I am in the process of selling my maisonette in Bedfont and the estate agent has just e-mailed to advise that the buyers are swapping solicitor. The reason given is that the bank will only deal with solicitors on their conveyancing panel. Why would a major lender only engage with specific lawyers rather the firm that they want to select to handle their conveyancing in Bedfont ?
Lenders 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 considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Mortgage companies point to the increase in fraud by way of justification for the cull – criteria have been tightened as a smaller panel is easier to maintain. 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 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 not going to have any sway in the decision.
IfI were to acquire a freehold propertyin Bedfont for cash and have no survey and no local authority searches how much would I expect to have to pay for conveyancing in Bedfont?
The only reduction in fees you would achieve is the Bedfont conveyancing searches. The conveyancing practitioner is required to do the vast majority of work - money laundering, correspond with the sellers lawyer, SDLT return, register the title etc. You might save a bit for them not having to register a mortgage but it won't be significant.
What will a local search inform me regarding the house we're purchasing in Bedfont?
Bedfont conveyancing often commences with the ordering local authority searches directly from your local Authority or via a personal search company for example PSG The local search plays a central part in most Bedfont conveyancing purchase; that is if you don’t want any nasty surprises after you move into your new home. The search should provide data on, amongst other things, details on planning applications relevant to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 subject sections.
How does conveyancing in Bedfont differ for new build properties?
Most buyers of new build premises in Bedfont approach us having been asked by the builder to exchange contracts and commit to the purchase even before the premises is built. This is because house builders in Bedfont tend to purchase the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Bedfont or who has acted in the same development.
I have been pointed in your direction by a number of selling agents in Bedfont to choose a solicitor using your seach tool. What’s the financial upside for Estate Agents to recommend your services over alternative conveyancing organisations?
We refuse to offer any financial incentive for sending work to this site. We thought it would be too underhand to pay a commission as members of the public would think, ‘How come the agent getting a kickback? Why aren’t I getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
Our lawyer in Bedfont has discovered a a problem with the lease for the apartment we are buying in Bedfont. The seller’s lawyers have put forward defective title insurance as a workaround. We are content with insurance and will pay for it. Our solicitor says that as he is on the lender conveyancing panel he must be satisfied that the lender is happy with this solution. Are we the client or is the bank?
Just because you have a mortgage offer from the bank does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your Bedfont conveyancing lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook Requirements. You and the lender are the client. These conveyancing instructions must be adhered to by the bank conveyancing panel who has to balance acting for you and the bank