I am nearing exchange of contracts for my flat in Bollington and the estate agent has just e-mailed to advise that the buyers are appointing a new law firm. The excuse is that the lender will only engage with property lawyers on their conveyancing panel. Why would a major lender only deal with certain solicitors rather the firm that they want to appoint for their conveyancing in Bollington ?
Mortgage companies have always had panels of law firms they are willing to work with, but in the past few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Banks point to the increase in fraud as the reason for the cull – criteria have been narrowed as a smaller panel is easier to oversee. 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 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 unlikely to have any impact on this.
My conveyancer has uncovered a a legal deficiency with the lease for the apartment we are buying in Bollington. The other side have offered title insurance as a workaround. We are happy with insurance and will pay for it. Our conveyancing practitioner says that he must be satisfied that the lender is willing to move forward with this solution. Who is the client here, us or the bank?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the bank are the client. Your property lawyer must comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the lender can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your conveyancer will have no choice but to discontinue acting for you.
We are planning to acquire a property and require a conveyancing solicitor in Bollington who is on the Virgin Money conveyancing panel. Could you point me in the right direction as regards a conveyancing firm?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for Virgin Money . We don't recommend any particular firms conducting conveyancing in Bollington.
three months have gone by since my purchase conveyancing in Bollington completed. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Is it simple use the search facility to find a conveyancing solicitor in Bollington on the authorised to act for my mortgage?
Step one is to choose a bank such as Barclays , Norwich and Peterborough Building Society or Bank of Ireland then choose your preferred area for example Bollington. Conveyancing firms in Bollington and beyond will then be shown.
My father-in-law has suggested that I use his conveyancing solicitors in Bollington. Should I use them?
There are no two ways about it the best way to find a conveyancing lawyer is to have guidance from friends or family who have actually previously instructed the conveyancer you're contemplating using.