Unfortunately I am unable to travel far from Bridport. I would like to know the logic why all Bridport conveyancing practitioners aren't automatically on all mortgage company panels?
Even though it may seem unfair for mortgage companies to restrict who can act for them, from the public’s or solicitor’s standpoint, the flip side is that banks are increasingly anxious and consider it imperative to protect them against illegal activities. As a result of this concern lenders have reduced their conveyancing panel to a size that they are happy to control.
We note that you have a post code search directory identifying firms on the Nationwide conveyancing panel. Do companies pay you a commission if I appoint them for our own conveyancing in Bridport?
We are a listing service only for law firms wishing to communicate if they are on the Nationwide conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Bridport.
Can you clarify what the consequences are if my lawyer’s firm is expelled from the Virgin Money Conveyancing panel ahead of completing my conveyancing in Bridport?
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 for a fee.
I happen to be the only recipient of my late mum's estate with all property in now in my sole name, including the my former home in Bridport. The Bridport property was put into my name in October. I plan to dispose of the property. I understand that there is a Mortgage Lenders 6 month 'rule', meaning my property ownership may be regarded the same way as though I had purchased the house in October. Will no one buy the property for half a year?
The CML handbook instructs conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be caught by that. How sensible a view banks take of it, depend on the bank as this clause chiefly exists to identify the purchase and immediately sell or the quick reselling of property.
We had chosen solicitors locally in Bridport on the Principality solicitor approved list. They are now charging me an additional charge for the legal aspects of the Principality mortgage. Is this a supplemental conveyancing fee specified by Principality?
Unfortunately, as long as it is in their Terms and Conditions or Quote then yes your solicitor is entitled to charge a fee for this. The fee is not set by Principality but by your Bridport conveyancing practitioner. Some firms on the Principality panel will quote an ‘acting for lender’ fee but some practices incorporate it on their overall fee.
I recently had an offer agreed on an apartment in Bridport. My mortgage broker pressured me to appoint their solicitor. I paid an advanced payment of £200. Not long after, the property lawyer contacted me to say that they were not on the Nationwide conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Nationwide panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
As co-executor for the will of my grandmother I am disposing of a residence in Monmouth but reside in Bridport. My lawyer (who is 235 miles awayneeds me to execute a stat dec prior to the transaction finalising. Could you suggest a conveyancing practitioner in Bridport who can witness and place their company stamp on the document?
Technically speaking you should not need to have the documents witnessed by a conveyancing solicitor. Normally any notary public or solicitor will do regardless of whether they are based in Bridport
I have noted on various online forums that before choosing a conveyancing solicitors they must be approved by your lender. It happens to be my first house move but I have an AIP via Nat West Bank and I already have a bricks and morter conveyancing lawyer in Bridport on standby. Can Santander insist on an approved lawyer to be instructed? If so, where can I find that list for my conveyancing in Bridport?
You need to choose a solicitor that is on the Santander panel. Just telephone your chosen Bridport conveyancing solicitor and ask if they are on the Santander panel. If they are not on the panel you have numerous choices open to you here:
- Carry on with your chosen Bridport solicitor but Santander will need to use a conveyancer on their approved panel. This will result in additional charges and potential frustration.
- Choose a fresh conveyancer to act in the purchase, ensuring that they are on the Santander conveyancing panel.
- Appeal to your conveyancing practitioner to attempt to join the lender panel.