancing firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for the bank who do conveyancing in Adamsdown. We dont recommend any particular conveyancing practice.