I am 4 weeks into the sale of my home in Burford and the estate agent has just telephoned to warn that the buyers are changing their law firm. The reason given is that the lender will only work with solicitors on their conveyancing panel. Why would a big named mortgage company only work with specific lawyers rather the firm that they want to appoint for their conveyancing in Burford ?
UK lenders have always had panels of law firms that can represent them, but in the past few years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Mortgage companies attribute this action to a rise in fraud by way of justification for the reduction – criteria have been narrowed as a smaller panel is easier to monitor. 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 are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your buyers are unlikely to have any impact on this.
As someone unfamiliar with the Burford conveyancing process what is the number one tip you can impart for the home moving process in Burford
Not many law firms or advisers will tell you this but conveyancing in Burford and elsewhere in England and Wales is an adversarial process. In other words, when it comes to conveyancing there is lots of room for confrontation between you and other parties involved in the legal transfer of property. For example, the seller, selling agent and on occasion the lender. Selecting a solicitor for your conveyancing in Burford is a critical decision as your conveyancer is your adviser, and is the ONLY party in the process whose responsibility is to act in your legal interests and to keep you safe.
Every so often a potential adversary will attempt to convince you that it is in your interests to do things their way. For instance, the estate agent may claim to be helping by claiming that your conveyancer is dragging his heels. Or your mortgage broker may tell you to do take action that is contrary to your lawyers guidance. You should always trust your lawyer above all other parties in the conveyancing process.
I had intended to instruct a conveyancing solicitor in Burford for our house move. Our financial adviser has since advised us that our bank Bank of Scotland won't deal with them. Why is this not regarded as unfair competition?
Mortgage Companies in the main restrict either the category or the amount of conveyancing solicitors on their approved list of lawyers. Typical examples of such restriction(s) being that a law practice must have two or more partners. As well as restricting the profile of firm, some have decided to limit the number of solicitor practices they permit to represent them. You should note that Bank of Scotland have no responsibility for the quality of advice provided by any member of Bank of Scotland Conveyancer Panel. Mortgage fraud was a key driver in the reduction of conveyancing panels since 2008 even though there remains mixed opinions about the level of solicitor engagement in some of that fraud. Data from the Land Registry indicate that thousands of law firms, including some in or near Burford only carry out one or two conveyances a year.
Various online forums that I have visited warn that are a common cause of obstruction in Burford house deals. Is this right?
The Council of Property Search Organisations (CoPSO) published conclusions of research by MoveWithUs that conveyancing searches do not figure within the top 10 causes of delays in the conveyancing process. Searches are unlikely to feature in any delay in conveyancing in Burford.
The deeds to our home are lost. The solicitors who did the conveyancing in Burford 5 years ago no longer exist. What are my options?
These day there are copies made of almost everything, and your conveyancer should know exactly where to find all the relevant documentation so you can buy or sell your property without a hitch. Where copies can’t be found, your conveyancer can put in place insurance or indemnities protecting you against possible claims on your property.
How does conveyancing in Burford differ for new build properties?
Most buyers of new build premises in Burford approach us having been asked by the builder to exchange contracts and commit to the purchase even before the residence is ready to move into. This is because developers in Burford tend to acquire the site, 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 conveyancers 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 used to new build conveyancing in Burford or who has acted in the same development.