I am selling my home in Basingstoke and the estate agent has just text me to advise that the purchasers are swapping conveyancer. The reason given is that the mortgage company will only work with solicitors on their approved list. Why would a leading lender only work with specific law firms rather the firm that they want to select to handle their conveyancing in Basingstoke ?
UK lenders have always had an approved set of law firms that can represent them, but in the last few years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Mortgage companies justify this action to a rise in fraud as the reason for the reduction – criteria have been tightened as a smaller panel is easier to oversee. Banks tend not to disclose 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 not going to have any sway in the decision.
Can you clarify what the consequences are if my solicitor is expelled from the Bank of Ireland Conveyancing panel ahead of completing my conveyancing in Basingstoke?
First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
My bid for a property was accepted at auction in Basingstoke. Conveyancing is required. What is next?
Having legally bound yourself to purchase you should instruct a conveyancing practitioner soon as you are facing a pending a drop dead date to complete the deal. Every auction property will have a corresponding legal pack. This will likely include the copy title deeds, local authority and drainage searches. If you have purchased leasehold property the auction papers should provide a copy of the lease, management information and a sellers leasehold information form and other conveyancing documentation pertinent to leasehold premises. You should pass this on to the conveyancer instructed by you at the earliest opportunity. You also need to ensure that you have funds organised to complete on the on the contractual date .
Is it correct that all Basingstoke CQS (Conveyancing Quality Scheme) solicitors are on the Nationwide conveyancing panel?
Some major banks and building societies now utilise the accreditation scheme as the starting point for Panel membership such as HSBC and Santander. CQS membership however gives no guarantee to lender panel acceptance. Nevertheless,the CML have indicated that it is likely to become a pre-requisite for solicitors wishing to join their panels.
Is it the case that all Basingstoke solicitor practices on the Virgin Money conveyancing panel are governed by the SRA?
As solicitors, in order to be on the Virgin Money approved list of solicitors they would need to be governed by the SRA. Some mortgage companies do list licenced conveyancers on their panel in which case such organisation would be regulated by the CLC.
I decided to have a survey done on a property in Basingstoke before instructing solicitors. I have been advised that there is a flying freehold aspect to the house. Our surveyor has said that some mortgage companies will refuse to issue a loan on this type of premises.
It varies from the lender to lender. HSBC has different requirements from Birmingham Midshires. If you e-mail us we can check with the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Basingstoke. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Basingstoke to see if the conveyancing will be more expensive.
I'm converting the mortgage on my primary property to a BTL mortgage with Chelsea Building Society and intend to use the remaining equity as a down payment on another house. The location we are interested in is Basingstoke. Will your conveyancers be able to act for the two mortgage companies and link together the two deals?
Make use of our search tool on this site to check that the conveyancers are approved by both mortgage companies. On the basis that they are your conveyancer should be able to tie up the two deals but you should talk with you lawyer and specify your expectations and needs.
My husband and I have agreed a price on a Basingstoke bungalow we inherited 5 years ago in 2009. I have over a decades worth of conveyancing knowledge and, now retired, see no reason not to do the conveyancing. The buyer's conveyancer has informed me that their bank will not allow you to do your own conveyancing mandating that the funds to be released via a solicitor's bank account.
Mortgage instructions to property lawyers from all mainstream lenders state that If the seller is not legally represented the borrower's lawyers should check whether the mortgage company needs to be told so that a decision can be made as to whether or not they are prepared to move forward.