I am in the process of selling my flat in Albrighton and the estate agent has just telephoned to advise that the purchasers are appointing a new solicitor. The excuse is that the lender will only deal with property lawyers on their conveyancing panel. Why would a major lender only engage with specific law firms rather the firm that they want to appoint for their conveyancing in Albrighton ?
Banks have always had panels of law firms that can represent them, but in the past few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 25 years.
Lending institutions blame a rise in fraud as the reason for the pruning – criteria have been tightened 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. 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 am under pressure from the seller of a property in Albrighton to exchange within four weeks. What can be done to quicken up the buying process?
In the event that you are under pressure to sign contracts we would recommend that your solicitor is familiar with the location as they will have local contacts and intelligence. It is even conceivable that they may have conducted previoushomes in the same neighbourhood. You would be best advised to use a Albrighton conveyancing lawyer. In addition, double check that the conveyancing firm is on the member panel. It is claimed that nearly one in five of Albrighton conveyancing transactions are delayed or jeopardised after discovering a purchaser’s lawyer was not on their mortgage lender’s panel. This can often result in the home move being held up by an average of 21 days. It is believed that this issue impacts approximately one hundred thousand home sales annually. Many Albrighton conveyancing practices can not represent certain lenders so do check at the outset.
How up to date is your database of Albrighton solicitors on the Co-operative conveyancing panel? Do Co-operative send you an updated list?
Albrighton conveyancing firms themselves provide us confirmation that they are on the Co-operative conveyancing panel as opposed to being supplied with a list from Co-operative directly.
We're in Albrighton, FTBs buying with a mortgage (lender is Nottingham , and our lawyer is on the Nottingham conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Nottingham conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancing practitioner should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
This question may be naive but I am unexperienced as a 1st time buyer of a garden flat in Albrighton. Do I collect the keys to the property on completion from my lawyer? If this is the case, I will appoint a High Street conveyancing solicitor in Albrighton?
There is no need to visit the lawyers office on the day of completion. Your solicitors will arrange to send the completion advance to the owner’s conveyancers, and shortly after the monies have arrived, you should be called to collect the keys from the Estate Agents and move into your new home. This tends to happen early afternoon.
My wife and I have organised a further advance on our mortgage from Nottingham as we want to carry out alterations to our property in Albrighton. Are we obliged to appoint a bricks and mortar Albrighton solicitor on the Nottingham conveyancing panel to deal with the legals?
Nottingham do not ordinarily instruct a member of their conveyancing panel to deal with such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Nottingham panel.
Completion of my purchase has taken place for my property in Albrighton. Conveyancing was a necessary evil but I would like to complain about the lender. How do I make a complaint?
Almost all banks and building societies have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Services Team at head office. In most cases complaints to a lender are sorted out effectively and efficiently. If you feel the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
In what way can the Landlord & Tenant Act 1954 affect my business premises in Albrighton and how can your lawyers assist?
The particular law that you refer to affords protection to commercial leaseholders, giving them the legal entitlement to apply to court for a continuation of occupancy when the lease reaches an end. There are certain specified grounds that a landlord can refrain from granting a lease renewal and the rules are complex. Fees are different for commercial conveyancing. Albrighton is one of our many locations in which the firms we work with are located